Last updated on September 18th, 2020
Online private lenders specializing in debt refinancing are a popular trend, with SoFi being one of the biggest names in the industry. The company refinances student loans and also offers investment, banking, and other accounts services. Now the lender appears to be entering the credit card game. SoFi recently began surveying customers about a potential rewards card. Here’s what you need to know about the new SoFi cash back credit card:
SoFi Considering Launching New Cash Back Credit Card
SoFi is contacting current customers with a survey about a potential new credit card. The card is a cash back card, earning 5% back in two categories of the user’s choosing. As of now, there are no details about what the potential 5% categories might be. There is also no date for the card’s launch.
SoFi Credit Card Details
According to the survey, SoFi is limiting the 5% cash back option to the first $4,000 spent. The card will also feature 2% cash back when rewards are directed to an affiliated SoFi loan, investment, or money market account. All other purchases would earn 1% cash back.
The card would allegedly include an annual fee of $99, which seems fairly high. Other rotating 5% cash back cards, like the Chase Freedom, Discover It, and ABOC Platinum Rewards have no annual fee. This $99 charge makes the card impractical for all but SoFi customers – which may be the point, anyway.
The card also boasts no foreign transaction fees, which is always a positive for those who travel frequently as well as SoFi customers who would be studying abroad.
World Elite Mastercard Benefits
If the SoFi card launches, it will ostensibly be a World Elite Mastercard. World Elite is the pinnacle of the Mastercard range of credit card tiers, featuring the best security benefits and perks. Cardholders can anticipate features such as:
- ShopRunner membership
- Mastercard Concierge
Interestingly, the SoFi cash back card proposal includes $1,000 of cell phone protection, more than the $600 than what typically comes with other Mastercard products.
SoFi, also known as Social Finance, Inc., is an online personal finance company specializing in student loan financing. The company also offers mortgages, personal loans, and banking options to U.S. consumers.
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