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.
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.
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.