SoFi to offer reward points in cryptocurrency

The credit card, which is powered by Mastercard, gives 2% cash back, along with 2 rewards points for each dollar the card users spend on eligible purchases. Customers can convert their rewards points into Bitcoin or Ethereum and hold the cryptos in their digital wallets or invest them through SoFi’s Active Invest platform. The company partners with Coinbase to hold customers’ digital assets.

SoFi, an online lender, plans on adding 15 more digital currencies for cash-back rewards in the coming weeks, according to Payments Dive. Customers can redeem their points that they earn and use them toward different aspects of their portfolio.

Customers can elect to redeem points as cash deposited into their SoFi Money account, as fractional shares into their SoFi Invest account, cryptocurrency into their SoFi Invest crypto account, or as a payment toward their SoFi Personal Loan or Student Loan Refinance accounts. Their points will be redeemed at a rate of 1 cent per point.