SoFi Launches Two Invite Only Credit Cards (Everyday Cash Rewards and Essential Card)

SoFi has launched two invite only credit cards. Card details are as follows:

  • Everyday Cash Rewards
    • 3% cash back rewards on dining
    • 2% on grocery stores
    • 1% on everything else
  • Essential Card, credit builder card

Neither card has any redeeming features from what I can tell.

Hat tip to DDG
    William Charles
  • On August 9, 2024, 10:00
Tags: sofi

View Comments (35)

  • Glad they are expanding, but this is a highly unattractive offering. Much less competitive than their current card, which is one of my favorite especially abroad (2.2% flat cash back, no FTFs, and an excellent conversion rate Euro/USD given by the Mastercard circuit).

  • All the surveys they sent out and even individually reached out to me in 2020 to ask what credit card perks would be competitive...then they drop this?

  • Not only are 3/2/1 cards terrible and outdated, but SoFi already has a card that gets 2% on everything (making the new card appear even worse than it is). The only thing that might redeem the new card is a $500+ SUB (which is unlikely at best)

    • I am guessing snail-mail. Given the perks, it is probably targeted toward boomers with Diners Club cards.

    • We already have those.
      AAA Daily Advantage Visa Signature Credit Card - 5/3/1 with 5% category grocery.AAA Travel Advantage Visa Signature Credit Card - 5/3/1 with 5% category gas/EV.
      I wouldn't open a new one but my BofA AAA card was converted to the second card and it's ok for that 5% category.

  • Not sure why every card issuer in existence always chooses Dining or Gas over Grocery on the higher category on a "321" style card.

    • Dining is simple: Dining is one of the highest interchange fee categories on a CC.

      Gas is probably because people think they spend a lot more on Gas as a % of budget than they actually do.

    • My guess: Dining and Gas are closer to the edges of how consumers feel when they're spending? (...but common enough that people will feel they're getting a benefit).

      If you pull out a card for for things like dinner dates or use the card to get something back for dealing with those painful run-ups in gas prices, maybe that positive association lingers on the product? Grocery probably is a bigger spending category for lots of people, but maybe doesn't register/feel the same way?

      Between the sentiment and the financial models, maybe that's why so many products have come to similar conclusions?

    • People think they spend a lot on gas (think of all the public discourse about gas prices) but don't, so people are incentivized to get the card and use it (preferably on unbonused spend) despite the actual benefit being quite low. Dining probably has a similar story, and it's discretionary spend that may convince people to go into debt.

      • The stories for dining and gas are actually very different! Gas is as you imagine: it's actually a really small fraction of people's spend, but one of the most salient prices what with the giant signs people see every day probably multiple times along their commute.

        Dining is just one of the highest-interchange categories. (Supermarkets are on the lower end.)

      • just buy the
        VGC or MCGC at Staples when they are fee free. Use Ink card to purchase them. Then use them for dining and gas. 5% back . Better yet, buy 25.00 gas gift cards at grocery stores with Amex BCP for 6% back (with a fee on this card) OR stock up when Discover or Chase has the grocery cat. Stations in my area give same price as cash when using the branded gas gift card. (Mobil, Shell, Gulf have the same price for cash or their gift cards.)

        • Then have a card get hacked even once and lose every single bit of "profit" you had built up for the past year (and possibly plus some). You don't think it'll ever happen to you...until it does.

  • doesn't surprise me as sofi is quick to CLD just like synchrony is, won't ever get a sofi credit card

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