SoFi Credit Card, Earn 3% Cash Back for One Year with Direct Deposit
SoFi today announced that SoFi Checking & Savings members with direct deposit can start earning 3% cash back on all eligible credit card purchases for a full year when they apply for and get approved for the SoFi Credit Card. This is the latest in a series of enhancements SoFi has launched for Checking & Savings direct deposit members in recent weeks, which includes offering an industry-leading 1.25% APY, no account fees or minimum balance requirements, as well as no-fee cryptocurrency purchases.
The SoFi Credit Card, launched in 2021, helps incentivize healthy financial habits with a unique rewards structure to allow people to reach their financial goals. Members can redeem their cash back rewards directly into SoFi Invest to trade stocks, ETFs or trade crypto, pay off a personal loan held with SoFi, or add cash directly into their high-yield Checking & Savings account.
New direct deposit members will earn up to 3% cashback on SoFi Credit Card purchases if they maintain a qualifying direct deposit every month. But there’s a cap on this new offer. The 3% rate will be applicable on up to 36,000 points or the equivalent of $12,000 spent on the SoFi Credit Card for one year. That’s a total of $360 in cash back for the year, but really just $120 more than you can get with any 2% cash back card.
You can also earn a bonus of up to $475 when you open a new SoFi Checking & Savings account with direct deposit. SoFi Checking & Savings offers zero account or overdraft fees, no minimum balance, no limits on transfers between checking and savings accounts, up to two-day early paychecks, and fee-free ATM access via the Allpoint network. Keep in mind that this is different for the original SoFi Money account which has no ATM fees worldwide.