topic Re: SoFi Mastercard coming in Credit Cards

SoFi Mastercard coming

woodyman100 — Wed, 05 Feb 2020 00:53:57 GMT

About a week ago I read that SoFi would be changing networks from Visa to Mastercard for the SoFi debit.

In a snippet from the article it was mentioned that SoFi would also issue a Credit Card in partnership with Mastercard.

i have a SoFi money account and I've used them for large personal loans to finance shorter term projects.

They are a dream to deal with.

I am looking forward to an innovative product.

Re: SoFi Mastercard coming

K-in-Boston — Wed, 05 Feb 2020 00:57:09 GMT

Interesting. No other details besides it being a MasterCard?

Re: SoFi Mastercard coming

Anonymous — Wed, 05 Feb 2020 01:01:27 GMT

Hmm... if their debit card perks are anything to go by, this card could be worth leaving the garden for.

Re: SoFi Mastercard coming

CreditCuriosity — Wed, 05 Feb 2020 01:08:32 GMT

somewhere i could of sworn i read it has a decent AF, but could be confused...

Re: SoFi Mastercard coming

woodyman100 — Wed, 05 Feb 2020 01:29:27 GMT

@K-in-Boston wrote:
Interesting. No other details besides it being a MasterCard?

That's it for now.

Only threw in that tid-bit in the last paragraph.

I'm thinking it may be a 4th quarter launch at the earliest

Re: SoFi Mastercard coming

Revelate — Wed, 05 Feb 2020 02:41:38 GMT

@Anonymous wrote:
Hmm... if their debit card perks are anything to go by, this card could be worth leaving the garden for.

If SOFI would even give me the time of day it might be worth considering haha.

Priorities are mortgage, possible auto refinance, anything else though in that order and credit cards are mostly unnecessary even if I do want that darned Schwab redemption option.

If Chase did a 1.5x (or probably even 1.25x) redemption option to YouInvest for CSR holders, I'd be cashing out the bulk of my points I suspect but my guess is it costs them less to redeem via their Expedia partnership.

Re: SoFi Mastercard coming

FinStar — Wed, 05 Feb 2020 05:19:24 GMT

@woodyman100 wrote:
@K-in-Boston wrote:
Interesting. No other details besides it being a MasterCard?
That's it for now.
Only threw in that tid-bit in the last paragraph.
I'm thinking it may be a 4th quarter launch at the earliest

Hopefully more details are known soon @woodyman100. Thanks for sharing.

I hope it's nothing like the SallieMae CC re-launch, which most folks with varying degrees of profiles got declined.

Re: SoFi Mastercard coming

randomguy1 — Fri, 07 Feb 2020 02:10:37 GMT

I got the email. It has cell phone insurance, purchase protection, as well as other things.

more here:

https://www.sofi.com/money/mastercard-faqs

Re: SoFi Mastercard coming

FinStar — Fri, 07 Feb 2020 02:21:29 GMT

@randomguy1 wrote:
I got the email. It has cell phone insurance, purchase protection, as well as other things.

more here:
https://www.sofi.com/money/mastercard-faqs

I believe that benefit is currently on their debit card card, no?

I guess it remains to be seen if the launch of their CC will have that benefit as well.

Re: SoFi Mastercard coming

Meanmchine — Fri, 07 Feb 2020 02:33:42 GMT

Bookmarking this thread for future reference

Could be interesting

Re: SoFi Mastercard coming

Anonymous — Fri, 07 Feb 2020 02:34:40 GMT

Oh wow. That $200 cell phone protection is actually pretty good considering most Auto-pay discounts require bank account number or debit card. (Verizon is a good example)

Re: SoFi Mastercard coming

randomguy1 — Fri, 07 Feb 2020 21:42:21 GMT

@FinStar wrote:
@randomguy1 wrote:
I got the email. It has cell phone insurance, purchase protection, as well as other things.

more here:
https://www.sofi.com/money/mastercard-faqs
I believe that benefit is currently on their debit card card, no?

I guess it remains to be seen if the launch of their CC will have that benefit as well.

Good question, I don't know the benefits on their current debit card. I have only used it for emergency cash (ATM card) and for Apple Pay due to their Lyft promotion.

From their World Mastercard FAQ:

Q: Why are you changing from Visa to Mastercard? −

SoFi recently changed from Visa to Mastercard for the SoFi Money debit card. With Debit Mastercard, you now get access to many benefits we could not previously provide, including travel perks like discounts on airport concierge services, cell phone protection when you use SoFi Money to pay your cell phone bill, and purchase protection on damaged or stolen items. These are all now provided at no extra cost in addition to the same great features and benefits we already offer with SoFi Money.

Re: SoFi Mastercard coming

woodyman100 — Fri, 14 Feb 2020 14:35:31 GMT

Keep in Mind that SoFi is a TU puller for other products.

The credit world could use more of these

Re: SoFi Mastercard coming

CreditCuriosity — Fri, 14 Feb 2020 15:06:41 GMT

thought sofi was mainly EXP?

Re: SoFi Mastercard coming

randomguy1 — Sat, 15 Feb 2020 14:35:37 GMT

@CreditCuriosity wrote:
thought sofi was mainly EXP?

For their personal loan and mortgage they pull Exp for the soft pull. They state so if you have your report locked.

Re: SoFi Mastercard coming

woodyman100 — Sun, 16 Feb 2020 02:13:17 GMT

You are 1.2 million percent correct!

I need to cut back on my meds!

I just double checked and each pull for the last two years has been Experian!

SoFi World Elite Mastercard

staticvoidmain — Fri, 16 Apr 2021 03:48:35 GMT

I took a survey about a potential new credit card from SoFi. (I use their Money and Invest products. Personally, I thought it had potential until I noticed the annual fee.)

DISCLAIMER: SoFi made sure that I am aware that this is not an existing product, and this is just a survey of what people think about something like it.

NOTE: It is interesting to note that the filename for the image is "Option2C.jpg".

(I never thought about trying other jpg names until it was too late - my link expired).

Re: SoFi World Elite Mastercard

CreditCuriosity — Thu, 11 Jun 2020 18:25:43 GMT

Looked good until i saw the $149 AF.. Wiill fail badly as 5% cats are capped unless i am missing another benefit....Edit: just saw lyft credit, but not worth the AF although offsets it for alot of ppl being AF or close to it others wont use it and sofi will pocket it. Get rid of gimick credit and the AF then we will talk

Re: SoFi World Elite Mastercard

Anonymous — Thu, 11 Jun 2020 18:32:54 GMT

@CreditCuriosity wrote:
Looked good until i saw the $149 AF.. Wiill fail badly as 5% cats are capped unless i am missing another benefit....Edit: just saw lyft credit, but not worth the AF although offsets it for alot of ppl being AF or close to it others wont use it and sofi will pocket it. Get rid of gimick credit and the AF then we will talk

Don't be so negative! If you max out the $5000 in the 5% categories, you get a net gain of $101 over the annual fee. Whereas on the same spend, a free 2% card would only get you $100. So, this card is a massive $1 better (assuming you can max out the 5%!)

Re: SoFi World Elite Mastercard

K-in-Boston — Thu, 11 Jun 2020 18:38:56 GMT

But you only make that extra $1 if you deposit it to a SoFi account or use if to pay a SoFi loan, otherwise it's a 1% cash back card.

FWIW the Lyft benefit is a World Elite MasterCard benefit, not exclusive to this card:

https://help.lyft.com/hc/en-us/articles/360020383574-World-Elite-Mastercard-