topic Re: 2% back no AF from Sofi in Credit Cards

2% back no AF from SoFi - Data Points

NoMoreE46 — Fri, 08 Jan 2021 01:07:51 GMT

https://www.sofi.com/creditcard/

Re: 2% back no AF from Sofi

notmyrealname23 — Thu, 29 Oct 2020 01:56:43 GMT

No FTF and it's not from (shudder) Synchrony! Plus it's a World Elite MC, so extra bennies with that too. Not too shabby.

Re: 2% back no AF from Sofi

NoMoreE46 — Thu, 29 Oct 2020 13:39:05 GMT

Yah, for those that didn't get the 3% from AOD, this seems attractive.

Issuer is Bank of Missouri

SL may be as low as $500 which seems incongruous to the World Elite.

Caveat :
This is only available for certain existing Sofi holders right now. It is not open to the public despite the big attractive Apply Now button....but one can get on a waiting list.

Re: 2% back no AF from Sofi

FinStar — Wed, 13 Jan 2021 04:20:04 GMT

Thanks for sharing the link, OP.

My understanding is that TBOM is fairly conservative so it's possible that for a variety of folks who might be looking for this to be the FOTM (whenever apps are open to the masses) may end up with lower than expected SLs. But, GPs are always welcome 😎. I believe they pull EX.

Re: 2% back no AF from Sofi

CreditCuriosity — Wed, 13 Jan 2021 04:20:54 GMT

@FinStar wrote:
Thanks for sharing the link, OP.

My understanding is that TBOM is fairly conservative so it's possible that for a variety of folks who might be looking for this to be the FOTM (whenever apps are open to the masses) may end up with lower than expected SLs. But, GPs are always welcome 😎. I believe they pull EX.

correct and they do pull EXP the text on the page says make sure your EXP report is not froozen under FAQ. Kinda suprised they actually tell you.

Re: 2% back no AF from Sofi

sxa001 — Thu, 29 Oct 2020 02:44:54 GMT

If I don't end up getting the AOD card I would probably look into this when it opens to the general public. The no FTF is appealing, even though my international travel will never be what it was in the past.

Re: 2% back no AF from Sofi

staticvoidmain — Thu, 29 Oct 2020 02:59:55 GMT

I bank and manage investment with SoFi, and I find this unattractive. Should at least be 3% to make it a bit attractive, with those extra steps and/or limitations in redeeming the extra 1%. Also, I would also consider SoFi's history of not only changing perks, but also changing banking partner (which I personally found annoying).

Funny they compared it to Citi which they wrote "1%+1%(1% on purchases + 1% after paying purchases)" on, while they put "2% Unlimited*" with an asterisk on theirs.

Re: 2% back no AF from Sofi

Anonymous — Thu, 29 Oct 2020 03:09:00 GMT

@staticvoidmain wrote:
I bank and manage investment with SoFi, and I find this unattractive. Should at least be 3% to make it a bit attractive, with those extra steps and/or limitations in redeeming the extra 1%. Also, I would also consider SoFi's history of not only changing perks, but also changing banking partner (which I personally found annoying).

Funny they compared it to Citi which they wrote "1%+1%(1% on purchases + 1% after paying purchases)" on, while they put "2% Unlimited*" with an asterisk on theirs.

Right, currently not exactly a shortage of 2% cards, I suspect there's even a thread about them somewhere!

It looks like one advantage of this for now is the cell phone insurance, but as we know from Citi, that could disappear.

Not having a Sofi account, is the need to redeem into one a real issue? Or is it trivial to move stuff out to other bank accounts (in which case this wouldn't be very different to PPMC redeeming to Paypal, which you can then move)

Re: 2% back no AF from Sofi

staticvoidmain — Thu, 29 Oct 2020 03:24:45 GMT

@Anonymous wrote:
Not having a Sofi account, is the need to redeem into one a real issue? Or is it trivial to move stuff out to other bank accounts (in which case this wouldn't be very different to PPMC redeeming to Paypal, which you can then move)

I take it back, now that you mention it. If this can be deposited directly to SoFi's Money account, and the 2% happens automagically, then it seems like an okay process. My initial assumption was the need to deposit it first to SoFi Invest, or a Savings account (which has limitations compared to checking), but realized SoFi Money is kinda their Savings/Checking account.

They should have just changed their verbiage to say "when you use your SoFi account to redeem". In any case, I'd stick to my Paypal for now.

Re: 2% back no AF from Sofi

PointsBonus — Thu, 29 Oct 2020 04:10:58 GMT

Another Vanilla 1% card....

Re: 2% back no AF from Sofi

creditfan — Thu, 29 Oct 2020 05:22:47 GMT

another clone citi DC card 1% + 1%

Re: 2% back no AF from Sofi

notmyrealname23 — Thu, 29 Oct 2020 05:37:44 GMT

@creditfan wrote:
another clone citi DC card 1% + 1%

Uh, Citi DC has a 3% FTF. If you do a decent amount of non-USD denominated purchases (I do) or you're running an AMEX earning setup while doing international travel (I will be when it's not COVID times), having a Visa or MC that isn't gouging you on FTF, and is a decent cashback fallback when AMEX isn't accepted is actually kind of nice.

I'm already running a SoFi account as a savings/investment vehicle, and since I have one of SoFi's legacy accounts where I can do unlimited ATM withdrawals anywhere, SoFi is also a supplement to my Fidelity debit cards for getting cash overseas, so I could see this being a card I'm interested in, since my current 2% CB/no FTF card is the PayPal MC, issued by the infamously squirrelly Synchrony Bank...

Re: 2% back no AF from Sofi

Anonymous — Thu, 29 Oct 2020 07:10:34 GMT

I just opened a Sofi Money account a few days ago for the $100 cash bonus. I added myself to the waitlist but I doubt I'll apply for it. Already have the Citi DC, Paypal 2% Cashback, and Penfed PCR. I use the Penfed card as my main 2% card. The Citi DC I don't use much cause of the $25 requirement to redeem. I've been thinking of closing the Paypal 2% Cashback for awhile now cause I don't like the stories I've heard of Synchrony and I have Paypal Credit from Synchrony as well.

Re: 2% back no AF from Sofi

AverageJoesCredit — Thu, 29 Oct 2020 12:05:29 GMT

@CreditCuriosity wrote:
@FinStar wrote:
Thanks for sharing the link, OP.

My understanding is that TBOM is fairly conservative so it's possible that for a variety of folks who might be looking for this to be the FOTM (whenever apps are open to the masses) may end up with lower than expected SLs. But, GOs are always welcome 😎. I believe they pull EX.
correct and they do pull EXP the text on the page says make sure your EXP report is not froozen under FAQ. Kinda suprised they actually tell you.

Its called the MyFico Effect.

Re: 2% back no AF from Sofi

Anonymous — Thu, 29 Oct 2020 12:24:52 GMT

@creditfan wrote:
another clone citi DC card 1% + 1%

Don't think that is accurate. Closer analogy is Fidelity, where you got (not sure if this is still the case) more rewards if you REDEEMED into the right type of account (Fidelity/SoFi). Nothing to do with extra rewards on payment.

Re: 2% back no AF from Sofi

ccquest — Thu, 29 Oct 2020 14:59:56 GMT

@Anonymous wrote:
@staticvoidmain wrote:
I bank and manage investment with SoFi, and I find this unattractive. Should at least be 3% to make it a bit attractive, with those extra steps and/or limitations in redeeming the extra 1%. Also, I would also consider SoFi's history of not only changing perks, but also changing banking partner (which I personally found annoying).

Funny they compared it to Citi which they wrote "1%+1%(1% on purchases + 1% after paying purchases)" on, while they put "2% Unlimited*" with an asterisk on theirs.
@staticvoidmain wrote:
I bank and manage investment with SoFi, and I find this unattractive. Should at least be 3% to make it a bit attractive, with those extra steps and/or limitations in redeeming the extra 1%. Also, I would also consider SoFi's history of not only changing perks, but also changing banking partner (which I personally found annoying).

Funny they compared it to Citi which they wrote "1%+1%(1% on purchases + 1% after paying purchases)" on, while they put "2% Unlimited*" with an asterisk on theirs.
Right, currently not exactly a shortage of 2% cards, I suspect there's even a thread about them somewhere!

It looks like one advantage of this for now is the cell phone insurance, but as we know from Citi, that could disappear.

Not having a Sofi account, is the need to redeem into one a real issue? Or is it trivial to move stuff out to other bank accounts (in which case this wouldn't be very different to PPMC redeeming to Paypal, which you can then move)

Absolutely trivial and they have promos running all the time to get money when you open the Sofi Money account. For example, I got $200 when I opened an account with $100 and had a direct deposit within 90 days.

They connect to other banks with Plaid which means you don't have to worry about trial deposits and can transfer pretty quickly with no fees there either. They are now my gateway bank for when I want to move money around because I still have most things setup through BoA but they charge a $3 fee to push money out.

I might have gone with this over the PenFed card because there's no minimum balance to maintain the 2% rewards earning, but I'm still going to hold on to that one because of the future possibilities with PenFed and the nice limit I got with them.

Re: 2% back no AF from Sofi

staticvoidmain — Thu, 29 Oct 2020 16:07:20 GMT

@ccquest wrote: Absolutely trivial and they have promos running all the time to get money when you open the Sofi Money account. For example, I got $200 when I opened an account with $100 and had a direct deposit within 90 days.

If they do offer a SUB for the credit card, I might be tempted to switch to it as my default 2%. Would be fun to use both their credit and debit/atm locally or abroad (joined a while back while they still offered unlimited atm reimbursement). I think I'll wait for if or when they do offer a SUB.

(I do use them as 50% gateway card. I was gonna switch 100% but had problems with them in one of my connected accounts when they switched to Bancorp from WSFS.)

Re: 2% back no AF from Sofi

MJ-san — Tue, 03 Nov 2020 19:12:37 GMT

This card confuses me. It says issued by The Bank of Missouri ... but they don't issue their own cards, they are all Elan (USBank) issued.

We refi'd our mortgage with them (awesome rates, great process BTW) and they use Cenlar FSB as a servicer, so they outsource that.

I opened up a SoFi Money account at the time and they pay decent enough rates, let's see what the terms of the card wind up being. I'm on the waitlist.

Re: 2% back no AF from Sofi

SanDiegoCredit — Wed, 04 Nov 2020 01:45:03 GMT

With a SUB this might be okay..., but fin tech is notoriously unstable. I have the legacy SoFi money account with free ATM withdrawal. I too was annoyed when they switched partner banks from savings society, to bancorp Fortunately, was not too committed...

Re: 2% back no AF from Sofi

adelphi_sky — Fri, 06 Nov 2020 01:35:32 GMT

What caught my eye is that you can only redeem the cash on SoFi financial products. I don't have a loan with them and I don't invest with them. The card is "OK" if you're already part of teh SoFi ecosystem.