SoFi Member Rewards might seem like an extra, but it’s actually one of the best parts of being a SoFi member. SoFi gives you access to all kinds of perks that you can use toward flights, hotels, electronics, and more – just by doing what you already do with your student loans and personal finance. What’s more, all SoFi members are eligible to participate in Member Rewards, whether you have a personal loan or student loan account with us or not. Here’s how it works.
Reward Points
For new SoFi members, 1 point = $.01 cent. That means you receive $10 for every 1,000 points you accumulate. And the more you spend, the more points you can earn. They’re easy to get; all you have to do is complete one of the many activities. You’ll earn points by:
- Making purchases with your SoFi Credit Card
- Linking your non-SoFi bank account with SoFi Relay
- Depositing funds with your SoFi Money account
- Setting up Billpay
- Activating your SoFi debit card
- Sending funds to friends/family for the first time
- Signing up, setting up property tracking, or managing transactions through SoFi Relay
- Credit Score Monitoring and much more
Keep in mind that these reward points don’t expire. Once you have enough points to claim a reward, they are converted into dollars and deposited into your account. But that’s not all. According to experts at SoFi , “You can choose to redeem your SoFi Points into cryptocurrency through your SoFi account.”
Get $20/Give $10 Referral Bonus
For every approved referral, both you and your friend will receive $20. By referring your friends, you’ll get $20 for every friend that downloads and signs up through your special link. And as a reward for joining, each of them will also receive a $10 bonus after making their first purchase using their new account.
Member Rate Discounts
SoFi members can now save $500 on a personal loan—this is in addition to any member rate discount applied for an eligible loan. In addition, members will continue to receive a $1,495 processing fee discount off of all loans that would otherwise cost more than that. As defined by your loan agreement, you may also be eligible for a rate reduction or discount if you make payments on time.
Regardless of what type of loan account you’re a member of, you are eligible for all SoFi Member Rewards. For example, Loan Account Holders receive a 0.25% interest rate discount to use towards their loans each month, and Money® Account Holders receive a 0.05% interest rate discount to use towards their balance each month. Either way, these bonus features help you keep your money safe so it can grow faster.
Being a member in good standing of SoFi’s membership-based benefits program entitles you to all kinds of perks. As a member, you can receive exclusive offers and additional ways to save on everyday purchases from SoFi partners like Amazon, Kohl’s, and more.