SoFi Mastercard One of My Favorites

[Credit12Fico]

After making on time payments for 12 months, I received a 1% APR reduction. I'm not sure what happens if I keep going for another 12 months. It's not clear if ontime payments simply mean I will keep the current 1% APR reduction, or if I will receive an additional 1% after another 12 months. 

[coldfusion]

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@notmyrealname23 wrote:

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Lots of free money/promos? And frankly "oh noes I have to open an account, eek, panic" is overrated as far an I am concerned, ACH transfer to/from wherever works just fine, also uses Plaid to connect to bank accounts.

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For some, that in itself is a deal-breaker due to Plaid's penchant for scraping account data far in excess of that necessary to provide the service, which has already led to a proposed settlement of least 1 class-action lawsuit for nearly $60 million.

[xenon3030]

I opened SoFi checking/saving/investment to collect SUB (no HP/chex inquiry). I recevie my DD salary two days early in SoFi checking. Since I have better CC/loan products, I did not apply for such products to SoFi. 

I do NOT use plaid and I guess, they do not provide check. To transfer fund, I use external accounts to push to or pull from SoFi (~1-3 days).

[longtimelurker]

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@longtimelurker wrote:

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@notmyrealname23 wrote:

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 I've also used the card a bunch outside the US, no declines. But if it doesn't work for you... more for me I guess? 

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FWIW: my declines are when I am in the US, on foreign websites.   This MIGHT be more suspicious than being abroad and making transactions abroad (but I use my AR for that anyway!)   But as you suggest, if the card works well for you, it's a good card, better than Fidelity which I have also S/D.  But my concerns, for me, are real....

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I have to admit using it can be exciting!   I just tried to buy something on a new-to-me UK site, shipping to my daughter's UK address.   The site did allow separate shipping/billing, and allowed me to search for the billing address by changing the country to US, but the final order insisted the billing country was UK and the associated billing phone number had to be UK.    To my surprise, SoFi decided that that was fine and approved without issue

[TheBuccaneerGentleman]

Good to know.

[unsungivy]

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@notmyrealname23 wrote:

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@ptatohed wrote:

Interested in "lots of free money/promos".  What does that include?  

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https://wallethacks.com/sofi-promotions-welcome-bonus/

https://support.sofi.com/hc/en-us/sections/4412029640461-SoFi-Credit-Card-Promotions

I've gotten a couple hundred in free money from them between opening and funding accounts and crypto transactions (that you can cash out pretty close to immediately) . Even $100 is the equivalent of 10k spend on a 3% credit card like AOD (that you can't get any more anyway). This one is nice because it has no international transaction fee and no annual fee as a 2% card and some OK insurance features. This is a rarer combination than you would think (Citi, PayPal and Fidelity have all nerfed various options in recent years in this regard for their 2% cards).

Since I use the trading account anyways having a bank account where any SoFi MC rebate goes to is really no big deal for me. But I'm not discounting anyone's experience, if you just hate having multiple accounts at financial institutions just to get a credit card rebate, or you're like longtimelurker and this card is giving you pain, do what's right for you.

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Yeah, the lack of FTF is a big one imo, and having insurance is nice (something that AOD lacked). There's very few 2%s that meet that, surprisingly. PenFed Power Cash Rewards VS is another one, and the new Bread AmEx card (which also gets AmEx offers so would be on par with SoFi if you're getting lots of offers... Trade off being less AmEx network acceptance vs having to have accounts etc with SoFi).