@Matt9543 wrote:
@MJ-san wrote:Yup. They nerfed the streak bonus to one streak bonus every 4 days (language on the rewards screen now says "4 day login streak, streak restarts after points are earned: 5"). I'll confirm tomorrow if I get the 5 points.
Clearly they are adjusting as they go
This is exactly what's happening. And while they have every right to do it, I do find it of disappointing that within three months they're already significantly reducing the points you can early with the program. I understand they would be losing too much money but they had to have thought about this before they came out with the program
Let the NERF'ing continue ... just got this email..
| • | You’ll see your 2% cash back (2 SoFi Points per $1 spent; 1 point = 1 cent) reflected in your points balance as you spend on the SoFi Credit Card |
| • | When you redeem the points from your SoFi Credit Card purchases into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan, you’ll receive the 2 SoFi Points per $1 spent (2% cash back). If you redeem your points against your SoFi Credit Card statement, the redemption value will revert to 1X (1% cash back; 1 point = 1 cent) |
| • | All other points earned outside of spend on the SoFi Credit Card–say, by activating Credit Score Monitoring–can be redeemed at 1X their value (1 point = 1 cent) into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan |
| • | The good news is that we’re working on adding more ways to earn SoFi Point multipliers in the future–stay tuned! You can always review all of the ways you can earn points in the SoFi app. |
So, the way it will now work ... your card spend will accrue 2x points, everything else will be 1x points. When you xfer to SoFi Money, 1 point = $.01 ... but if you do a statement credit or other redemption, the points from the credit card spend will cut in 1/2 back to 1 point.
Was just about to post this. So the login bonus for 1 point is really just a penny instead of two?
@MJ-san wrote:
@Matt9543 wrote:
@MJ-san wrote:Yup. They nerfed the streak bonus to one streak bonus every 4 days (language on the rewards screen now says "4 day login streak, streak restarts after points are earned: 5"). I'll confirm tomorrow if I get the 5 points.
Clearly they are adjusting as they goThis is exactly what's happening. And while they have every right to do it, I do find it of disappointing that within three months they're already significantly reducing the points you can early with the program. I understand they would be losing too much money but they had to have thought about this before they came out with the program
Let the NERF'ing continue ... just got this email..
• You’ll see your 2% cash back (2 SoFi Points per $1 spent; 1 point = 1 cent) reflected in your points balance as you spend on the SoFi Credit Card • When you redeem the points from your SoFi Credit Card purchases into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan, you’ll receive the 2 SoFi Points per $1 spent (2% cash back). If you redeem your points against your SoFi Credit Card statement, the redemption value will revert to 1X (1% cash back; 1 point = 1 cent) • All other points earned outside of spend on the SoFi Credit Card–say, by activating Credit Score Monitoring–can be redeemed at 1X their value (1 point = 1 cent) into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan • The good news is that we’re working on adding more ways to earn SoFi Point multipliers in the future–stay tuned! You can always review all of the ways you can earn points in the SoFi app.
So, the way it will now work ... your card spend will accrue 2x points, everything else will be 1x points. When you xfer to SoFi Money, 1 point = $.01 ... but if you do a statement credit or other redemption, the points from the credit card spend will cut in 1/2 back to 1 point.
@MJ-san wrote:
@Matt9543 wrote:
@MJ-san wrote:Yup. They nerfed the streak bonus to one streak bonus every 4 days (language on the rewards screen now says "4 day login streak, streak restarts after points are earned: 5"). I'll confirm tomorrow if I get the 5 points.
Clearly they are adjusting as they goThis is exactly what's happening. And while they have every right to do it, I do find it of disappointing that within three months they're already significantly reducing the points you can early with the program. I understand they would be losing too much money but they had to have thought about this before they came out with the program
Let the NERF'ing continue ... just got this email..
• You’ll see your 2% cash back (2 SoFi Points per $1 spent; 1 point = 1 cent) reflected in your points balance as you spend on the SoFi Credit Card • When you redeem the points from your SoFi Credit Card purchases into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan, you’ll receive the 2 SoFi Points per $1 spent (2% cash back). If you redeem your points against your SoFi Credit Card statement, the redemption value will revert to 1X (1% cash back; 1 point = 1 cent) • All other points earned outside of spend on the SoFi Credit Card–say, by activating Credit Score Monitoring–can be redeemed at 1X their value (1 point = 1 cent) into SoFi Money, Active Invest, or against your SoFi Student Loan Refinance or Personal Loan • The good news is that we’re working on adding more ways to earn SoFi Point multipliers in the future–stay tuned! You can always review all of the ways you can earn points in the SoFi app.
So, the way it will now work ... your card spend will accrue 2x points, everything else will be 1x points. When you xfer to SoFi Money, 1 point = $.01 ... but if you do a statement credit or other redemption, the points from the credit card spend will cut in 1/2 back to 1 point.
I got the same message this morning but perhaps I misunderstood or I'm reading your text wrong...I took it that I will continue to accrue points at 2% when I use the credit card...which likely means the log-in bonuses are going away....and if I redeem the points to my money account, I'll still get 2% return versus redeeming directly to the credit card which is 1% return, so I should redeem to the Money Account and then make payments from the Money account to the Credit Card to continue getting 2%. Also did you notice the part about your accrued points balance as of FEB 8 being doubled...likely to say "Sorry about killing these other benefits"
Their bullet:
More good news: Your unredeemed SoFi Points balance as of February 8 will be doubled automatically to accommodate these changes with no additional action required on your part.
@cashorcharge wrote:
I got the same message this morning but perhaps I misunderstood or I'm reading your text wrong...I took it that I will continue to accrue points at 2% when I use the credit card...which likely means the log-in bonuses are going away....and if I redeem the points to my money account, I'll still get 2% return versus redeeming directly to the credit card which is 1% return, so I should redeem to the Money Account and then make payments from the Money account to the Credit Card to continue getting 2%. Also did you notice the part about your accrued points balance as of FEB 8 being doubled...likely to say "Sorry about killing these other benefits"
I'm reading it as 2% points when you use the card, 1% points on everything else (logins, streaks, etc.). If you redeem the card points as a statement credit, they get halved.
So for me ... on top of the 2% credit card rebate, $.58 per month for daily login + $.10 with two direct deposits ... if I keep $2,500 in Money that = .57% APY on savings with the base APY of .25%. Or, over a year just under $15. Yea... a nice cocktail + tip when the bars open up again
Yeah, someone did math and realized that paying someone $70+ a year for holding a no AF 2% card means you're losing money on every card but you make up for it in volume. 
This is definitely nerfing but since I'm in on SoFi for the long haul I don't mind so much (I am investing using fractional shares; it's a pretty cheap way to build a portfolio at $50-100 a paycheck). As long as it's 2% no AF no international fee it's fine.
@notmyrealname23 wrote:Yeah, someone did math and realized that paying someone $70+ a year for holding a no AF 2% card means you're losing money on every card but you make up for it in volume.
This is definitely nerfing but since I'm in on SoFi for the long haul I don't mind so much (I am investing using fractional shares; it's a pretty cheap way to build a portfolio at $50-100 a paycheck). As long as it's 2% no AF no international fee it's fine.
Fido lets you do fractional shares too, just a random thought.
@notmyrealname23 wrote:
@Credit12Fico wrote:Fido lets you do fractional shares too, just a random thought.
Fido? That some Robinhood/SoFi/WeBull fintech app thing? I didn't see a hit on Google or the Apple App store that made sense.
Fidelity I mean 
I agree with you. SoFi is a nice service! I only mentioned Fidelity because I saw it in your sig.
@Credit12Fico wrote:
@notmyrealname23 wrote:
@Credit12Fico wrote:Fido lets you do fractional shares too, just a random thought.
Fido? That some Robinhood/SoFi/WeBull fintech app thing? I didn't see a hit on Google or the Apple App store that made sense.
Fidelity I mean
Oh. Well, I have brokerage accounts there (Roth IRA, trad IRA used for Roth backdoor, 529, standard account if I want to use it but right now it's zero'ed, plus a CMA, which also has that slick $0 ATM fee feature, though SoFi reimburses you on the spot). Good to know. Thanks!
(It's a serious bummer that the Fidelity VISA Signature is 1% international fee. It's OK for the US, just not for overseas.)
@notmyrealname23 wrote:
@Credit12Fico wrote:
@notmyrealname23 wrote:
@Credit12Fico wrote:Fido lets you do fractional shares too, just a random thought.
Fido? That some Robinhood/SoFi/WeBull fintech app thing? I didn't see a hit on Google or the Apple App store that made sense.
Fidelity I mean
Oh. Well, I have brokerage accounts there (Roth IRA, trad IRA used for Roth backdoor, 529, standard account if I want to use it but right now it's zero'ed, plus a CMA, which also has that slick $0 ATM fee feature, though SoFi reimburses you on the spot). Good to know. Thanks!
(It's a serious bummer that the Fidelity VISA Signature is 1% international fee. It's OK for the US, just not for overseas.)
Yep 1% is not great. I'd say depending on what your other cards are, the Fidelity card is one of the few that still has purchase protection when traveling. Which is good if you buy any expensive souvenirs and they got lost, damaged, or stolen while abroad. I'd be happy taking the 1% haircut to have a little insurance on a big purchase abroad. But SoFi would be the go to for run of the mill dining expenses.
(You may have other cards with no FX Fee or an FX Fee that still nets cashback, and purchase protection, I'm not sure what else is out there.)