Update 4/19/22: Card now offering 3% cash back for the first year with qualifying direct deposits on up to $12,000 in spend ($360 cash back).
3% cashback for first year with qualifying direct deposits, up to $360 ($12000 spend)
Update 8/24/21: Some people are being offered 3% cash back for the first 12 months if they receive a direct deposit into their SoFi money account.
Update 4/8/21: There is now a referral bonus for double points earned for the first 30 days (please don’t share your referrals in the comments).Hat tip to reader V K
Update 3/15/21: Card is now available publicly. Sign up bonus is $20-$10,000 (they are giving away 50 million points (worth $500,000)) in total).
Update 12/16/20: Some people are targeted for a $100 bonus after $1,000 in spend. E-mail subject line is ‘Get $100 with the new SoFi Credit Card’
Update 10/28/20: Card has now started to be offered to SoFi customers via e-mail. Hat tip to reader Platypus
Original post: In January it was announced that SoFi would launch a credit card, in June we got some additional details about what the card might offer. Today the card was briefly available on the SoFi app but it was not possible to apply for. The details shown when the card was live are as follows:
- No annual fee
- 2% cash back on all purchases
- Full mastercard world elite benefits (including up to $1,000 cell phone insurance)
- No foreign transaction fee
- No sign up bonus
The previous rumor was that it would come with two 5% categories but also a $99 annual fee. For people interested in more details somebody saved the full terms & conditions here. Obviously it’s possible that the details surrounding this card could change again, but seems unlikely given the level of detail leaked here. In all likelihood we could see the official launch this coming week.
Hat tip to /r/creditcards