SoFi Technologies announced the launch of an all‑in‑one Smart Card for its SoFi Plus members, a product that merges debit, credit, and savings features into a single account. The card offers unlimited 5% cash‑back on grocery purchases and an introductory 4.30% APY on savings balances for the first six months, after which the base rate of 3.60% applies to eligible members.
The Smart Card is a charge card backed by a SoFi Bank checking and savings account. Members must pay the balance in full each month, but the card reports activity to the major credit bureaus, allowing users to build credit history. It also provides person‑to‑person payments, Zelle, bill pay, worldwide money transfers, and mobile check deposit, positioning it as a comprehensive financial tool.
The product is exclusive to SoFi Plus members, who pay a $10 monthly fee or receive free membership with qualifying direct deposit. The launch is part of SoFi’s strategy to deepen member engagement and cross‑sell across its lending, investing, and financial‑services segments, thereby diversifying revenue beyond its core lending business.
SoFi’s Q3 2025 results showed strong revenue growth and profitability, with the financial‑services segment expanding as the company adds new fee‑based products. The Smart Card is expected to generate new fee‑income streams and reinforce the ecosystem advantage, potentially boosting the financial‑services segment’s contribution to total revenue.
The 5% grocery cash‑back is limited to grocery store purchases and excludes large retailers such as Walmart and Target. The introductory 4.30% APY applies for the first six months, after which the base rate of 3.60% applies for eligible members. The launch underscores SoFi’s focus on member‑centric innovation and its broader goal of building a comprehensive financial ecosystem.
By bundling debit, credit, and savings into a single product, SoFi aims to capture a larger share of member spending and savings behavior, creating new fee‑income streams and reinforcing its ecosystem advantage. The Smart Card launch is a tangible step toward expanding SoFi’s member‑centric platform and generating additional revenue from its growing customer base.
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