Update 4/19/22: Card now offering 3% cash back for the first year with qualifying direct deposits on up to $12,000 in spend ($360 cash back).
3% cashback for first year with qualifying direct deposits, up to $360 ($12000 spend)
Update 8/24/21: Some people are being offered 3% cash back for the first 12 months if they receive a direct deposit into their SoFi money account.
Update 4/8/21: There is now a referral bonus for double points earned for the first 30 days (please don’t share your referrals in the comments).Hat tip to reader V K
Update 3/15/21: Card is now available publicly. Sign up bonus is $20-$10,000 (they are giving away 50 million points (worth $500,000)) in total).
Update 12/16/20: Some people are targeted for a $100 bonus after $1,000 in spend. E-mail subject line is ‘Get $100 with the new SoFi Credit Card’
Update 10/28/20: Card has now started to be offered to SoFi customers via e-mail. Hat tip to reader Platypus
Original post: In January it was announced that SoFi would launch a credit card, in June we got some additional details about what the card might offer. Today the card was briefly available on the SoFi app but it was not possible to apply for. The details shown when the card was live are as follows:
- No annual fee
- 2% cash back on all purchases
- Full mastercard world elite benefits (including up to $1,000 cell phone insurance)
- No foreign transaction fee
- No sign up bonus
The previous rumor was that it would come with two 5% categories but also a $99 annual fee. For people interested in more details somebody saved the full terms & conditions here. Obviously it’s possible that the details surrounding this card could change again, but seems unlikely given the level of detail leaked here. In all likelihood we could see the official launch this coming week.
Hat tip to /r/creditcards
Looks like they now offer a 10% “reward boost” for SoFi Plus members. So it’s effectively 2.2% cash back with direct deposit.
Came here to say this.
I can’t find another card (without an annual fee) with more than 2.2% cash back on all purchases.
It seems there is an attractive SUB on this card now in CK.
Card details
Earn 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. Plus, redeem points toward crypto
Earn up to $400 when you get approved for the SoFi Credit Card. Earn $200 when you fund an Invest account as well as a Checking and Savings account. Earn another $200 when you spend $1,500 in your first 3 months.
Do you need to direct deposit every month for the Sofi CC to get 3% back?
It may seem like it as I am only getting 2% now?
Doesn’t appear to be targeted but got an offer for 500 reward points after making 5 purchases in the next 30 days. Did (5) $0.01 transactions and got 500 points ($5) after they had posted.
This offer is better with a flat rate sign up bonus and even then, having their card, the customer service sucks and the dispute process is a complete joke.
It’s more this $180 SUB if you have another 1.5% card. Totally not worth the hard pull
I’m getting 3% plus the $200 SUB from Credit Karma, so it’s $380 for me. That’s if I want to put $12,000 on it for an extra 1% over say a Double Cash card. Or lose 2% over my Citi Custom Cash cards. Or lose at least 10% by not doing another SUB.
Just be very, very careful with your Sofi credit card. Mine was stolen, and even though I immediately contacted Sofi, it still took 3 weeks, 6 lengthy phone calls, and CFPB and BBB complaints to have the fraudulent charges temporarily removed from my account for 2 months while the Fraud Dept. investigates. I submitted to them a picture provided by Walmart to the police of the suspect using my stolen card that the police investigation was able to obtain, and I am hopeful that this will be enough evidence to clear the fraudulent charges from my account. Sofi uses Bank of Missouri for their sponsoring financial institution. This was a completely different response than I received from either Bank of America or American Express, whose cards were also stolen.
wow! they are really going to be set up for huge potential fines with that type of practice.
They are bank now though so do they have a sponsoring financial institution anymore?
For the moment, Bank of Missouri is still listed as the credit card issuer for the Sofi Credit card, According to the Sofi website info on credit card issuers, Bank of Missouri was the institution that allowed the fraudulent charges onto my credit card account and would be the one responsible for all of the stress I have been through over the past month.
Santander and Discover It Miles pay 3% the first year with better terms IIRC.
Most people on this board are not the demographic they are going after. There will usually always be better terms.
Yeah but after the promo period those are 1.5% and 1% cards respectively, SoFi is 2% (which is more or less competitive for a flat rate card). None are worth signing up for the promo alone, only as a bonus to a card you want anyway.
That’s what the stock drawer is for…
Stock drawer? What’s in there? Apple and Amazon?
The Discover It Miles has no limit on spend at 3% for the first year, and the Santander card has a 20k limit. Most of us already have 2% cards, so this would be just as much of a sock drawer card as the Discover and Santander cards.
Would they honor 3% when you apply via Credit Karma?
SOFI is suspect and does not payout. They resell your info and will spam you for years to come. There are many more complaints than satisfied customers. AVOID THEM!
I don’t have the SoFi credit card but have had no issues getting direct deposit/loan bonuses or their regular points
Sofi is my primary card and I have no problem with it. But I think Sofi’s card dispute system needs improvement;
there’s no online dispute application, so I had to make a phone call to contact customer service to solve a credit card dispute.