A positive news comes from SoFi Technologies, Inc. (NASDAQ:SOFI) that just expanded their credit card portfolio with launching the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card.
The SoFi Everyday Cash Rewards Credit Card offers:
3% unlimited cash back on dining out and in, including food delivery services
2% unlimited cash back on grocery and convenience store purchases
1% unlimited cash back on all other eligible purchases
And the SoFi Essential Card is aimed to help build or improve credit scores with no annual fees, over-limit, or foreign transaction fees or any surprise fees. The two offerings will serve their clients’ spending and borrowing needs.
By adding two more products to their credit card portfolio, SOFI expects to get more revenue and eventually brings profits that were never experienced by SOFI.
SoFi is known to have never made profits in their operation, but if we take a closer look Sofi’s losses have been shrinking over years. From losses of $484 million in 2021 to only $320 million of losses in 2022 and in 2023 the loss was just $301 million. If this trend continues, moreover with more products, we shall see a turn around in profits in the end.
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This article first appeared on GuruFocus.
