SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES | |
Annual Percentage Rate (APR) for Purchases |
0% Introductory APR on purchases for the first 15 months from account opening. After that, your purchase APR will be 20.24% to 29.99% based on your creditworthiness. Must make minimum payments and keep your account in good standing. |
Annual Percentage Rate (APR) for Balance Transfers |
0% Introductory APR on balance transfers for the first 15 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your balance transfer APR will be 20.24% to 29.99% based on your creditworthiness. Must make minimum payments and keep your account in good standing. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit. |
Annual Percentage Rate (APR) for Cash Advances |
32.24%. This APR will vary with the market based on the Prime Rate. |
How to Avoid Paying Interest on Purchases |
Your due date is 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. |
Minimum Interest Charge |
If you are charged interest, the charge will be no less than $1.00. |
For Credit Card Tips from the Consumer Financial Protection Bureau |
To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore |
FEES | |
Annual Fee | None |
Transaction Fees
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Penalty Fees
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How We Will Calculate Your BalanceWe use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest. Loss of Introductory APRThe promotional APR may be revoked if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR. Variable RatesYour Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement. Payment AllocationWe decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR and then to Balances with higher APRs. If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law. SoFi Card Terms & ConditionsThe SoFi Card Account is issued by SoFi Bank, N.A (“Bank”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application must be verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be delivered by or provided when the SoFi Credit Card Account is issued. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A, as issuer. Please allow thirty (30) from date of submission to process your application. You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as, an offer to individuals outside of the United States. Identity VerificationIMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents; and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account. Credit ReportsBy clicking the “Agree and Submit” button below, you authorize us to request a copy of your credit report from one or more consumer agencies. You understand that after evaluating your completed application and soft pull credit report we may determine not to offer credit to you. You acknowledge that an approved application will also result in a hard credit pull which might impact your credit score. You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources, for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies. Cardholder AgreementIf you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement., opens in new window We strongly advise you to read the Cardholder Agreement before completing this application. The terms of the Cardholder Agreement will take effect once you use your SoFi Credit Card Account. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement. In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services. Credit EligibilityTo receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:
We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $1,000. About Adding An Authorized UserBefore adding an authorized user to your SoFi Credit Card Account you should know that:
If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law. Additional InformationAny benefit, reward, service or feature offered in connection with your Card Account may change or be discontinued at any time for any reason, except as otherwise expressly indicated. SoFi Credit isn’t responsible for products and services offered by other companies. SoFi Credit Card Rewards ProgramWith the SoFi Credit Card, you can earn rewards points for purchases made using your card, and you can redeem those points for statement credits, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time. More details on SoFi Credit Card Rewards can be found here. SoFi Member Rewards ProgramAs a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. Points can be redeemed for credits to your SoFi Checking and Savings, Personal Loan, and Student Loan Refinance accounts. More details on the SoFi Member Rewards Program can be found here. Mastercard World Elite BenefitsYou are also eligible for more rewards including cash back, points, and more through the Mastercard World Elite Benefits program when shopping with eligible merchants. More details on the Mastercard World Elite Benefits program can be found here. Fraud, Misuse, Abuse, or Suspicious ActivityIf we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation, and without prior notice:
Some examples of fraud, misuse, abuse and suspicious activity include:
Special NoticesCalifornia Residents: Delaware Residents: Ohio Residents: Wisconsin Residents: Additional documentsAs a reminder, the SoFi Credit card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions, opens in new window & you agreed to in connection with the SoFi credit card. |