2% back no AF from SoFi - Data Points

[NoMoreE46]

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

[notmyrealname23]

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.

[NoMoreE46]

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.

[FinStar]

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.

[CreditCuriosity]

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@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.

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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.

[sxa001]

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. 

[staticvoidmain]

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.

[Anonymous]

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@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.

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@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.

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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)

[staticvoidmain]

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@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)

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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.

[PointsBonus]

Another Vanilla 1% card....