April 23, 2024


Should you love money again bank cards however don’t need the trouble of monitoring which classes provide the greatest outcomes, chances are you’ll just like the card_name. With a regular 2% again all over the place, and a possibility to extend that to three% for one yr on as much as $12,000 in purchases should you’re a loyal SoFi buyer, this card is tough to beat for flat-rate money again.

Right here’s a better take a look at the card_name, how one can get essentially the most money again, and different playing cards that may very well be a great choice should you’re not a fan. Hold studying to be taught extra concerning the professionals 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 greatest playing cards within the business. The cardboard has annual_fees annual price, and SoFi prospects with direct deposit in a SoFi Checking account can get 3% again on as much as $12,000 in purchases the primary yr they’ve the cardboard.

Who’s the SoFi bank card for?

The card_name is an effective choice for incomes money again on each buy. The cardboard encompasses a respectable 2% money again charge on all purchases. There are not any rotating or bonus classes. Should you use the cardboard, you’ll get 2% again indefinitely.

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

Should you’re open to shifting your checking account to SoFi, you’ll be able to earn 3% again for the primary yr 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 quick take a look at what you’ll earn with the card_name:

Prospects 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 price one cent nevertheless you redeem it.

The one main exception to the two% and three% money again charge might 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 outdoors of the stadium can be free after a reimbursement.

Further hidden perks

A significant downside to the card_name is an absence of widespread buy protections and journey insurance coverage advantages. Nevertheless, comparable playing cards with annual_fees annual price additionally usually lack these advantages. If you’d like buy and journey protection, think about upgrading to a extra strong rewards card, although it could require an annual price.

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

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

Card options

Should you’re in search of different no annual price bank cards, money again bank cards, rewards bank cards, or extra, right here’s a take a look at another greatest bank cards to think about as an alternative choice to the card_name:

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.

Consists of 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 yr at U.S. supermarkets, 6% again on choose streaming subscriptions, 3% again on transit and at U.S. gasoline stations, and 1% on normal purchases. Phrases Apply.

Assertion credit for The Disney Bundle and Equinox. Consists of 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 prospects with direct deposit at SoFi Financial institution, due to the elevated 3% money again charge within the first yr for as much as $12,000 in purchases. That 3% charge is price as much as $360 alone. Then you definitely’ll earn 2% money again so long as you will have the cardboard.

Cellphone insurance coverage and no overseas transaction charges sweeten the deal, however the lack of different advantages is disappointing. Nonetheless, it’s an awesome choice for a lot of customers seeking 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.

Steadily requested questions

Are there financial institution points with the card_name?

You should use the card_name wherever 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 usually 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 should you’re accepted, so you’ll be able to apply with out danger to your credit score.

Does Sofi have a secured bank card?

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

The knowledge offered right here is created independently from the TIME editorial workers. To be taught extra, see our About web page.