2% back no AF from SoFi - Data Points

[Anonymous]

Catching up on this thread, I found myself confused a few times. It seems like they have made this card somewhat complicated. If you just want the 2%, you use, pay, and redeem to your SoFi account (any SoFi product) otherwise you only get 1% if you take the statement credit. Am I understanding this right? 

[Credit12Fico]

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@Anonymous wrote:

Catching up on this thread, I found myself confused a few times. It seems like they have made this card somewhat complicated. If you just want the 2%, you use, pay, and redeem to your SoFi account (any SoFi product) otherwise you only get 1% if you take the statement credit. Am I understanding this right? 

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Yes. As far as I am aware, this aspect has never changed since the card released for Beta.  What do you find complicated about it?

Personally I think the 1% statement credit nonsense is so unnecesary....Simplify the interface. Straight 2% no matter how you redeem. 

[cashorcharge]

When you spend on the card, you earn 2% in points...2 per dollar. However, when you actually redeem those, the values differ.  Here's the redemption screen from my account showing the differences. Hope this helps @Anonymous 

Essentially, they give you 2% but want you to redeem It back to their MONEY account versus directly to the credit card. So redeem to MONEY, then make a payment to the card to guarantee the 2% is used as your thinking. 

[Anonymous]

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@Credit12Fico wrote:

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@Anonymous wrote:

Catching up on this thread, I found myself confused a few times. It seems like they have made this card somewhat complicated. If you just want the 2%, you use, pay, and redeem to your SoFi account (any SoFi product) otherwise you only get 1% if you take the statement credit. Am I understanding this right? 

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Yes. As far as I am aware, this aspect has never changed since the card released for Beta.  What do you find complicated about it?

Personally I think the 1% statement credit nonsense is so unnecesary....Simplify the interface. Straight 2% no matter how you redeem. 

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Well the thread veered off into login bonuses and all that stuff and those nerfs, wanted to make sure that I had the way the card earning and redemption works. 

[Anonymous]

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@cashorcharge wrote:

When you spend on the card, you earn 2% in points...2 per dollar. However, when you actually redeem those, the values differ.  Here's the redemption screen from my account showing the differences. Hope this helps @Anonymous 

Essentially, they give you 2% but want you to redeem It back to their MONEY account versus directly to the credit card. So redeem to MONEY, then make a payment to the card to guarantee the 2% is used as your thinking. 

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Okay yeah that's what I figured. With all of the nerfing SoFi is known for, I wonder if they'll eventually nerf the point value. That's why I don't like point cards. 

[Credit12Fico]

Fantastic news! SoFi credit card is now showing in Mint! 

[notmyrealname23]

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@Anonymous wrote:

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Okay yeah that's what I figured. With all of the nerfing SoFi is known for, I wonder if they'll eventually nerf the point value. That's why I don't like point cards. 

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It's not particularly unusual though. If you redeem for Fidelity Rewards Visa as a statement credit you get half value for your points (1%). Send it to your Fidelity Cash Management Account, you get full value (2%). I would guess that the difference is the card issuer for both those cards isn't the same as the cobrand (Fidelity is using Elan, SoFi is using Bank of Missouri) and the issuer has different accounting than the cobrand partner.

[cashorcharge]

Noticed 2 things today....

First...DoC reported that the card is now open to everyone and some targeted SUB's exist.

Second...while I already have the card....today in my USPS mail is an invitation to apply

[Credit12Fico]

The last feature I'm looking for to be completely satisfied with this card is the "quick lock" feature to block charges when locked.  The debit card has this feature currently, so I'm happing they roll it out for the credit card too. I enjoy the extra line of defense against fraudulent charges.

[cashorcharge]

With the card being opened up to new applicants and the recent successes posted in the Approvals Thread, I took the opportunity to call today (844-945-7634...this number is only on your statement...not online or even on the card itself) to see if my account was eligible for a credit limit increase.  My account has processed 3 statements, seen little use...but activity nonetheless.

"I'm sorry but at this time, we are not processing any Credit Limit Increase requests for your account."
"Okay.....thank you....is there something specific I would need to do or you need to see to process such a request?"

"No, at this time we are not processing ANY Credit Limit Increases on SOFI products"

I guess we'll see how this continues in the future.