FinTech News
SoFi Launches New “Smart Card,” Drops Free Option for SoFi Plus
SoFi has announced some updates to its SoFi Plus premium membership, including the debut of the Smart Card.
About the SoFi Smart Card:
Today, SoFi announced the expansion of its SoFi Plus membership with the impending debut of the SoFi Smart Card. With the Smart Card, customers can earn 5% back on grocery store purchases. While grocery store delivery purchases are included as well, superstores such as Target and Walmart are excluded, as are convenience stores and warehouse clubs.
Described as having the best benefits of a checking/savings product, debit card, and credit card, the Smart Card will be a charge card issued by SoFi Bank. Among the features of the card, it will have dynamic credit limits and spending controls based on members’ Checking & Savings account balances. Members will also have the opportunity to build credit with the Smart Card.
The SoFi Smart Card will be exclusive to SoFi Plus customers. Currently, a wait list for the product is available.
Along with the announcement of the new card comes a major update to the SoFi Plus program itself. Originally, when Plus was introduced earlier this year, members with qualifying direct deposits to a SoFi Checking and Savings account could enjoy a complimentary upgrade. However, that offer will soon come to a close. According to SoFi’s site, this option will be discontinued after March 30th, 2026. This will leave the $10 a month fee as the only way to obtain SoFi Plus status and the associated perks.
What They’re Saying:
Announcing the new card, SoFi CEO Anthony Noto stated, “Smart Card is the best all-in-one account, hands down. Members get the best of debit and credit card benefits, all in one account. It’s our latest innovation to help people get their money right by staying in control of their finances, earning rewards on essential purchases to incentivize smart spending, improving their credit, and protecting their accounts.”
My Thoughts:
To pull back the curtain a bit, looking at SoFi’s press release for the new Smart Card, there was (of course) no mention of the shift to making SoFi Plus a purely paid product. I thought, perhaps, I was just confused and the free route was never a real thing. However, I was looking at the fine print on their site that showed the “grace period.” Customers on social media also seemed confused — but, to their credit, SoFi has responded with straightforward answers about the switch there.
Setting that aside, 5% on groceries is a fairly nice perk. But it’s unclear if there will be any other rewards associated with the Smart Card. By the way, if you want to get 5% back on groceries without a fee, the PayPal Debit Card offers 5% back on a selected category each month — and groceries has regularly been an option. Just saying.
Although the Smart Card has no annual fee, now that you’ll need to pay $10 a month for SoFi Plus, that’s effectively a $120 annual fee. Sure, there are other benefits to the program, but I don’t imagine this change will be well-received.
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