SoFi Launches Two New Invite-Only Credit Cards
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Financial services company SoFi has introduced two new credit cards to its lineup of products. Launched in October 2024, the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card are currently available by invitation only and are not open to the general public.
To apply, you must first receive an invitation from SoFi by direct mail or email. Invitations are issued both to current SoFi customers and non-members.
Here's more about what the $0-annual-fee cards offer:
The SoFi Everyday Cash Rewards Credit Card earns 3 points per $1 spent on dining, including food delivery services like DoorDash, UberEats and Grubhub; 2 points per $1 spent on grocery store and convenience store purchases, including online purchases; and 1 point per $1 spent on all other eligible purchases. Some applicants can also receive a welcome offer, but welcome offers will vary depending on an applicant’s credit and SoFi member history, SoFi says.
The SoFi Essential Credit Card doesn't earn ongoing rewards on everyday purchases. However, like all SoFi credit cards, it earns 3x back when used for purchases made through the SoFi Travel Portal. It, too, comes with a welcome offer in some cases, based on an applicant’s credit and SoFi member history. SoFi pitches the Essential credit card as a product that offers a reliable credit line for those who want to build or improve their credit scores. It doesn’t charge an over-limit fee or foreign transaction fees, and it reports to all three credit bureaus. But unlike some other credit cards for building credit, the Essential card doesn’t require a deposit that determines your credit limit. Rather, your credit limit is determined by factors like income, debt and credit history. There’s no upgrade path that allows holders to graduate to a different card.
SoFi also offers the $0-annual-fee SoFi Unlimited 2% Credit Card, which earns 2 points per $1 spent on eligible purchases. You don't have to be a SoFi customer to get the card, but SoFi only allows for one SoFi credit card per member. This means that customers who already have the SoFi Unlimited 2% Credit Card will not be approved for either of the new SoFi cards.
Rewards earned with the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card can be redeemed at a value of 1 cent per point for statement credit and across other SoFi products including SoFi checking and savings accounts, investing accounts and eligible SoFi loan payment products, among others.
Additionally, both cards offer an initial preapproval application process that allows applicants to see whether they are approved for the card with no impact to their credit scores. Once an applicant chooses to accept their offer, their credit scores may be impacted.
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