Earlier this June, details of a SoFi credit card first emerged. Now, there is more information about the new card from the personal finance giant. Here’s everything we know so far about the new SoFi credit card:
SoFi Credit Card Details
The new SoFi credit card will feature no annual fee and no foreign transaction fees. The card, a cash back card, will earn unlimited 2% back on all purchases.
The card will also be a World Elite Mastercard, meaning it will offer the full suite of Mastercard benefits. These perks and protections include:
- Mastercard Luxury Hotel Collection: Complimentary upgrades, late checkout, and more at over 2,000 properties worldwide.
- World Elite Concierge: 24/7 concierge service for airports, travel, and any other requests.
- Cell Phone Protection: $1,000 in coverage per year ($600 per claim) if your phone suffers loss, theft, or damage. Cardholders must pay their phone bill with an eligible card. Terms and conditions apply.
- ID Theft Protection: Protect, detect, alert, and resolve any issues related to identity theft involving your credit card.
- Zero Liability Protection: You will not be held accountable for unauthorized transactions.
- Global Emergency Services: Get help with lost or stolen cards, emergency cash advances, locating ATMs, and more.
According to a terms and conditions page issued by SoFi, the APR for the card will vary between 12.99% and 24.99%. Also of note, the card will not offer a signup bonus.
How Does the SoFi Mastercard Compare to Competitors?
Previously, rumors stated that the new SoFi credit card would have a $99 annual fee. It was also purported to offer multiple 5% cash back categories. While the removal of the 5% cash back categories is a negative, the unlimited 2% back is a nice consolation feature.
Other products that offer 2% cash back on all purchases include the Citi Double Cash Card and the Fidelity Rewards Visa Signature Card from Elan Financial Services. The Fidelity card is a great option for those with Fidelity investment accounts – and a direct competitor to the SoFi World Elite Mastercard. The Fidelity Visa Signature also features no annual fee and a comparable APR to SoFi (though the Fidelity has a APR).
For those not looking to bolster their investment portfolios with everyday purchases, the Citi Double Cash is the wise choice for a no-annual-fee, 2% cash back card. The card has the same earning rate that SoFi allegedly would, as well as a similar APR, but comes with a signup bonus: 0% intro APR for 18 months on balance transfers.
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