July 15, 2024


In case you love money again bank cards however don’t need the effort of monitoring which classes provide the finest outcomes, it’s possible you’ll just like the card_name. With a normal 2% again in every single place, and a chance to extend that to three% for one 12 months on as much as $12,000 in purchases for those who’re a loyal SoFi buyer, this card is tough to beat for flat-rate money again.

Right here’s a better have a look at the card_name, get essentially the most money again, and different playing cards that might be a great choice for those who’re not a fan. Hold studying to be taught extra concerning the execs and cons of preserving the card_name in your pockets.

TIME’s Take

The card_name is a good alternative for flat-rate money again, matching the speed of a few of the finest playing cards within the business. The cardboard has annual_fees annual charge, and SoFi clients with direct deposit in a SoFi Checking account can get 3% again on as much as $12,000 in purchases the primary 12 months they’ve the cardboard.

Who’s the SoFi bank card for?

The card_name is an efficient choice for incomes money again on each buy. The cardboard encompasses a respectable 2% money again price on all purchases. There aren’t any rotating or bonus classes. In case you use the cardboard, you’ll get 2% again indefinitely.

Whereas another playing cards provide 5% or extra again, they sometimes have bonus class limits, require the effort of activating your money again each few months, or include charges or different limitations that make the playing cards removed from good.

In case you’re open to transferring your checking account to SoFi, you possibly can earn 3% again for the primary 12 months on as much as $12,000 in purchases, making it much more profitable for eligible new cardholders.

Rewards construction

As a flat-rate bank card, it’s straightforward to know the rewards construction. Right here’s a short have a look at what you’ll earn with the card_name:

Clients with direct deposit in a SoFi account

Rewards are redeemable for money again in a linked checking account, right into a SoFi funding account to purchase shares and different investments, or to pay down a SoFi mortgage. Each cent of money again is value one cent nevertheless you redeem it.

The one main exception to the two% and three% money again price could excite Los Angeles space residents. For purchases at SoFi Stadium, you’ll earn 25% again on concessions and eligible merchandise (limits apply). card_name cardholders additionally get specific entry and VIP entry. The bag examine exterior of the stadium can also be free after a reimbursement.

Extra hidden perks

A significant downside to the card_name is a scarcity of widespread buy protections and journey insurance coverage advantages. Nevertheless, related playing cards with annual_fees annual charge additionally sometimes lack these advantages. If you would like buy and journey protection, take into account upgrading to a extra strong rewards card, although it could require an annual charge.

The one main insurance coverage profit is cellphone insurance coverage. In case your telephone breaks, you’re coated by as much as $1,000 in cellular phone insurance coverage (different limitations and guidelines apply).

The card_name doesn’t cost international transaction charges, a pleasant perk for worldwide vacationers.

Card options

In case you’re on the lookout for different no annual charge bank cards, money again bank cards, rewards bank cards, or extra, right here’s a have a look at another finest bank cards to contemplate as an alternative choice to the card_name:

1% again on purchases and one other 1% whenever you pay your invoice, for an efficient 2% money again.

Few cardholder safety advantages (e.g., buy safety and journey insurance coverage).

5% again on journey booked by means of Chase, 3% at eating places and eligible supply providers, 3% at drugstores, and 1.5% on all different purchases.

Contains buy safety, prolonged guarantee safety, journey cancellation/interruption insurance coverage, and auto rental collision harm waiver.

6% on groceries as much as $6,000 per 12 months at U.S. supermarkets, 6% again on choose streaming subscriptions, 3% again on transit and at U.S. fuel stations, and 1% on basic purchases. Phrases Apply.

Assertion credit for The Disney Bundle and Equinox. Contains rental automobile loss and harm insurance coverage and return safety.

The card_name is a strong choice for flat-rate money again and stands out as a superb alternative for SoFi clients with direct deposit at SoFi Financial institution, due to the elevated 3% money again price within the first 12 months for as much as $12,000 in purchases. That 3% price is value as much as $360 alone. Then you definately’ll earn 2% money again so long as you’ve gotten the cardboard.

Cellphone insurance coverage and no international transaction charges sweeten the deal, however the lack of different advantages is disappointing. Nonetheless, it’s an awesome choice for a lot of customers trying to maximize their money again rewards on on a regular basis purchases.

For charges and costs of the card_name, please go to this URL.

Incessantly requested questions

Are there financial institution points with the card_name?

You should use the card_name anyplace you do your common banking. Nevertheless, it’s optimized and simpler to make use of for patrons who additionally use SoFi Financial institution. Behind the scenes, card_name‘s is issued by The Financial institution of Missouri (TOBM).

Is a card_name exhausting to get?

SoFi evaluates your credit score historical past and different private monetary data when approving new accounts. Customers sometimes want good credit score or higher for approval.

Does card_name do a tough pull?

SoFi performs a tender credit score inquiry whenever you make your preliminary software. It solely performs a tough inquiry for those who’re authorized, so you possibly can apply with out threat to your credit score.

Does Sofi have a secured bank card?

SoFi doesn’t have a secured bank card. This bank card is a standard bank card with no safety deposit required. SoFi additionally affords a debit card to SoFi Financial institution clients.

The data introduced right here is created independently from the TIME editorial employees. To be taught extra, see our About web page.