This New Travel Tool Makes It Easier to Plan the Trip of Your Dreams While Actually Sticking to a Budget

The new product is a response to SoFi members increased spending on travel, which is up 54 percent from last year.

<p>Alessandra Amodio/Travel + Leisure </p>

Alessandra Amodio/Travel + Leisure

The biggest hurdle standing between travelers and their dream vacations is often the price tag. In a recent survey, the online bank SoFi found that 56 percent of its members canceled their travel plans in the last year because of rising costs and inflation. So to close that gap, the company has launched SoFi Travel with Expedia to make those trips possible.

“SoFi Travel powered by Expedia makes it incredibly easy to plan financially for trips and book them at the same time,” Anthony Noto, the CEO of SoFi, told Travel + Leisure of the product that’s rolling out to members in the coming weeks.

Travel bookings can be made right through the SoFi app or site, where travelers can keep track of their itinerary details, as well as manage their travel budget all in one place.

“As part of the SoFi all-in-one app, SoFi Checking and Savings offers Vaults, specific savings account ‘envelopes’ members can use to set individual goals like saving up for a big trip, while keeping tabs on their overall budget by tracking with SoFi Insights,” Noto explained.

<p>Courtesy of Sofi Travel</p>

Courtesy of Sofi Travel

Another perk: members will get special SoFi prices, saving 10 percent or more on select hotels, as well as earning a 3 percent cash back reward on purchases when using their SoFi Credit Cards.

“My favorite part of SoFi Travel is the ability to offer great selection and pricing on travel by working with Expedia, plus making it easy to find those prices and manage your travel plans and your budget, in one single app,” Noto said.

To add more spending cash to the travel funds, those with direct deposit can currently earn up to 4.2 percent APY on their savings balance. Other benefits include access to the On the Money content hub with a travel vertical on financial tips specifically geared toward vacation planning, as well as complimentary access to financial planners and career coaches.

SoFi turned its focus toward travel benefits after seeing that those with a SoFi Credit Card had increased their travel spending 54 percent in the first three months of 2023, compared to the previous year.

“SoFi designs products and offerings to help people get their money right, and we firmly believe that includes making sure people can do things they are passionate about, such as traveling, while also saving for emergencies or for retirement,” Noto said. “Between the pandemic and inflation, we know getting to travel has been difficult, and making it easier for people to embrace their passions is one of my favorite parts of this new offering.”

For more Travel & Leisure news, make sure to sign up for our newsletter!

Read the original article on Travel & Leisure.