SoFi Offers Crypto for Credit Card Rewards

The SoFi credit card comes with a 2% unlimited cash-back incentive that customers can now redeem for cryptocurrency credited directly to their SoFi Crypto account.

article-image

Source: Shutterstock

share

key takeaways

  • The digital banking firm follows Gemini in getting a cryptocurrency rewards card to market
  • Many in crypto and fintech have said banks with card programs that don’t offer bitcoin rewards could be left behind

SoFi introduced a credit card feature Thursday that allows customers to redeem their rewards points in bitcoin or ether through the digital banking app’s investing platform.

The digital banking firm follows Gemini in getting a cryptocurrency rewards card to market, at a time when adoption of digital assets by institutional investors is gaining steam and helping usher in a new wave of retail interest.

“Cryptocurrency has already established itself as an incredibly valuable asset,” SoFi CEO Anthony Noto told Blockworks by email. “We continue to hear from our members the number one thing they wanted was stocks and fractional shares. The number two thing they wanted was cryptocurrency.”

Many in crypto and fintech have said banks with card programs that don’t offer bitcoin rewards could be left behind and give companies like SoFi and Gemini the gift of growth over the next 10 to 12 years. 

The SoFi credit card comes with a 2% unlimited cash-back incentive that customers can now redeem for cryptocurrency credited directly to their SoFi Crypto account. 

That’s not too different from using earned money from cash-back credit card purchases and buying cryptocurrency from SoFi Crypto or any other app. But it still adds another touchpoint and lowers the barrier to entry for the many newcomers to cryptocurrency (and investing more broadly), for whom using their own money to buy something carrying a lot of risk can be scary. 

“For the many people who have not embraced bitcoin, [crypto rewards]  is an option that lets them feel the market,” Brian Riley, director of the credit advisory service at Mercator Advisory Group, told Blockworks earlier this month.

Plus, it’s a good cross-selling opportunity for SoFi. 

Riley also said while major institutions like Chase or Citi probably offer bitcoin rewards for a long time, if ever, but others say it’s “inevitable” and “just a matter of time” before banks will dip their toes into crypto rewards.

SoFi has about 1.5 million members today. It said earlier this year it plans to go public by merging with a SPAC, or special purpose acquisition company, backed by billionaire investor Chamath Palihapitiya, who has been invested in bitcoin for about a decade.

Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

Sponsored

DESK isn’t just another trading platform — it’s redefining what’s possible in on-chain trading

article-image

The real strength of tailored AMMs might lie in their capacity to cultivate deeper loyalty and engagement within niche communities

article-image

Ledn CIO John Glover discusses using the Elliot Wave Theory to predict BTC price action

article-image

The SEC’s new crypto task force met Friday, but agreement on “defining security status” remains elusive

article-image

Star Atlas CEO explains why he’s against the narrative that crypto game devs should just focus on making a “fun game” first.

article-image

With mainnet now live, Nillion looks to bring privacy-preserving compute to Web3