Rebuilding your credit can be a daunting task. At times, it can seem like your not making any lead way at all, especially when your score only improves a few points. And yes, there is satisfaction in increasing your credit score just a little bit. But what if I told you, you could get rewarded for improving your credit score with cash. SoFi has a new rewards program that can help you do just that.
SoFi has been around for a long time. For the most part, people are familiar with the name due to the stadium in Los Angeles. However, many people don’t know they are a bank. They offer a wide array of services including checking and savings account, investing and insurance. Their premium benefit is a member rewards program where you can earn points for achieving your financial goals.
How Does The Sofi Member Rewards work?
Sign up for a SoFi checking or savings account. Perform an instant deposit of $50 from your debit or credit card and you’ll receive a $25 bonus. You can double your rewards with SoFi Plus by setting up direct deposit for SoFi checking or savings account.
To enroll in the rewards program, download the SoFi app. The app can be found in the Google Play or Apple App stores. Be sure that you have opted into the rewards program. Simply, click on the gem icon in the top left corner and agree to the terms. You’ll be on your way to earning points. After that, you can begin earning points. For those rebuilding credit, sign up for credit monitoring. It’s free. You’ll instantly earn 100 points just for signing up.
Each time your credit score increasing 5 points, you’ll earn 5 SoFi points (10 points with SoFi Plus). Simply, login to the app 7 days in a row and earn another 10 points (20 with SoFi Plus). Below are some additional ways to earn points.
- Paying bills on time
- Setting a monthly spending budget
- Getting approved for a SoFi credit cards and using it
- Adding external loans to keep track of your debt
How Can Points Be Redeemed?
Every 100 points is equal to $1.00. If you have 2300 points available, you can redeem them for $23. Please note, you must have an active SoFi account to redeem your rewards. You can deposit your rewards in several ways.
- SoFi checking or savings account
- SoFi active investing account
- SoFi credit card account
- Sofi personal loan (including student loans)
Given that, these extra deposits can help you saving money to pay off credit card debt, collections and more. In addition, the SoFi Relay program can help you achieve your financial goals.
Another great benefit that can help improve your credit score is the referral program. When you refer a friend to SoFi, you can earn up to $1,000 for each friend you refer.
- Checking or Savings – Get $75, they will receive $25
- Active Investing – Get $75 in stock, they will receive $25 in stock
- Credit Card – Get $100 (10,000 points) toward savings, investing or paying down SoFi loan
- Personal Loan – Get up to $1,000 (depends on the loan)
With the SoFi rewards program, you can earn rewards for improving your credit score and receive benefits to help you improve it. Get weekly updates and understand factors that are affecting your score and check your score anytime without affecting your score. You can even link external accounts to see your net worth. Furthermore, you can create a budget and review spending habits to help you get a better handle on debt.
In all, the program can help you save money, understand your credit score and help you with your finances so you can achieve a higher credit score.
