Some chatter on Reddit about this fee only being applied to some accounts. Perhaps this is their way of weeding out those customers they deem risky or who aren't making them money?
@swankytiger wrote:Being reported on reddit
"We want to let you know about an upcoming update to your SoFi Unlimited 2% Credit Card terms. Starting February 23, 2026, a $10 monthly fee will be added to your credit card account. This will help us continue to provide the benefits, protection, and service that our members expect from SoFi. Please contact us at SoFi.com, by chat or by calling us by February 23, 2026 if you would like to close your credit card account and avoid the $10 monthly fee."Has also been confirmed that its seperate from Sofi plus or whatever its called.
$120/year annual fee for a basic 2% card...
I just got this now. Sorry to vent, but this is such BS! The little gain we get using their 2% card, is now getting taken away by this ridiculous charge. Add to the fact (this part not Sofi's fault) that most vendors are charging for using a CC (at least by me anyways) makes using a CC not even worth it anymore. With SoFi, I need to charge at least $500 now each month on the card, just to get even. 
@Varsity_Lu wrote:Glad I went with Fidelity. Their Rewards Visa keeps getting better and better.
Hello @Varsity_Lu 
Is this the card you speak of?
@Wavester64 wrote:
@Varsity_Lu wrote:Glad I went with Fidelity. Their Rewards Visa keeps getting better and better.
Hello @Varsity_Lu
Is this the card you speak of?
Yes. Fidelity only has one card. It is issued by Elan, but it is (in my opinion) the best 2% card out there. Lots of perks in a no fee card.
Here is the link to the $150 SUB with 0% APR for 12 months offer: visa-signature-rewards
@Wavester64 wrote:
@swankytiger wrote:Being reported on reddit
"We want to let you know about an upcoming update to your SoFi Unlimited 2% Credit Card terms. Starting February 23, 2026, a $10 monthly fee will be added to your credit card account. This will help us continue to provide the benefits, protection, and service that our members expect from SoFi. Please contact us at SoFi.com, by chat or by calling us by February 23, 2026 if you would like to close your credit card account and avoid the $10 monthly fee."Has also been confirmed that its seperate from Sofi plus or whatever its called.
$120/year annual fee for a basic 2% card...
I just got this now. Sorry to vent, but this is such BS! The little gain we get using their 2% card, is now getting taken away by this ridiculous charge. Add to the fact (this part not Sofi's fault) that most vendors are charging for using a CC (at least by me anyways) makes using a CC not even worth it anymore. With SoFi, I need to charge at least $500 now each month on the card, just to get even.
My wife just got it too, at least they made it very easy to cancel, link in the email.
At first I thought that they will lose a lot of customers, but then thought about the "analysis" we often see here. "Once you spend just $500 a month, you get the $10 back and everything else is just gravy" (And on some cards the argument is the the SUB means the the AF is paid for X years etc). People fail to understand the alternatives, in this case numerous free 2% cards, some with no FTF as well.
But I would expect that they will retain quite a few customers.
When Synchrony has them beat, they're definitely doing something wrong.
Recently applied for Premier MasterCard and was approved for 7.8k.
Sofi only had 5k (yes, had / pastense) cause I closed my SoFi credit card today. There are going to be a lot of pissed off consumers.
And I will sit back and watch this dumpster fire and say, "Ha ha!"
This move may even be worse than when Alliant Visa Siggy became 1.5%. 🤣
I got this email as well. I just cashed in all my rewards and waiting for my payment to clear and I will close this account. Everyone saying a lot of people will close their account, but that's exactly what they want. They were probably not making any money on this card so they introduced another card which is invitation only that is more favorable for their balance sheets. Now, what do they do with all the people they are losing money on with tge old 2% card? Charge them $10 a month and you will either make money on them or they will leave and you will no longer lose money on them. In their mind it's a win-win. Also, only send this to some people because there are some people they are making money on interest and so keep them on the 2% card. Those people they are not making money on charge them $10 a month. I have plenty of other cards that will give me the same thing or more. No loss.
I suspect sofi is not the actual issuer of the card, so they split revenue with someone else.
Sofi on the card department has been a loss leader. To this day you can still not apply for a cli, yet Fintech cards like Gemini have rolled out the feature and figured it out.
I saw the reddit posts, and it seems like if you have Direct Deposits with Sofi, you are not getting the notice. I do very small per-diem work for a local fire department and put that into Sofi, it's less than $300/mo. I have yet to get the annual fee notice, and i have trippled checked my deleted items in gmail.
I will say the card is not worth the AF they are charging, and I too will join people in closing it, and my entire Sofi relationship if it comes to that. Sofi does tell you then you can "never open a new bank or card with them". They are so outdated on technology that their system just cannot support people reapplying for banking and credit cards over the lifetime.
Atleast Sofi stock has been performing nicely.
