topic Re: What’s the deal with SoFi? in Credit Cards

What’s the deal with SoFi?

Empires — Mon, 09 Jan 2023 23:12:52 GMT

I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?

is it a new company? I see that they are quite generous with their CL? What scores do they like?

Re: What’s the deal with SoFi?

MJ-san — Mon, 09 Jan 2023 23:19:13 GMT

SoFi issues through The Bank of Missouri and it's a prime card. Decent rate to start with and can go down 1% after a year of on-time payments. No big SUB when I applied over a year ago, very decent limit. They pay 2% back when you deposit funds into a SoFi checking or savings account, and their savings accounts currently pay 3.75%.

Re: What’s the deal with SoFi?

FinStar — Mon, 09 Jan 2023 23:20:13 GMT

@Empires wrote:
I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?
is it a new company? I see that they are quite generous with their CL? What scores do they like?

No, the SoFi card is not a subprime product, but make sure you review the T&Cs as to how the 2% redemptions work. No annual fee and no FTFs. It is a FinTech product issued by TBOM in partnership with SoFi.

Starting limits are profile-dependent. Some could be as low as $1K to as high as $30K. Mine is $27K. The application will be a SP if denied or a HP if approved (Experian).

There's quite a few members that have the card. I know @Anonymous has previously chimed his thoughts/experience in this particular card.

Re: What’s the deal with SoFi?

Anonymous — Tue, 10 Jan 2023 00:59:46 GMT

@FinStar wrote:

There's quite a few members that have the card. I know @Anonymous has previously chimed his thoughts/experience in this particular card.

Yes, I use it. Now that USAlliance is no longer 3%, I am using SoFi as my 2% non-category card (along with USAlliance for now). No problems with purchases in the US. My previous complaints have been for purchases abroad sent to addresses abroad, where they are much more likely to decline than another one of my cards. But if you don't do that, they are fine.

The no FTF is the major advantage over several other flat 2% cards, but now there are many other choices for that as well. My SL was $30K which made me like them a little more! Because I am shallow.

Re: What’s the deal with SoFi?

xenon3030 — Tue, 10 Jan 2023 01:59:35 GMT

If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

Re: What’s the deal with SoFi?

Empires — Tue, 10 Jan 2023 05:37:10 GMT

@xenon3030 wrote:
If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

Re: What’s the deal with SoFi?

FinStar — Tue, 10 Jan 2023 05:48:16 GMT

@Empires wrote:
@xenon3030 wrote:
If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.
I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

Well, it's not like SoFi was handing out large SLs like candy. There were plenty of sad trombones for folks who had that expectation which didn't materialize once approved. Essentially, your SL will be profile-dependent and evaluated by algorithms on many factors.

Re: What’s the deal with SoFi?

bigseegar — Tue, 10 Jan 2023 12:43:55 GMT

@Empires wrote:
@xenon3030 wrote:
If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.
I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

I absolutely love my SoFi card and it is one of my most heavily used cards. Matter of fact outside of AmEx I'd say it's one of my go to cards. However, while I did get a very good SL as said above by FinStar do not apply based soley on that expectation as it is as also said, very profile dependant.

Re: What’s the deal with SoFi?

JoeRockhead — Tue, 10 Jan 2023 13:14:07 GMT

I can attest to the sad trombones that FinStar referred to. I got my SoFi card in early 2022 and at that time had a flawless payment history, low UTI (1 -5%) AAoA of 3.5 years and all scores in the 720s. They gave me...... A 1k SL. I used the card quite heavily and (PIF) 6 months later they gave me an (apparently rare) auto CLI of another 1k... Still love and use the card more than I thought I would. They give you bonus points for a wide array of different things such as 500 points to download the app, 10 points for logging in 7 consecutive days, points for your score going up, it goes on and on etc... it all adds up. At the end of the year I managed to rack up $360 in cash, which is parked in a savings account, currently getting 2.4%, not the best, but not too shabby either. just my .02

Re: What’s the deal with SoFi?

Credit12Fico — Fri, 13 Jan 2023 00:32:25 GMT

@FinStar wrote:
@Empires wrote:
I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?
is it a new company? I see that they are quite generous with their CL? What scores do they like?
No, the SoFi card is not a subprime product, but make sure you review the T&Cs as to how the 2% redemptions work. No annual fee and no FTFs. It is a FinTech product issued by TBOM in partnership with SoFi.

Starting limits are profile-dependent. Some could be as low as $1K to as high as $30K. Mine is $27K. The application will be a SP if denied or a HP if approved (Experian).

There's quite a few members that have the card. I know @Anonymous has previously chimed his thoughts/experience in this particular card.

Things have moved along with Sofi. Sofi is now a bank SoFi Technologies, Inc. (SOFI) - SoFi Receives Regulatory Approval to Become a National Bank

I also noticed that my credit report has removed any reference to the bank of missouri, and now reports the creditor as Sofi Bank N.A.

Re: What’s the deal with SoFi?

AndySoCal — Fri, 13 Jan 2023 02:19:36 GMT

@xenon3030 Per depositaccounts.com Bank of America pays .02% to .04% percent interest their non CD savings accounts. I would suggest looking into savings account (money market or high yield) that pays you 3 to 4 percent. The increase in the interest paid would more than off set the 1.1% difference received on your credit card. As I said it is a suggestion it is up to you.

Re: What’s the deal with SoFi?

xenon3030 — Fri, 13 Jan 2023 02:39:17 GMT

What about having SoFi saving with ~4-5% and keeping BOA platinum honor tier using 401k?

Re: What’s the deal with SoFi?

Anonymous — Fri, 13 Jan 2023 02:44:53 GMT

@xenon3030 wrote:
What about having SoFi saving with ~4-5% and keeping BOA platinum honor tier using 401k?

Yes, the best way to keep BoA Platinum Honor is via IRA/401(k) funds, rather than plain savings. If you basically hold ETF/individual stocks, account fees should be minimal and then it doesn't much matter where you hold them and so BoA may as well get them for the credit card bonus. (If you frequently trade within your retirement account, you will need to check the rules, as they vary from place to place)

Re: What’s the deal with SoFi?

xenon3030 — Fri, 13 Jan 2023 02:53:07 GMT

Indeed, it is my current plan . I may change my employer to move my 401k to ME and re-gain my platinum honor status.

Re: What’s the deal with SoFi?

AndySoCal — Fri, 13 Jan 2023 19:45:53 GMT

@xenon3030 I agree with @Anonymous response to your question. I used that range it is fairly easy to find high yield savings account or money market account paying 3 to 4 percent. 4.5% is even better !