(Post has been updated with earning rates and point values) SoFi has launched early access to ‘SoFi Rewards‘, currently this program is invite only (SoFi Credit Card, SoFi Ambassadors, and other randomly selected members). Points can be redeemed for cash into SoFi Money, towards SoFi Loans, into stock with SoFi active invest and also as a statement credit towards SoFi Credit cards.
Points can be earned from the following activities:
- Point amounts from the app:
- 10 – Enroll in SoFi Member Rewards
51– Daily app login (update 1/6/21: Reduced from 5 to 1)- 5 – 4+ consecutive login
- SoFi Credit Card
- 1/$1 – Spend on Credit Card
- SoFi Money
- 50 – Recurring deposit posted
- 100 – First time sending money to a friend
- 5 – Send money to a friend (weekly)
- 50 – Activate SoFi Money Card
- 100 – Set up bill pay (first payment)
- 100 – First check deposit
- SoFi Relay
- 100 – Sign up for Credit Score Monitoring
- 10 – link debt account to SoFi Relay
- 5 – link spending account to SoFi Relay
- 5 – link investment account to SoFi Relay
- 5 – Recategorize a transaction in SoFi Relay
- 5 – Create a tag in SoFi Relay
Seems points are worth 1¢, but everybody currently has a 2x multiplier making them worth 2¢ each.
They made changes to the program. No more daily log in points. Only points for 7 day log in streak.
7 day login streak – 10 pts
Read an article (up to 3x/week) – 1pt
Recurring DD into SoFi Money – 5 pts
First time sending money to a friend with SoFi Money – 5 pts
My SoFi app says a signup for their free Credit Score Monitoring is now worth 1,000 ($10) for a limited time.
I have the Personal Capital app tracking my SoFi account, and it appears that counts as an app login, so I had a streak going when I finally signed up the other day. Of course, now the points are almost worthless.
Was able to enroll in app today on homepage below my login streak. Not many points to earn and no point multiplier so it seems they neutered the program as well.
Daily app login reduced to 1 pt now…typical SoFi
Yeah annoyingly typical of them. It’s just a bad look IMO nerfing it after only one month…So I believe that reduces the annual earnings potential (if you logged in all 365 days) from $73 to $43.80. I’m gonna stop bothering with the daily app logins once my streak ends on some forgetful day.
and now points are worth 1c vs 2c. Completely neutered in 2 months. Max yearly potential for login is now <$9 a year
How do I redeem points? I made a $500 charge and only see 500 points. When can I redeem? Do you get the 2x multiplier when redeeming?
Looks like $4/mo outside of credit card rewards. Probably worth doing the first time things if you’re just churning the account, but I’m not sure about the value proposition on the rest.
Citi’s TYP checking account earns more like $6.75/mo, though there are hoops to waive the fee, hoops to redeem, and you have to deal with Citi.
It’s a nice chunk of change if you do the daily and weekly tasks for a year. Basically add it to your beer money routine like Swagbucks or Gain.gg’s daily login. Have been dumping my points weekly into TGIF to generate more weekly pennies.
Does the 1pt/$ stack with the 2% back earning rate on the credit card, or do you get “points” in place of % back like on the Citi DC?
Either would make this a flat 4% cash back credit card with no annual fee… wow
This was a super interesting thought but I dont think that this will work. I initially saw the multiplier when I went to redeem points which gave me hope. But the credit card earns at 1% which deposits points into the same pool as all of the other rewards transactions (1 pt/$ spent on the CC is also listed in the rewards legend). Then the 2x multiplier is what makes the credit card earn at an effective 2% rate provided that the rewards are redeemed into a sofi product.
On the bright side I feel like this makes it unlikely that the multiplier will get nerfed any time soon but I dont think the 4% no fee card is a reality
For people looking to join, if you’re eligible there’ll be a Unlock Rewards button right below where it say Hi (insert name)! after you log in to the app. Pic of my app: https://imgur.com/gallery/J6FGyeF
Also, Idk if we’re allowed to post link of pics in comments, if not maybe DoC could add the pic to the post and remove my comment.
They don’t even say Hi to me 🙁
It says I’m on some kind of ‘NUMBER’ DAY STREAK but I don’t know what that number corresponds to. I have not been presented with this offer.
Are you guys checking the website or the app? I saw it available on the app only and not through their website. I think this was the case with their referrals offer as well, seems like a lot of the promos that sofi runs only show on the mobile app
App