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Most people carry a wallet full of plastic — maybe three to four active credit cards plus at least one debit card connected to their checking account.

But when it comes time to pay for something, which one do you pull out? If you have more than one rewards credit card, you probably choose the one that will reward you the most for whatever you happen to be buying — giving you extra cash back on gas or groceries, for instance.

But otherwise, how should you decide which one to use? Because credit cards are a loan product and debit cards aren’t, there are pros and cons to each, some of which can have ramifications for your credit score or budget.

Here’s what to consider when deciding which payment method is best and when.

Debit Cards

Pros:

•  Limits overspending: Debit cards deduct money directly from your checking account, so you can’t really spend more than you have. (You can get dinged with a fee for overdrawing your account, though, so don’t try it.)

•  No added costs: You’re not borrowing money, so there’s no potential for accruing interest charges or incurring late fees. You might also avoid the percentage fees some places charge for using a credit card (for example, when paying taxes to the IRS).

•  No debt: Again, no borrowing means you don’t run the risk of building up debt you’ll have to repay.

Cons:

•  No rewards for spending: One of the biggest downsides to debit cards is the lack of spending rewards like airline miles or cash back.

•  Doesn’t build credit history: Since you don’t have to repay anything, using a debit card doesn’t usually help build your credit history or improve your credit score.

•  More risk: If your debit card is stolen, any money that’s spent comes out of your account immediately, and resolving fraud can take time.

Credit Cards

Pros:

•  Rewards and perks: Many credit cards reward spending with cash back or travel points that can be redeemed for hotels or flights. Depending on your spending (you fly a lot or you’re a foodie,) these can add up to hundreds of dollars a year. (Though fancier cards can charge big annual fees.)

•  Builds credit history: Using a credit card responsibly can help establish and improve your credit score. While a good track record with auto loans or student loans will also help you build credit, on-time monthly credit card payments can be an important stepping stone if you’re just starting out.

•  Better fraud protection: Credit cards offer better protection against fraud, and you won’t immediately lose money from your checking account.

•  Time: Credit cards buy you a bit of time. Unlike debit cards, you don’t have to pay for your purchases right away and you’ll have a few weeks to pay your bill. This can be very convenient — as long as this doesn’t lead to overspending.

Cons:

•  Risk of overspending: Credit cards can tempt you to spend more than you can comfortably afford to pay, leading to debt. This isn’t a problem, however, if you use your credit card as if it were a debit card, paying your balance in full every month.

•  High interest rates: If you don’t pay your balance in full each month, you’ll be charged some of the highest interest rates of any loan product. The average in August was 21.4%, the latest Federal Reserve data shows. And credit card debt can quickly rack up thanks to compounding interest.

•  Can hurt your credit score: Just as with any other credit product, late or missed payments can have a significant impact on your score.

•  More complex: Some cards will draw you in with a 0% interest rate for the first year (sometimes longer), making it easier to run up a balance you’re unable to handle once the finance charges kick in.

The right balance of credit vs. debit will vary from person to person and can fluctuate depending on your stage of life and financial situation. The most important thing is to keep control of your cards — rather than letting them control you.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025111201

As crypto ownership continues to grow, SoFi is expanding its one-stop shop to become the first and only nationally chartered, FDIC insured bank to offer crypto trading to consumers on a platform built with bank-grade safety and stability.

SAN FRANCISCO–(BUSINESS WIRE)–SoFi Technologies, Inc. (NASDAQ: SOFI), the one-stop shop for digital financial services, today announced the launch of SoFi Crypto, becoming the first and only nationally chartered bank where consumers can bank, borrow, invest — and now buy, sell and hold crypto – all in one place and on a platform they trust.

With SoFi Crypto, members will be able to buy, sell, and hold dozens of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), on a platform built for both first-time and experienced crypto investors and users. SoFi Crypto’s phased rollout starts today and will become available to more members over the coming weeks.

“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right,” said Anthony Noto, CEO of SoFi. “I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better. It’s critical to give our members a secure and regulated way to step into the future of money. As the first and only nationally chartered bank to launch crypto trading to consumers, we are uniquely positioned to drive this innovation and set a new standard built on security, stability, and transparency.”

SoFi Crypto Gives Members:

•  A Platform with Bank-Grade Stability and Security: Members can buy, sell and hold crypto with confidence knowing their assets are on a platform built with institutional-level security, rigorous compliance standards to provide safety and soundness, which is overseen by our nation’s bank regulators, and transparent operations.

•  A Single, Integrated App: SoFi Members can instantly buy crypto assets with money sitting in their award-winning SoFi Money Checking or Savings account (FDIC insured) without moving the money to a new account. They can buy crypto the moment they’re ready, and keep their cash earning interest in a bank account when they’re not. With all their finances connected in one app, members can manage crypto alongside their everyday banking, borrowing and investing with no friction or delays.

•  Education and Accessibility: One reason many people haven’t bought crypto yet is that they feel that they don’t understand it well enough. SoFi Crypto makes it easy to get started with in-app education, simple step-by-step guidance and seamless money movement. SoFi seeks to help members make informed decisions about how crypto fits into their financial lives and risk tolerance. Crypto and other digital assets are not bank deposits, not insured by the FDIC or SIPC, not guaranteed by any bank, and their value can go up or down — sometimes losing all of their value.

SoFi Crypto launches at a time when interest in digital assets is at an all-time high, with ownership doubling in 2025. This shift in how people manage and invest their money has created a growing demand for secure, stable, and regulated platforms. Data shows 60% of SoFi members who own crypto would prefer to buy, sell and hold their crypto with a licensed bank over their primary crypto exchange — a clear signal of the confidence consumers place in regulated institutions and SoFi’s unique position to meet this demand head-on.

This launch is the beginning of SoFi’s broader strategy to weave blockchain innovation throughout its entire ecosystem. SoFi is currently leveraging blockchain to power global crypto-enabled remittances that make sending money internationally faster and more affordable. SoFi also plans to introduce a USD stablecoin and integrate crypto into its lending and infrastructure services to unlock lower-cost borrowing, faster payments, and new embedded financial capabilities for clients and members.

Members and prospective customers can join the waitlist now to get priority access to SoFi Crypto. They can also enter for a chance to get one Bitcoin through joining the waitlist by November 30, opening a crypto account, and making three qualifying transactions of at least $10 by January 31, 2026.

To learn more about SoFi Crypto visit https://www.sofi.com/crypto/

About SoFi

SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 12.6 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi’s technology platform Galileo to build and manage innovative financial solutions across nearly 160 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.

Disclosures

CRYPTOCURRENCY AND OTHER DIGITAL ASSETS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Cryptocurrency and other digital assets are highly speculative, involve significant risk, and may result in the complete loss of value. Cryptocurrency and other digital assets are not deposits, are not insured by the FDIC or SIPC, are not bank guaranteed, and may lose value.

All cryptocurrency transactions, once submitted to the blockchain, are final and irreversible. SoFi is not responsible for any failure or delay in processing a transaction resulting from factors beyond its reasonable control, including blockchain network congestion, protocol or network operations, or incorrect address information. Availability of specific digital assets, features, and services is subject to change and may be limited by applicable law and regulation.

SoFi Crypto products and services are offered by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. SoFi Bank does not provide investment, tax, or legal advice. Please refer to the SoFi Crypto account agreement for additional terms and conditions.

©2025 SoFi Technologies, Inc. All rights reserved.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com), the investor relations website (https://investors.sofi.com), and on social media (X and LinkedIn), including but not limited to investor presentations and investor fact sheets, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our expectations for the roll-out of crypto investing as well as future products, our ability to navigate the regulatory environment related to the products we launch, demand for our products, our expectations regarding the future of financial services and the adoption of crypto, and the financial position, business strategy and plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “could”, “continue”, “expect”, “future”, “may”, “plan”, “will”, “will be”, “will continue”, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the impact on our business of the regulatory environment, changes in governmental policies, changes in personnel and resources of the governmental agencies that regulate us, and complexities with compliance related to such environment, including new and evolving regulations and guidance with respect to crypto; (ii) our ability to continue to drive brand awareness and realize the benefits of our marketing and advertising campaigns; (iii) our ability to manage our planned products effectively and our expectations regarding the development and expansion of our business; (iv) our ability to predict the demand for new products and the future of the financial services industry; (v) our ability to develop new products, features and functionality that are competitive and meet market needs; (vi) our ability to maintain the security and reliability of our products; and (vii) the outcome of any legal or governmental proceedings instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in our last annual report on Form 10-K and subsequent quarterly filing on Form 10-Q, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOFI-F

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Senior Editor Rebecca Moretti explores hot topics at the intersection of finance and pop culture in our new column, “Out of the Chat.”

One of my friends recently told me that she’s spent over $10,000 this year to attend seven weddings. This exorbitant figure made more sense once I realized they were nearly all destination weddings, but still — that’s a good start to a down payment on a house.

While she’s no doubt an outlier, it got me thinking about how expensive these celebrations can be. From tuxedos and gowns to registry gifts and hotel stays, the costs can add up fast.

Last year, wedding guests spent an an average of $610 per wedding, according to a study by The Knot, a wedding planning site. That’s an increase of $180 over the past five years. When travel was required, the bill was even higher: Those who drove from out of town spent an average of $840, while those who flew shelled out $1,680.

And then there’s being in the wedding party.. Between the various parties, matching outfits, Airbnbs, and boozy brunches, that’s a whole other layer of costs (Venmo much?). Zillow points out that the cost of attending one wedding + one bachelor(ette) weekend can cost nearly as much as the typical U.S. rent of $2,072. Yikes.

And get this: A Zillow survey found that nearly half of Gen Z and millennials had made some type of sacrifice on their housing so they could afford to go to wedding events. Common sacrifices included renting or buying a smaller place than they would have otherwise or living with roommates.

Luckily, I haven’t had to make trade-offs to be part of my friends’ big days, but I understand why people would, and I might if I had to. Attending a wedding is special, especially if you’re celebrating someone close to you. From crying happy tears when your friends walk down the aisle, to dressing up together and closing down the dance floor, it’s an experience that’s hard to give up. You just want to be there.

Unfortunately, it’s not always possible. One-quarter of Gen Z and millennials in Zillow’s survey said they’ve declined at least one wedding invitation because of the cost. And I do think it can be a good budget move to skip events that aren’t that important to you, especially if you’re getting a ton of invitations. If it’s a long-lost second cousin or a colleague that you barely know, it’s perfectly okay to RSVP “Not Attending.”

But if you really want to go and cost is the obstacle, don’t assume your bill is set in stone. For one, you don’t need to buy a new outfit and shoes for every wedding. It’s okay to be an outfit repeater: I wore the same dress to two back-to-back weddings, and I survived. Another option is to borrow an outfit from a friend. (You can return the favor when they have an event to attend.) You could also consider renting a dress or a tux, or altering something you find secondhand.

If it’s a destination wedding, you don’t have to stay at the resort suggested by the newlyweds. During a recent wedding, I ended up staying at a random-ish hotel because the suggested one was booked, and I saved about $1,000. And if you’re friends with other wedding guests, you could suggest splitting a room or an Airbnb. In the same vein, if the wedding requires a road trip, consider carpooling with others to split the gas costs (it might make the trip more fun, too).

And don’t forget credit card and loyalty points: If you have a travel credit card, the points can really add up, and I’ve often gotten free flights and big hotel discounts from mine. If you’re signed up for a free loyalty program with a big hotel chain or airline, that can help, too.

Lastly, plan ahead as much as possible. The nice thing about wedding invites is you get them enough in advance to be able to book flights and accommodations early — and hopefully snag better deals. You can also start saving in a dedicated fund as soon as you get the invite. Even if you put aside just $10 a week for a year, you’ll end up with $520 in your wedding fund. By the time the event rolls around, that cushion will make the expenses less stressful — and the experience more fun.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025111001

The government shutdown, now the longest in U.S. history, has dragged on for over 40 days. And now, having already missed one paycheck, hundreds of thousands of federal workers are set to miss another one. Beyond the direct and painful hit to families, the blow to consumer incomes risks derailing consumer spending, which accounts for over two-thirds of U.S. gross domestic product (GDP).

Since air traffic controllers and TSA staff have to work without pay, staffing shortages are also intensifying. To cope with the pressure, the Transportation Department and Federal Aviation Administration ordered flight cuts of approximately 10%. This all comes ahead of the Thanksgiving holiday week, one of the busiest and economically important parts of the year.

The threat to the economy adds pressure on lawmakers to find a solution. And although betting markets suggest traders expect the shutdown to drag into next week, things can change very quickly.

Who knows if we’ll see the first real signs of progress toward a deal this week, but until the government reopens, expect more market choppiness.

How Many Days Will the Government Be Shut Down This Year?

Economic and Earnings Calendar

Note: This list includes all regularly scheduled reports, but most that involve government data will not be released while the shutdown is ongoing.

Monday

•  Earnings: Interpublic Group of Companies (IPG), Occidental Petroleum (OXY), Paramount Skydance (PSKY), Tyson Foods (TSN)

Tuesday

•  October NFIB Small Business Optimism: This measures how small business owners feel about current and future economic conditions.

Wednesday

•  Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•  Fedspeak: New York Fed President John Williams will deliver a keynote speech at the 2025 U.S. Treasury Market Conference. Philadelphia Fed President Anna Paulson will speak at the regional Fed’s annual fintech conference. Atlanta Fed President Raphael Bostic will discuss economic trends at the Atlanta Economics Club.

•  Earnings: Cisco (CSCO), TransDigm Group (TDG)

Thursday

•  October Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers.

•  October Treasury Statement: This summarizes the U.S. federal government budget by tracking government revenues and expenditures.

•  Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits.

•  Fedspeak: St. Louis Fed President Alberto Musalem will take part in a fireside chat on the economy and monetary policy.

•  Earnings: Applied Materials (AMAT), Disney (DIS)

Friday

•  October Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.

•  October Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.

•  Fedspeak: Bostic will take part in a moderated discussion at the Association for Public Policy Analysis and Management’s annual conference. Kansas City Fed President Jeff Schmid will discuss monetary policy and the economic outlook at an energy conference hosted by the regional bank and the Dallas Fed.

•  Earnings: Qnity Electronics (Q)

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.