SoFi Reveals Details on Rewards Credit Card
SoFi Credit Card

SoFi Reveals Details on Rewards Credit Card

Between 2019 and 2020, the FinTech SoFi has done an awful lot. In addition to rolling out a hybrid banking account and an investment platform, the company has also raised its profile by scoring naming rights to the Southern California stadium that’s now home to the Los Angeles Rams and Los Angeles Chargers. Now, the brand has unveiled details about its next venture: The SoFi Credit Card.

The SoFi Credit Card will offer users 2% back on their purchases — but only if they redeem their earnings in certain ways. When cardholders make a purchase, they’ll earn 1% back in the form of SoFi Rewards Points (with each point being worth 1¢. Then, if a customer redeems their points for a cash deposit made to their SoFi Money account, uses them to purchase stocks via SoFi Invest, or applies them to a SoFi Personal Loan or Student Loan payment, the points redeemed will be double. For example, if a cardholder wanted to transfer 100 SoFi Rewards points to their SoFi Money account, this amount will be increased to 200 points, resulting in a $2 deposit.

In terms of other benefits, the SoFi Credit Card won’t charge any foreign transaction fees. Additionally, cardholders will enjoy World Elite Mastercard benefits, including complimentary cell phone insurance up to $1,000 (with a $50 deductible), $5 off orders of $25 or more on Postmates, $10 Lyft credit when you take five rides in a month, and more. Most importantly, the card will carry no annual fee.

Given the structure of the SoFi Credit Card, the product is most likely to be compared to the Citi Double Cash card. That card also offers a total of 2% cashback regardless of spending cateogory, although 1% is earned when cardholders make a purchase and the other 1% is applied when they pay off said purchase. Notably, outside of these two cards, it’s difficult to find cashback cards that feature a flat 2% rate, with the nearest competitors being the 1.5% back that the Chase Freedom Unlimited and Capital One Quicksilver both offer — although the former recently added extra multiplier categories to the mix.

Overall, the SoFi Credit Card could be a good pick for current SoFi customers or those willing to open a SoFi Money (or SoFi Invest) account in order to maximize rewards. Thanks to its effective 2% earning rate if redeemed in select ways, the card makes for a hassle-free cashback set-up that doesn’t require cardholders to keep track of multiplier categories or bonuses. Of course, speaking of bonuses, the lack of an intro bonus for the SoFi Credit Card is likely to be a dealbreaker for some. That said, SoFi does offer bonuses on several of their other products — including a current offer where new SoFi Money customers can earn $50 when they deposit at least $500. In any case, the SoFi Credit Card is currently available to select customers and is expected to roll out as we head into 2021.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...