Credit Card News
SoFi Soft Launches Two New Credit Card Options
After introducing the SoFi Credit Card in 2020, the FinTech-turned-bank is now piloting new cards — but not everyone can get them just yet.
About the new cards:
SoFi is soft launching two new credit cards: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card.
With the SoFi Everyday Cash Rewards card, members can earn 3% back on dining (including takeout and delivery apps) as well as 2% at grocery stores (including online grocery delivery), and 1% back on everything else. Rewards earned with the card can then be redeemed as statement credits or can be used for deposits to SoFi Checking & Savings accounts, SoFi Invest accounts, spent via SoFi Travel, or used as payments toward eligible SoFi loan products. According to a SoFi blog post, the Everyday Cash card is intended for those with good to excellent credit.
Meanwhile, the SoFi Essential card is a credit-builder card. As the bank explains, the card is designed for “members that are interested in improving their credit without the surprise fees and gotchas from other banks.”
At this time, however, both cards are invitation only. Moreover, invitations are non-transferable.
These new cards (as limited as they may be at this time) join the flagship SoFi Credit Card. That option earns members 2% back on all purchases plus 3% back on SoFi Travel purchases. SoFi’s credit card site states that the credit card is recommended for customers with excellent credit.
My thoughts:
It makes perfect sense that SoFi would want to expand its credit card line-up… but I don’t understand the logic behind these specific products. Namely, the Everyday Cash Rewards Card seems severely uncompetitive as the Capital One SavorOne offers the same 3% on dining but also 3% on entertainment, 3% on groceries (beating the 2% from SoFi’s card), and 3% on select streaming services. The only potentially intriguing aspect is that the card is apparently attainable for those with “good” credit instead of just “excellent.” But, if that’s the case, Capital One does also offer a version of the SavorOne for those with “good” credit that includes the same rewards but omits a welcome bonus — speaking of which, SoFi also doesn’t mention any bonuses.
With these two new card options currently being invitation only, I’ll be interested to see if these ever do roll out widely. If so, I know the Everyday Cash Rewards Card won’t be one I’d recommend.
