What’s the deal with SoFi?

[Empires]

I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?

is it a new company? I see that they are quite generous with their CL? What scores do they like?

[MJ-san]

SoFi issues through The Bank of Missouri and it's a prime card. Decent rate to start with and can go down 1% after a year of on-time payments. No big SUB when I applied over a year ago, very decent limit. They pay 2% back when you deposit funds into a SoFi checking or savings account, and their savings accounts currently pay 3.75%.

[FinStar]

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@Empires wrote:

I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?

is it a new company? I see that they are quite generous with their CL? What scores do they like?

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No, the SoFi card is not a subprime product, but make sure you review the T&Cs as to how the 2% redemptions work. No annual fee and no FTFs. It is a FinTech product issued by TBOM in partnership with SoFi.

Starting limits are profile-dependent. Some could be as low as $1K to as high as $30K. Mine is $27K. The application will be a SP if denied or a HP if approved (Experian). 

There's quite a few members that have the card. I know @longtimelurker has previously chimed his thoughts/experience in this particular card.

[longtimelurker]

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@FinStar wrote:

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There's quite a few members that have the card. I know @longtimelurker has previously chimed his thoughts/experience in this particular card.

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Yes, I use it.  Now that USAlliance is no longer 3%, I am using SoFi as my 2% non-category card (along with USAlliance for now).  No problems with purchases in the US.  My previous complaints have been for purchases abroad sent to addresses abroad, where they are much more likely to decline than another one of my cards.   But if you don't do that, they are fine.

The no FTF is the major advantage over several other flat 2% cards, but now there are many other choices for that as well.  My SL was $30K which made me like them a little more!  Because I am shallow.

[xenon3030]

If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

[Empires]

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@xenon3030 wrote:

If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

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I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

[FinStar]

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@Empires wrote:

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@xenon3030 wrote:

If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

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I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

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Well, it's not like SoFi was handing out large SLs like candy. There were plenty of sad trombones for folks who had that expectation which didn't materialize once approved. Essentially, your SL will be profile-dependent and evaluated by algorithms on many factors.

[bigseegar]

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@Empires wrote:

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@xenon3030 wrote:

If you do not have a ~2% flat cashback card, this card can be good. I remember one user had issues with disputing fraud charges on this card.

I do not apply for this card, because I already have BOA Premium Rewards card (1.5%). If by chance, I can elevate myself to the Platinum honor tier, the cashback becomes 2.6%. It also does not have a FTF.

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I was mainly interested in their large SL. Maybe it is not a good strategy to apply for a CC solely based on the fact of its generous SL?

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I absolutely love my SoFi card and it is one of my most heavily used cards. Matter of fact outside of AmEx I'd say it's one of my go to cards. However, while I did get a very good SL as said above by FinStar do not apply based soley on that expectation as it is as also said, very profile dependant.

[JoeRockhead]

I can attest to the sad trombones that FinStar referred to. I got my SoFi card in early 2022 and at that time had a flawless payment history, low UTI (1 -5%) AAoA of 3.5 years and all scores in the 720s. They gave me...... A 1k SL. I used the card quite heavily and (PIF) 6 months later they gave me an (apparently rare) auto CLI of another 1k... Still love and use the card more than I thought I would. They give you bonus points for a wide array of different things such as 500 points to download the app, 10 points for logging in 7 consecutive days, points for your score going up, it goes on and on etc... it all adds up. At the end of the year I managed to rack up $360 in cash, which is parked in a savings account, currently getting 2.4%, not the best, but not too shabby either. just my .02

[Credit12Fico]

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@FinStar wrote:

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@Empires wrote:

I noticed that a lot of members currently hold this card. So I am trying to get some info about it. I checked the website but it did not answer my questions. Is this a sub-prime or prime card?

is it a new company? I see that they are quite generous with their CL? What scores do they like?

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No, the SoFi card is not a subprime product, but make sure you review the T&Cs as to how the 2% redemptions work. No annual fee and no FTFs. It is a FinTech product issued by TBOM in partnership with SoFi.

Starting limits are profile-dependent. Some could be as low as $1K to as high as $30K. Mine is $27K. The application will be a SP if denied or a HP if approved (Experian). 

There's quite a few members that have the card. I know @longtimelurker has previously chimed his thoughts/experience in this particular card.

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Things have moved along with Sofi.  Sofi is now a bank SoFi Technologies, Inc. (SOFI) - SoFi Receives Regulatory Approval to Become a National Bank

I also noticed that my credit report has removed any reference to the bank of missouri, and now reports the creditor as Sofi Bank N.A.