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In this video we look at the new SoFi credit card, which earns 2% cash back on all purchases. The card is a potential competitor to the Citi Double Cash that has been kind of like the king of non-category spend credit cards for years, since it earns 2% on everything with no annual fee. This new SoFi credit card is the latest addition to SoFi’s suite of products including SoFi Money, SoFi Invest and Sofi Student Loan etc…
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23 comments
The SDFCU Premium Cash Back Plus card does it better as far as 2% cards go. It is a Visa Signature card that offers cell phone protection (This and the Fidelity card are the only 2% CB cards that are Visa; some merchants don’t accept MasterCard). The minimum to redeem is only $5 (versus $25 on the Double Cash). You can deposit it to an account inside or outside of the CU, or redeem as a statement credit, and you’re not limited on how you can use the cash (versus the SoFi).
The only hard part is that you have to open a savings account with the CU. It’s free and so are checking accounts. If you aren’t already qualified, there is a back door method to joining. Once you’re in, it’s smooth sailing from there.
Paypal is the better choice to me.
Citi Double Cash is better since it can be converted to Thankyou points. When you combine with cards that earn Thankyou points.
I have a credit card and I pay the full balance before the due date, will that show up on my credit score as a good thing?
First Bank of Omaha issued me a 2% "Bucksback" Card a few years ago for, retention. Since Bucksback was long discontinued, they physically used a newly discontinued La Quinta card, instead. Can you imagine a major bank doing that? Amex, "We ran out of Green Cards. Even more eco friendly, we're going to send you an old SPG card, in its place. The card will look purple, but it operates as the Green Card."
Why does this look like the Chase Freedom Flex
Everyone forgets about they papal cash back
This is the best 2% cashback for no annual fee due to no foriegn exchange fees and World elite Mastercard benefits.
– Citi Double cash has nearly zero insurance and warrenty. They also charge you a 3% foreign exchange fee.
– Fidelity Rewards Visa has insurance and warrenty protections, but they charge you 1% foriegn exchange fees.
– PayPal Mastercard is the same as Citi Double cash, but they do not charge any foriegn exchange fees.
Do you recommend this for someon'es first card?
Why do all that when you can get 2% cash back with the paypal credit MasterCard
Fidelity rewards Visa Signature?
I joined the wait list…. I'm not a big fan of Sofi, they have caused me nothing but problems. I had trouble getting cash out of the ATM and they rejected an Amex payment which probably could have caused me to loose my 18 month no apr because it was a new card. The customer service although very polite has been useless.
When will you be stocking more wallets? I look on the website and they're out of stock.
Just applied 👍
The ollo optimum mastercard kicks both of their a**
This is not a Citibank double cash competitor because it does not give you 2% cashback. I don’t want to make a sofi money account.
I've been using the SoFi credit card for 5 months and my favorite feature is the ability to auto redeem your rewards directly into your SoFi checking account. You can also redeem rewards the moment your transactions clear, so essentially daily. That's unheard of.
If you spend $4.49, Sofi gives 8 points which equals to 8 cents so it is less than 2%. Not good
They just started mailing out pre-approved offers, so apparently they are trying to expand their customer base. The application process is very simple. They will do a hard pull on your credit report, however. I believe they use Experian. I am suppose to get my card in about a week. Their parent financial institution is The Bank of Missouri.
If you have a mortgage with Sofi, can you use the 2% towards that?
No foreign transaction fees as the PayPal Cashback Mastercard
PenFed Power Cash is better. 2% if you have a checking account, no foreign transactions fees, and ViSa features like purchase protection.
Only thing i hate about the citi double cash card is the rewards expire