2% back no AF from SoFi - Data Points

[ccquest]

They seem to be plugging it more in the SoFi Daily and with the new push for app points at least so I think it's definitely letting more people in.

[trant3]

https://www.sofi.com/credit-card/

I personally have the card and have to say its the top 2% card in my book. Cash back post right away and there is no minimum redemption. 

[Wavester64]

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@trant3 wrote:

https://www.sofi.com/credit-card/

I personally have the card and have to say its the top 2% card in my book. Cash back post right away and there is no minimum redemption. 

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I have the card but haven't used it yet.

So what's the process - so if I charge $10 say and pay from my Money account, they add 2% to that account after getting the payment?

Wait..I am mistaken - they take 1% off, so my $10 bill would be $9.90 (1%) and then if I pay that $9.90 with my money account, they add 1% from the $9.90 to my money account? (10-cents)?

[MoneyBurns]

You get 2x points.

So if you spent $10 dollars you'd get 20 points added.

The login bonuses, direct deposits, relay point bonuses do not double. 

There's no more 2x boost when redeem towards SoFi products.

[Wavester64]

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@MoneyBurns wrote:

You get 2x points.

So if you spent $10 dollars you'd get 20 points added.

The login bonuses, direct deposits, relay point bonuses do not double. 

There's no more 2x boost when redeem towards SoFi products.

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Are points equivalent to cents 1:1..?

[trant3]

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@Wavester64 wrote:

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@MoneyBurns wrote:

You get 2x points.

So if you spent $10 dollars you'd get 20 points added.

The login bonuses, direct deposits, relay point bonuses do not double. 

There's no more 2x boost when redeem towards SoFi products.

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Are points equivalent to cents 1:1..?

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Its a 2% cash back card as soon as the transaction post (not like Citi DC where you pay the charge to get the other 1 %). IE if you spend $100, you'll get $2 back.

[Credit12Fico]

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@Wavester64 wrote:

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@MoneyBurns wrote:

You get 2x points.

So if you spent $10 dollars you'd get 20 points added.

The login bonuses, direct deposits, relay point bonuses do not double. 

There's no more 2x boost when redeem towards SoFi products.

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Are points equivalent to cents 1:1..?

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Yes.  1 cent per point. 

[Credit12Fico]

In testing since its limited release to SoFi members in October 2020, the SoFi Credit Card has already shown that it can drive members to engage in vital financial behaviors that credit card debt may have prevented them from taking in the past: 17% of reward points have been invested with SoFi Active Invest, 60% have been redeemed into SoFi Money®, and 15% have gone into paying down SoFi loan debt. Additionally, in response to member feedback, SoFi has revised the SoFi Credit Card’s cashback methodology to make it easier for users to see how many points they have earned. In addition, SoFi plans to implement redemption options for purchasing cryptocurrency in the coming weeks.

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Interesting.

[Credit12Fico]

I just got 50 cents for hitting 3 month login streak. What a time to be alive .

[Anonymous]

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@Credit12Fico wrote:

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@FinStar wrote:

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@Credit12Fico wrote:

Do 4 people total have this card? lol. I managed to dial up the same friendly CSR a second time in the last 7 days. No phone waits. I recognized the name and voice.  That is basically unheard on my mainstream cards with the big banks. This is refreshing. I imagine when they open up the card to the masses, the call centers will start to feel overloaded.

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There's been at least a dozen members that have reported their results if you search the Approvals section.  This obviously doesn't include anyone who didn't report their outcome, other boards, or any SoFi members (non-FICO), for instance.

As far as mainstream banks and phone wait times, I always get a live agent right away with JPMorgan, BoA/Merrill Lynch, AmEx...heck even Macy's 😁.  But, I'm sure it's refreshing for SoFi given today's operational constraints for a variety of call centers.

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Ah yes now of course I know quite a few have this card. It was a poorly attempted humor on my part. I was just shocked to get the same agent on the phone when I called and the operation must still be fairly small for that to happen.

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This can even happen with big companies like Comcast. Some IVR systems are programmed to send you to the last representative you spoke to if they're available to take the call. I used to despise that particular "feature" of the system Comcast had because when we were in the slow season, I would get angry people who hung up because they didn't like the answer I gave them and called back and got me again which made them even more angry. 🤦‍♂️