SoFi Credit Card Review
Update (May 15, 2021) – There’s a new signup bonus for the SoFi Credit Card that will earn you 4% cash back for a month. Here’s how it works:
- Sign up through a referral link
- Get Approved
- Earn double the points (4x point per dollar) on all purchases for 30 days, up to a maximum of $25,000 worth of purchases
The person referring you also gets the same bonus, 4X on all purchases for 30 days, up to $25K.
SoFi Credit Card Review (Mar. 17, 2021) – SoFi has launched its first-ever credit card, designed to incentivize healthy financial habits and further its mission to help people get their money right. The card was already available for select customers, but it is now publicly available for everyone.
The SoFi Credit Card’s rewards structure lets you earn 2% unlimited cash back. But you only get that when cash back is applied to a SoFi Money or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance.
To celebrate the general launch of the SoFi Credit Card, SoFi is rolling out a signup bonus that can be anywhere between $20 and $10,000. The card hasn’t offered a bonus until now, although some people have been targeted for a $100 offer.
New SoFi credit card customers will be eligible to participate in “Moneyball Madness,” and the chance to receive SoFi Reward Points ranging from 2,000 (equivalent to $20) to 1 million (equivalent to $10,000). With 50 million points, worth a total of $500,000, to give away, members can use points to earn cash in their SoFi Money account, buy securities with SoFi Active Invest, or pay down their eligible SoFi loans.
Not all participants will receive a prize. The following chart illustrates the total amount of SoFi Rewards Points prizes and their corresponding values available to be claimed during the Game Play Period:
|Amount of Prizes Available To Be Claimed:||Amount of SoFi Reward Points Won Per Prize:||Value of Each Prize|
This offer end on March 29, 2021.
The SoFi Credit Card carries no annual membership fee† and is the only card that incentivizes cardholders to make on-time payments with a 1% annual percentage rate reduction after 12 consecutive on-time payments, with the reduced rate sustained with continued on-time payments.
- Earn 2% unlimited cash back when you redeem it to save, invest, or pay down an eligible SoFi loan
- Make 12 on-time payments to lower your APR by 1%.
- No annual fee.
- Get rewarded for spending on popular brands:
- Take five rides in a month, and get a $10 Lyft credit.
- Earn 5% cash back rewards on orders for use on future purchases.
- Get unlimited free two day shipping and free return shipping on purchases with ShopRunner
There are already several credit card options that will earn you 2x for all your purchases. The signup bonus structure means that you will likely get nothing, or a $20 bonus in the form of 2,000 points. I guess it could be a good option for those who are heavily invested in SoFi and already have a Money and Invest account, or have loans. Having everything in one place makes it easier to manage. But most people I think with will skip the card, unless we see a better incentive to apply.