SoFi 3% Promotion Question

[Absolution16]

On SoFi Credit Card Page , there is NO mention of the 3% promo anywhere on that page.  Only when I click on "Get Started" it mentions the 3% promo.  It seems as though the promo is available for "qualifying" direct deposits, and the maximum that can be earned for the 1st year is 36K points.

So what are the exact terms and details in regards to this?  Total dollar amount?  Number of direct deposits?  I can't seem to find any in-depth details.

[ptatohed]

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@Absolution16 wrote:

On SoFi Credit Card Page , there is NO mention of the 3% promo anywhere on that page.  Only when I click on "Get Started" it mentions the 3% promo.  It seems as though the promo is available for "qualifying" direct deposits, and the maximum that can be earned for the 1st year is 36K points.

So what are the exact terms and details in regards to this?  Total dollar amount?  Number of direct deposits?  I can't seem to find any in-depth details.

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The way I read it is, as long as the direct deposits (1 per month, minimum) are from an employer, you will get the 3% CB for 1 year (after 1 year, 2%).  Maximum $360 cash back first year at 3%, so first $12,000 spend per first year, or, ~$1,000 spend per month (after that, 2% CB).  Cash back must be redeemed into a SoFi account, else are worth half at 3%/2=1.5% or 2%/2=1%.    

https://www.sofi.com/signup/credit-card/?endpoint=/card/apply   

**You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

[Absolution16]

@ptatohed 

Ah... so 1 direct deposit a month, in any dollar amount, from either an employer or government pension/social security etc. is all that is required, without spending or minimum balance requirement?  That is not bad at all.  Redemption also seems to have no minimums or increments, and it should be no big deal to redeem into SoFi checking, as I can always push ACH to another FI if I choose.  Sounds a tad bit easier than my other contender, PenFed, who requires $500 average balance or $500 total direct deposit.

So the 36K points cap in the 1st year is just the maximum of 12K spend for that year, which roughly translates to 1K a month at 3%... Not too shabby at all.  It would have been better if there were additional SUB like they used to offer.

I am considering this, but it is too bad their card cannot be used at Costco, and that they don't do international wire transfers.  They also don't support Zelle natively, with only $500 weekly limit.  These 3 things are holding me back at the moment.  PenFed seems to have the advantage here I guess.

[Anonymous]

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@ptatohed wrote:

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The way I read it is, as long as the direct deposits (1 per month, minimum) are from an employer, you will get the 3% CB for 1 year (after 1 year, 2%).  Maximum $360 cash back first year at 3%, so first $12,000 spend per first year, or, ~$1,000 spend per month (after that, 2% CB).  Cash back must be redeemed into a SoFi account, else are worth half at 3%/2=1.5% or 2%/2=1%).    

https://www.sofi.com/signup/credit-card/?endpoint=/card/apply   

**You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

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@ptatohed reading is almost certainly correct but there is a little ambiguity.  "A maximum of 36,000 rewards points can be earned from this limited-time offer."    In some sense, the offer is the extra 1%.  For the $1K a month view, 24,000 points would have been earned anyway.  So in a very optimistic (and therefore probably wrong) view, it could be that you can spend the equivalent of $36K in the first year, earning $1080,  $720 from the normal 2% and $360 from the limited-time offer.

But..., kids, don't try this at home.

[SaintMortichai]

I wonder how long I will still have to wait for that to 3% to occur with my SoFi accounts and credit card. I have been receiving direct deposits from my employer since mid-February. I hope it kicks in after the 8-week disclaimer they state in the fine print. It would be ever so lovely!

[Absolution16]

@SaintMortichai 

Ah... so there is a waiting period of 8 weeks?  I didn't know.  I hope the 3% bonus gets applied retroactively.