February 23, 2024


In case you love money again bank cards however don’t need the trouble of monitoring which classes provide the greatest outcomes, you might just like the card_name. With a typical 2% again all over the place, and a chance to extend that to three% for one yr on as much as $12,000 in purchases when you’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, tips on how to get essentially the most money again, and different playing cards that may very well be a great possibility when you’re not a fan. Preserve studying to study extra in regards to the professionals and cons of retaining 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 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 possibility 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. 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 trouble 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 shifting your checking account to SoFi, you possibly can 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 simple to grasp the rewards construction. Right here’s a quick 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 nonetheless you redeem it.

The one main exception to the two% and three% money again charge 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 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. Nonetheless, related playing cards with annual_fees annual price additionally sometimes lack these advantages. If you’d like buy and journey protection, contemplate upgrading to a extra sturdy rewards card, although it could require an annual price.

The one main insurance coverage profit is cellphone insurance coverage. In case your telephone breaks, you’re lined by as much as $1,000 in mobile 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 price bank cards, money again bank cards, rewards bank cards, or extra, right here’s a have a look at another greatest bank cards to think about as a substitute for the card_name:

1% again on purchases and one other 1% once 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 via 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 injury 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. fuel stations, and 1% on common purchases. Phrases Apply.

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

The card_name is a strong possibility for flat-rate money again and stands out as a wonderful selection 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 value as much as $360 alone. You then’ll earn 2% money again so long as you may have the cardboard.

Cellphone insurance coverage and no international transaction charges sweeten the deal, however the lack of different advantages is disappointing. However, it’s an amazing possibility 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.

Ceaselessly requested questions

Are there financial institution points with the card_name?

You need to use the card_name wherever you do your common banking. Nonetheless, 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 laborious to get?

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

Does card_name do a tough pull?

SoFi performs a gentle credit score inquiry once you make your preliminary utility. It solely performs a tough inquiry when you’re authorized, so you possibly can 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 provides a debit card to SoFi Financial institution prospects.

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

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