Get Started

Learn more about Credit Cards, Travel Programs, Deals, and more.

A Card Offer Big Spenders Maybe Shouldn’t Be Overlooking

This post may contain affiliate links - Advertiser Disclosure. As an Amazon Associate, we earn from qualifying purchases.

Odd. All My Recent Credit Card Applications "Need More Information"

SoFi Credit Card Details: Why The Current Offers Are Really Good

We have talked about SoFi a lot in the past. Mostly for their SoFi Money account and how amazing it was when it launched.  I even use them for my Roth IRA where I stick my monthly deposits in my travel hacking college series. One thing we have never focused much on was their credit card. It is a newer card to the market, launched in May, and it wasn’t anything all that amazing. That is what I thought at least, until I saw Danny’s post on the card’s current offers.

Quick SoFi Credit Card Overview

The Sofi Credit card details are pretty straightforward. The card has an unlimited 2% cash back earning set up.

The catch is that the money must be deposited into a SoFi Money or SoFi Active Invest account.  That isn’t really a big hurdle since both accounts are fee free and the SoFi Money account is essentially a checking account.  The SoFi Invest account also has a welcome offer of $50 of your favorite stock when you deposit (not invest) $1,000. SoFi Money only has a welcome offer if you sign up through the SlickDeals offer right now. Get $75 for depositing $125 and then an additional $100 if you set up direct deposit. The other options to earn 2% is if you use your rewards to pay down your personal loan or student loan.

Current Welcome Offers

While earning 2% back on all purchases, without an annual fee, is always a welcome sight the sign up bonus offers is where big spenders might be intrigued.  SoFi currently has two different welcome offers for the card.

5% Back On Everything

The first offer on the SoFi card is for 5% earning on all purchases for the first 3 months.  It is capped at $200 in earnings or $4,000 in spend.  After that the earning rate will return to the 2% earning rate.

That is of course if you have a SoFi Money, SoFi Invest account or pay your SoFi loan with your rewards.

Link to 5% Offer

4% Back On Everything With A Large Limit

While the 5% offer is decent for a no fee 2% back card this offer may peak the interest of big spenders. Via a referral you can earn 4% back on your first $25,000 in spend. The catch here is that you only get 30 days to max it out.  That is why it will only work for big spenders.  It is coming up on the 4th quarter, attention resellers!

That offers you the chance to earn $1,000 in cash back on $25,000 in spend. That is of course if you have a SoFi Money, SoFi Invest account or pay your SoFi loan with your rewards.

4% Referral Offer

SoFi Credit Card Details: Final Thoughts

While the 4% offer will not work for most because of the short 30 day spending window, it could make a ton of sense for big spenders. If you can max it out it is a pretty good offer and you would be able to add another 2% earner to your portfolio after the 30 days.  Something big spenders are always looking for, more 2% earning bandwidth!

If you are not a big spender the 5% back offer on $4,000 in spend is not terrible.  It is somewhat in line with welcome offers on other no fee credit cards, although with a higher spending requirement.  It is the biggest welcome offer for a 2% earning card that I can think of though.

I of course would not consider this as an option unless I was already well above Chase 5/24 and had exhausted better offers from Amex and Citi etc. first.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

Increased Offer! - Chase Sapphire Preferred® Card 75K!

Chase Sapphire Preferred® Card is the old king of travel rewards cards. Right now earn 75K Chase Ultimate Rewards points after $4K spend in the first 3 months with a $95 annual fee. That's over $900 when you redeem through Chase Travel℠.

Learn more about this card and its features!

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Mark Ostermann
Mark Ostermann
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


Please enter your comment!
Please enter your name here