SoFi Puts More Money in Your Pocket with 3% Credit Card Cash Back For a Year



Get excited, SoFi members! We’re adding another way to put more money in your pockets just in time for summer. Starting today, SoFi Checking and Savings members with direct deposit can start earning 3% cash back on all eligible credit card purchases for 365 days¹ when they apply and get approved for the SoFi Credit Card². This offer is only available to SoFi members who have the SoFi Credit Card and are setting up direct deposit for the first time and to SoFi members who have direct deposit to their SoFi bank account and are getting the SoFi Credit Card.

How to get started:

If you have the SoFi Credit Card and SoFi Checking and Savings, all you need to do is set up direct deposit..

If you have SoFi Checking and Savings with direct deposit but don’t have the SoFi Credit Card, apply for a credit card with SoFi here.

If you have the SoFi Credit Card but don’t have SoFi Checking and Savings and direct deposit, learn more about how to get it set up here.

Once you are approved for the SoFi Credit Card and your first direct deposit hits your SoFi bank account, you will automatically start earning your 3% cash back for a full year.

SoFi is also offering a $300 cash bonus for new members who sign up and set up qualifying direct deposits—or existing members who set up qualifying direct deposits before July 31st, 20223.


Learn more



1[EL1] [MG2] )You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: 4/18/2022 – 12/31/2022

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.

2SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, fractional shares or cryptocurrency in your SoFi Active Invest account, or as a payment to your SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.[EL3]

3 The following describes the terms that apply to participation in the SoFi the SoFi Checking and Savings direct deposit program (“Program”) offered by SoFi Bank, N.A Member FDIC(“SoFi”).

Eligible Participants: All new members who open a SoFi Checking and Savings account during the Promotion Period and all existing SoFi Checkings and Savings customers who have not previously set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account as of the beginning of the Promotion Period are eligible for the Program.

Promotion Period: The Program will be available from 4/5/2022 – 7/31/2022.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Qualifying Direct Deposit from an Eligible Participant during the Promotion Period. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. The amount of the bonus, if any, is described below. No bonuses shall be paid for qualifying Direct Deposits of less than $1,000 during the Evaluation Period (defined below).

Evaluation Period: The bonus amount will vary based on the total amount of Qualifying Direct Deposits received during the Evaluation Period. The Evaluation Period is defined as 30 days from the date your first Qualifying Direct Deposit is received. For example, if you receive $1,000-$1,999 in Qualifying Direct Deposits in the Evaluation Period, you will receive a cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if inflows subsequently increase beyond the Evaluation Period.

Total Qualifying Direct Deposit amount in 30-day Evaluation PeriodCash Bonus
$1,000 – $1,999$50
$2,000-$4,999$100
$5,000 or more$300

Payment timeline: SoFi will credit members who meet qualification criteria within 14 days of the end of the Evaluation Period.

This offer cannot be combined with the SoFi Checking and Savings Direct Deposit rate discount on a SoFi personal loan. Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.

SoFi members with direct deposit can earn up to 1.5% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). There is no minimum direct deposit amount required to qualify for 1.5% APY. Members without direct deposit will earn 0.90% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 1.5% APY is current as of 06/28/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.


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