SoFi Credit Card Coming Soon?

SoFi could soon launch a new product, a credit card. SoFi already offers loans, cash management account, a debit card, stock trading and crypto trading. The information about the possible SoFi Credit Card comes from a survey sent out and posted by redditor PartySunday.

Based on the information presented on the survey, SoFi is aiming for a mid tier product with a $99 annual fee and up to 5% cash back. The image shows a World Elite Mastercard. Here are some of the details that were revealed in the survey:

• 5% cash back in two categories of your choice (limited to $4,000 spend per year)
• 2% cash back everywhere. Cash back earned must be redeemed to SoFi Money, Invest, or loan accounts. Otherwise it is 1% back if taken to a non-SoFi account.
• Cell phone insurance up to $1,000.
• Monthly $10 lyft credit if you purchase 5 rides per month.
• No foreign transaction fees.

Guru’s Wrap-up

Some interesting benefits, but the $99 annual fee seems a bit too much. However, this is just a survey so if the SoFi credit card comes to market, the fee and details of the card could be tweaked.

Let me know what you think of this possible card, or what you would prefer to see in such a product.