After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. On the other hand, the Citi Double Cash offers a 0% intro APR on balance transfers for 18 months. Whereas the Double Cash card charges a 3% foreign transaction fee, which can add up quickly, the SoFi does not. One of the most popular cash-back cards, the Citi® Double Cash Card also offers 2% cash back on all purchases-1% when purchases are made and another 1% when they’re paid off with no annual fee.įor international travelers (or anyone purchasing items abroad), the SoFi credit card has a major advantage. With the options to apply points to personal or student loan balances or to build savings, SoFi might give you that extra motivation to keep your finances on track. Redeeming directly into your SoFi accounts can take away some of the temptation of constant spending compared to redeeming rewards into a PayPal account for online shopping. They also both have requirements for using the card and redeeming rewards-you’ll need to cash out via SoFi or PayPal, respectively.įor someone looking to pay down debt or boost their savings account, choosing the SoFi card might be a better option. The PayPal Cashback Mastercard® * is the closest competitor to the SoFi Credit Card *. Simply multiply your projected expenses by. Based on those numbers, a household that charges everything to the SoFi Credit Card * would earn $723.54 in rewards each year.Ĭalculating your own custom rewards potential is straightforward due to the card’s streamlined earnings structure. The 70th percentile of wage-earning households bring in $116,000 annually and can reasonably charge $36,177 to credit cards. Rewards Potentialįorbes Advisor uses data from various government agencies to determine baseline income and spending averages. You can easily pay bills, get cash from an ATM or transfer money electronically to another bank. Redeem your rewards into a SoFi Banking account and you’re free to treat it similar to all money in a checking account. You can still reap the full 2% rewards even if you don’t intend to keep your money within the SoFi ecosystem. Because of this, you’ll need to keep your account open and in good standing to earn 2% with the card. To receive the full 2% value, you can choose between applying your rewards to pay down SoFi loans, transferring rewards to your SoFi Banking account or adding to your SoFi Invest balance. Redeeming rewards is simple as long as your SoFi account(s) are already set up online. The structure keeps things simple-you don’t have to worry about bonus spending categories, expiration dates or earning limits-ideal features for a card designed to make budgeting, saving and investing easy. The SoFi credit card earns cash back in the form of points, with 1 point equivalent to 1 cent. One unique feature of the card is the ability to redeem your rewards for cryptocurrency via a SoFi investment account.Īnd, of course, if you transfer rewards to your SoFi banking account, you can use your balance toward anything-bills, spending or cash withdrawals.Īccumulating points is simple with the SoFi credit card since every purchase earns the same flat rate. If you use your rewards to pay down loans held with SoFi or to deposit into SoFi Banking or investment accounts, then points are worth 1 cent each. The card earns 2% back (in the form of points) per eligible dollar spent which is worth a half-cent each in cash back if you redeem as a statement credit. SoFi’s card is targeted to customers looking to build savings, pay down loans or start investing-that’s because rewards are worth half as much if not redeemed in an eligible SoFi account. Users who opt into all of SoFi’s accounts can manage their finances in one place on SoFi’s website and app. The card’s convenience is its primary selling point-SoFi is one of the few platforms that allows you to host your banking, investment, loan and credit card, all in one place. For customers who love to set it and forget it, this is an easy card to keep in your wallet. The card also has no annual fee and no foreign transaction fees. For starters, there are no purchase category restrictions and no cash-out minimums. The SoFi credit card joins several others offering unlimited 2% cash back on purchases, which can be taken as cash back to an eligible SoFi account or redeemed in other ways.
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