June 20, 2024


Should you love money again bank cards however don’t need the trouble of monitoring which classes provide the finest outcomes, you could just like the card_name. With a regular 2% again in all places, and a chance to extend that to three% for one 12 months on as much as $12,000 in purchases in case you’re a loyal SoFi buyer, this card is tough to beat for flat-rate money again.

Right here’s a more in-depth have a look at the card_name, learn how to get probably the most money again, and different playing cards that could possibly be a very good choice in case you’re not a fan. Hold studying to be taught extra concerning the execs and cons of conserving the card_name in your pockets.

TIME’s Take

The card_name is a superb selection for flat-rate money again, matching the speed of a number of the finest playing cards within the trade. The cardboard has annual_fees annual payment, 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 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 contains a respectable 2% money again charge on all purchases. There aren’t 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 transferring your checking account to SoFi, you may 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 simple to know the rewards construction. Right here’s a short have 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 value 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 categorical entry and VIP entry. The bag test exterior of the stadium can be free after a reimbursement.

Extra hidden perks

A significant disadvantage to the card_name is a scarcity of frequent buy protections and journey insurance coverage advantages. Nevertheless, comparable playing cards with annual_fees annual payment additionally usually lack these advantages. In order for you buy and journey protection, think about upgrading to a extra sturdy rewards card, although it could require an annual payment.

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 mobile phone insurance coverage (different limitations and guidelines apply).

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

Card alternate options

Should you’re searching for different no annual payment 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 a substitute for the card_name:

1% again on purchases and one other 1% if 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 Chase, 3% at eating places and eligible supply companies, 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. gasoline stations, and 1% on normal purchases. Phrases Apply.

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

The card_name is a stable choice for flat-rate money again and stands out as a superb selection for SoFi prospects with direct deposit at SoFi Financial institution, because of the elevated 3% money again charge within the first 12 months for as much as $12,000 in purchases. That 3% charge is value as much as $360 alone. Then you definitely’ll earn 2% money again so long as you’ve the cardboard.

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

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

Regularly 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 purchasers 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 laborious 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 smooth credit score inquiry if you make your preliminary utility. It solely performs a tough inquiry in case you’re accepted, so you may 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 standard bank card with no safety deposit required. SoFi additionally presents a debit card to SoFi Financial institution prospects.

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