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Nov
06
2024

SoFi Essential Card – 12 month promotion terms

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SoFi Essential Credit Card Terms & Conditions

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 12 months from account opening. After that, your standard purchase APR will be 32.99%, based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.

Annual Percentage Rate (APR) for Balance Transfers

0% Introductory APR on balance transfers for the first 12 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 32.99%, based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. 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

30.74%. This APR will vary with the market based on the Prime Rate.

How to Avoid Paying Interest on Purchases

Your due date is at least 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

  • Balance Transfer Fee
  • Cash Advance Fee

  • The greater of $10 or 5% of the Balance Transfer
  • The greater of $10 or 5% of the Cash Advance
Penalty Fees

  • Late Payment Fee
  • Returned Payment Fee

  • Up to $41
  • None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR 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 Rates

Your 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 Allocation

We 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 Essential Card Terms & Conditions

The SoFi Essential Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “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 is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be 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) days from the 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 Verification

IMPORTANT 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 Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following approval of your application.

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 Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Essential Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. 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 Eligibility

To 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:

  • Your annual salary and wages
  • Any other annual income
  • A review of your debt, including the debt listed on your credit report.
  • A review of your credit history and other factors deemed relevant by the issuer

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 $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

  • You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
  • Authorized users have access to your SoFi Credit Card Account information
  • Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
  • A review of your credit history and other factors deemed relevant by the issuer

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 Information

Any 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 Bank isn’t responsible for products and services offered by other companies.

SoFi Essential Credit Card Rewards Program

With the SoFi Essential Credit Card, you can earn rewards offered through the SoFi Member Rewards Program or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Essential Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Standard Mastercard Benefits

You are also eligible for more rewards through the Standard Mastercard Benefits program when shopping with eligible merchants. More details on the Standard Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If 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:

  • Taking away the rewards points you earned because of fraud, misuse, or abuse
  • Suspending or closing your SoFi Credit Card Account
  • Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

  • Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
  • Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Essential 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 & you must agree to in connection with your application for the SoFi Essential Credit Card.

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Nov
05
2024

October 2024 Market Lookback

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Don’t let the slightly negative performance of U.S. stocks toward month-end fool you into thinking October didn’t go well. Much of it was smooth sailing, as investors digested strong economic data: Through October 29, the S&P 500 and Treasury yields were up 1.2% and 50 basis points, respectively. Strong growth data pushed investors to temper interest rate cut expectations. However, mixed results from some of the artificial intelligence stock darlings at the end of the month took wind out of the market’s sails.

Macro

•   Q3 GDP grew at a seasonally adjusted annual rate of 2.8%, above what’s thought to be the long-term trend of about 1.8% (the eighth such reading out of the last nine quarters).

•   Q3 residential investment growth was weak at −5.1% but that was offset by consumer spending growth of 3.7%, the strongest since Q1 2023.

•   The unemployment rate fell to 4.1% in September, below consensus estimates and marking the second straight monthly decline, remaining unchanged in October despite the confluence of major worker strikes and hurricanes.

•   According to the Conference Board, consumer confidence jumped to an index value of 108.7 in October, above all estimates.

•   Gold set an all-time high of $2,787 an ounce on October 30, continuing its scorching year-to-date rally.

Equities

•   Large-cap stocks outperformed small-caps and growth stocks outperformed value, both by 0.7 percentage points.

•   Weighed down by a pullback in Chinese stocks and a 4% appreciation in the U.S. dollar, both developed international markets and emerging markets lagged U.S. stocks.

•   With 70% of S&P 500 companies reporting results, earnings have come in almost 8% above consensus while expectations for next quarter have been revised down by nearly 2%.

Fixed Income

•   Two and 10-year Treasury yields began the month at 3.64% and 3.78%, respectively, before rising over 50 basis points in response to a mix of stronger than expected data and heightened focus on the government deficit.

•   The MOVE Index, an interest rate volatility proxy, rose from 94.6 to 135.2 in October, the highest value since last October.

•   The 30-year fixed mortgage rate finished October at 7.28%, the highest month-end rate since May.

•   High Yield credit spreads narrowed to 282 basis points, the smallest spread since June 2021, in response to diminishing fears of an economic slowdown.

A Decade of Leadership

In what has become somewhat uncommon, large-cap growth stocks were not the size and style leader this past month. Part of why that’s sort of surprising is that large-cap growth stocks have been on a relentless march, outperforming in seven of the last 10 years (narrowly missing out on eight by less than a percentage point in 2021). Quite simply, if you were an investor looking to put money to work at basically any point over the prior decade, large-cap growth was your best bet.

This sustained leadership by growth stocks has reshaped market dynamics, leading to increasingly concentrated returns among a handful of mega-cap tech companies. These companies, initially buoyed by robust growth from cloud computing and online advertising, were well-positioned to benefit from the emergence of artificial intelligence as the next frontier of innovation. This has helped boost their already-lofty valuations and drive the more recent leg of large-cap growth dominance.

In some ways, traditional valuation metrics have taken a back seat to growth potential, with investors continuing to reward companies with strong market positions in transformative technologies. Betting that the gravity of valuations would bring down these companies with rocket fuel growth has been a costly one.

Speed Bump or Roadblock?

There’s no telling if or when things might change, but it’s clear that a regime shift won’t happen if market giants continue to deliver the goods. It’s notable then, that results from leading technology companies have been mixed this earnings season. While the Magnificent Seven all reported earnings that beat consensus expectations, the stock price reactions were not all uniformly positive.

The contrast between mostly stellar results and mixed stock performance calls into question whether this is an early warning sign of large-cap growth dominance coming to an end, or just a temporary speed bump. Thinking of the big picture can help us cut through the noise. These companies don’t operate in a vacuum. They make their money by selling goods and services to others. When a technology is still in its early days, use-cases might not be fully fleshed out. That makes it hard to convince them to pay more to adopt upgrades – elevated economic uncertainty magnifies that effect.

The longer it takes for companies to produce profits that recoup their AI spending , the more skittish investors will get. They could even start to penalize companies for overspending. That could lead to a broader market rotation. But until the next chapter of the AI story is written, it’s impossible to know for sure just when that rotation might come.

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Photocredit: iStock/phototechno

Performance data quoted represents past performance. Past performance does not guarantee future results. Market returns will fluctuate, and current performance may be lower or higher than the standardized performance data quoted.

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Nov
04
2024

Week Ahead on Wall Street: 2024 Elections

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Race to the White House

The 2024 presidential election is a day away and investors are closely watching the race, as the candidates’ policy platforms have the potential to influence corporate earnings, consumer spending, and asset prices over the next four years.

For example, there are different approaches to tax policy, which could affect how Americans spend their money, as well as how businesses feel about the economy. Trade policy is another key area of contrast. The president has a lot of leeway when it comes to imposing tariffs on foreign imports: Tariffs on certain goods or certain producing countries tend to get passed onto consumers as businesses using foreign parts try to recoup their rising costs, making finished products more expensive. This could help domestic producers of those goods but also weigh on consumer demand.

Polling has been tight and we don’t have a crystal ball. With no clear favorite, it’s possible this week in markets will be a turbulent one. That could be unnerving, which is why it’s important for investors to have a broader strategy and keep in mind that while the trajectory of the economy could be affected by the election, it probably won’t be determined by it.

Economic and Earnings Calendar

Monday

• September Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.

• Earnings: American International Group (AIG), AvalonBay Communities (AVB), Franklin Resources (BEN), Celanese (CE), Constellation Energy Co (CEG), Eversource Energy (ES), Diamondback Energy (FANG), Fidelity National Information Services (FIS), Fox Class B (FOX), Hologic (HOLX), Loews (L), Marriott International (MAR), NXP Semiconductors (NXPI), Realty Income (O), Public Service Enterprise Group (PEG), Palantir Technologies (PLTR), PerkinElmer (RVTY), Vertex Pharmaceuticals (VRTX), Wynn Resorts (WYNN), Zoetis (ZTS)

Tuesday

• Election Day.

• October ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.

• Earnings: Archer-Daniels-Midland (ADM), Assurant (AIZ), Builders FirstSource (BLDR), Broadridge Financial Solutions (BR), Cummins (CMI), DuPont de Nemours (DD), Devon Energy (DVN), Emerson Electric Co (EMR), Expeditors International of Washington (EXPD), Henry Schein (HSIC), International Flavors & Fragrances (IFF), Gartner (IT), Jack Henry & Associates (JKHY), Microchip Technology (MCHP), Marathon Petroleum (MPC), Targa Resources (TRGP), YUM! Brands (YUM)

Wednesday

• October S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

• Earnings: Ameren (AEE), American Electric Power (AEP), Albemarle (ALB), ANSYS (ANSS), APA Corp (APA), Atmos Energy (ATO), AmerisourceBergen (COR), Charles River Laboratories International (CRL), Corteva (CTVA), CVS Health (CVS), Fair Isaac (FICO), Gilead Sciences (GILD), Host Hotels & Resorts (HST), Howmet Aerospace (HWM), Iron Mountain (IRM), Johnson Controls International (JCI), McKesson (MCK), MarketAxess Holdings (MKTX), Marathon Oil (MRO), Match Group (MTCH), Pinnacle West Capital (PNW), PTC (PTC), Qualcomm (QCOM), Sempra Energy (SRE), STERIS (STE), Trimble (TRMB), Take-Two Interactive Software (TTWO), Williams Companies (WMB)

Thursday

• 3Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

• September Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

• FOMC Interest Rate Decision: The Federal Reserve will announce any changes to monetary policy after the conclusion of its two-day FOMC meeting, in addition to providing commentary on the economy. It’s one of eight regularly scheduled meetings per year.

• September Consumer Credit: Borrowing activity gives insight into broader economic activity.

• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

• Earnings: Airbnb (ABNB), Akamai Technologies (AKAM), Arista Networks (ANET), Air Products and Chemicals (APD), Axon Enterprise (AXON), Becton Dickinson and Company (BDX), Corpay (CPAY), Duke Energy (DUK), Consolidated Edison (ED), EOG Resources (EOG), EPAM Systems (EPAM), Evergy (EVRG), Expedia Group (EXPE), Fortinet (FTNT), Halliburton (HAL), Hershey (HSY), Kenvue Inc. (KVUE), Moderna (MRNA), Motorola Solutions (MSI), Mettler-Toledo International (MTD), News (NWS), PG&E (PCG), Insulet (PODD), Ralph Lauren (RL), Rockwell Automation (ROK), Solventum (SOLV), Molson Coors Brewing (TAP), TransDigm Group (TDG), Tapestry (TPR), Vistra Energy (VST), Viatris (VTRS), Warner Bros. Discovery, Inc (WBD)

Friday

• November University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.

• Earnings: Baxter International (BAX), NRG Energy (NRG), ViacomCBS (PARA)

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Photo Credit: iStock/art2002

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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Nov
04
2024

How to Protect Your Finances from Disinformation

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Americans are besieged by misinformation and disinformation. Produced by individuals, corporations, and state actors around the world, and often distributed via social media, much of it – at the moment – is political in nature. (Misinformation is inaccurate information and disinformation is false information intended to deceive.)

“Two weeks before this year’s vote… the torrent of half-truths, lies and fabrications, both foreign and homegrown, has exceeded anything that came before, according to officials and researchers who document disinformation,” reported the New York Times. And Fox News warns that “these campaigns are now powered by AI tools, making it very easy for bad actors to churn out misleading information at lightning speed and on a huge scale.”

But there’s plenty of disinformation circulating online related to other topics, too, including financial ones. In fact, 41% of Gen Z investors, who are likely to be spending massive amounts of time online, have made investment moves based on financial information they saw on the Internet or social media that turned out to be misleading or factually incorrect, according to research by Nationwide.

Though the Internet can be a great place to explore and learn, it’s important to turn to credible sources for information – especially when it’s related to your money. Acting on guidance from an unvetted individual or organization, anonymous or not, could put your savings or investment portfolio at risk.

So what? There’s lots of high-quality guidance available from credible financial advisors and money managers in the real world and online. (SoFi offers a no cost consultation with a SoFi Financial Planner, which takes the risks of disinformation out of the equation.) For most of us, investing decisions should be made only after rigorous research and analysis or with the guidance of a trusted professional.

Photo Credit: iStock/VioletaStoimenova

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.


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