SoFi Blog

Tips and news—
for your financial moves.

Sep
17
2024

DM Essential No Offer

By | 1_Web_CreditCard | Comments Off on DM Essential No Offer

{/* CC Essential No Offer 9/16/24*/}
{/* https://www.sofi.com/creditcard-dm-essentialnofee */}


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New! Credit Card

It’s here—the new SoFi Essential Credit Card with no surprise fees.

You’re preselected1 for a credit card you can actually rely on. Wave goodbye to overlimit fees, returned payment fees, and annual fees†—and say hello to enhanced fraud protection.2


Apply now




See Pricing, Terms & Conditions


*
See Rewards Details

This offer is only valid for original recipients of a prescreened invitation from SoFi. You must open a new SoFi Essential Credit Card account with your unique confirmation code by the respond by date printed on the direct mail letter you received in order to be eligible for this offer.

1You can choose to stop receiving “prescreened” offers of credit from this and other companies by calling toll-free 1-888-5-OPTOUT (1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE BELOW for more information about prescreened offers.

{/* Benefits that have your back */}

Benefits that

have your back.




  • No surprise fees

    Forget overlimit fees, returned payment fees, and foreign transaction fees.



  • No annual fee†

    That’s right, you won’t have to worry about getting dinged every year just for having a card.



  • Enhanced fraud protection2

    Rest assured with our Zero Liability Fraud Protection for an extra layer of security.



Apply now

{/* More reasons you can rely on the SoFi Essential Credit Card. */}

More reasons you can rely on the SoFi Essential Credit Card.

No penalty repricing

Your APR† (variable 32.99% based on the prime rate) won’t increase for making a late payment.

SoFi Travel rewards3

Earn unlimited 3% cash back rewards when you book through SoFi Travel.

Track your finances

Set and monitor spending targets, and track your credit score—at no cost.

Mastercard benefits2

Enjoy Priceless Experiences, Airport Concierge, and more.

{/* Resources to help you conquer the wild world */}

Resources to help you
conquer the wild world of credit cards.








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{/*FAQs*/}

FAQs


Will applying to a SoFi Credit Card impact my credit score?


The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.


Can I share this offer with friends or family?

No – the SoFi Essential Card is currently invite only. Offers are non-transferrable.


Can I make a one-time payment?

You can set up auto-pay right away, but if you want to make a one-time payment, you can do so anytime in the app.


How do I get started applying for a SoFi credit card online?

If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!


How do ID Theft Protection and Zero Fraud Liability work?


At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.


See all FAQs


Read more
Sep
17
2024

IRA Calculator

By | Uncategorized | Comments Off on IRA Calculator

IRA Calculator

An Individual Retirement Account (IRA) is a key retirement savings tool that offers unique tax benefits. Traditional IRAs allow pre-tax contributions that grow tax-deferred, providing a significant advantage for your retirement savings.

Use our IRA calculator to see how different contributions and tax rates can impact your retirement savings. For comparison purposes, contributions and earnings in regular taxable brokerage accounts will be converted to after-tax values, helping you make informed decisions based on your financial goals and tax situation.

*Using this free calculator is for informational and illustrative purposes only. The estimated balance shown above represents your IRA balance at retirement before taxes are applied. Remember, withdrawals from Traditional IRAs are taxable based on your personal tax rate at the time of withdrawal.

Calculator Definitions

Before you use this IRA calculator, you’ll need to understand the various metrics involved in order to plug in the correct numbers. These are the terms to know when using the IRA calculator.

• Current Age: This is the age you are now.

• Planned Retirement Age: The age you plan to retire. It’s important to be aware that age 59 ½ is when you can begin to make withdrawals from an IRA without incurring penalties.

• Current IRA Balance: This refers to the current balance of all your retirement savings accounts. If you’ve just opened an account and the balance is $0, enter $0.

• Annual Contributions: The annual contribution is the amount of pre-tax dollars you intend to contribute to your IRAs each year. For tax year 2024, you can contribute up to $7,000 ($8,000 if you’re 50 or older).

• Assumed Annual Return: The expected rate of return is the amount an investor anticipates earning (or losing) over a certain period of time. The amount is expressed as a percentage and is usually based on data such as past performance of a stock or an index, such as the S&P 500.

A good rate of return on investments is generally considered to be about 7%, which is the average annual return on the S&P 500 adjusted for inflation. However, your actual return depends on the investments you make, inclusive of any investment and account fees. Since an actual rate of return can’t be guaranteed, an expected rate of return is speculative.

How Does This IRA Calculator Work?

To use this IRA calculator, fill in the appropriate numbers and information required. This includes the starting balance across all IRAs, your current age, the annual contribution amount in pre-tax dollars, the age at which you expect to retire, and your estimated rate of return on the investments in the account.

Calculator assumptions:

• If you are under age 50, it does not include catch-up contributions.

• It does not account for inflation.

• Your current tax rate is also used as your tax rate in retirement.

• The estimated account balance does not factor in dividends, uses a fixed rate of return across the selected time period, and assumes all investment growth is from capital appreciation.

The number provided by the calculator is an estimate. The actual amount of your final nest egg depends on a range of factors, including: the investments you choose for your IRAs, the market conditions over time (e.g. the risk of volatility or loss), investment fees, and costs.

Recommended: Check out our IRA Contribution Calculator to easily see how much you can contribute based on your personal situation.

FAQ

How much would $10,000 in a Traditional IRA be worth in 20 years?

How much $10,000 in a Traditional IRA would be worth in 20 years depends on such factors as what you invest in, and how much you contribute additionally each year. As a hypothetical, if you start with a $10,000 deposit and contribute an additional $5,000 per year with a 7% rate of return (the average annual return of the S&P 500, adjusted for inflation), your Traditional IRA could potentially be worth about $243,000 in 20 years.

Can I put $20,000 into a Traditional IRA?

You can contribute up to $20,000 to a Traditional IRA by rolling over funds from an employer-sponsored retirement plan, such as a 401(k) or 403(b). It’s important to note that rollovers do not count toward your annual IRA contribution limits.

More resources:

Ready to invest for your retirement?

It’s easy to get started when you open an IRA online with SoFi.
SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).


Get started

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Sep
16
2024

Everyday Cash Reward

By | 1_Web_CreditCard | Comments Off on Everyday Cash Reward

{/* LCM Everday Cash Reward 9/11/24*/}
{/* https://www.sofi.com/credit-card/ecr-lp-15tt/ */}


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You’re preselected!1

Earn up to 3% cash back rewards toward your money goals.

Plus, get 0% Intro APR on balance transfers and purchases for 15 months3 with the SoFi Everyday Cash Rewards Credit Card. After 15 months, your APR will change to a variable 18.74% to 32.99% based on your credit worthiness. Balance transfers must be completed within 60 days of account opening. Offer ends 1/7/2026.


Apply now




See Pricing, Terms & Conditions


*
See Rewards Details

This offer is only valid for original recipients of a prescreened invitation from SoFi.

1You can choose to stop receiving “prescreened” offers of credit from this and other companies by calling toll-free 1-888-5-OPTOUT (1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE BELOW for more information about prescreened offers.

{/* Your cash back rewards are as simple as 3-2-1. */}

Your cash back rewards
are as simple as 3-2-1.2



  • Earn 3% on all things dining, including takeout and delivery apps.



  • Earn 2% at grocery stores and online grocery delivery.



  • Earn 1% on all other eligible purchases.

+Enjoy no caps on earnings or minimums to redeem rewards. And you can apply your rewards as statement credit—or toward saving, investing, and paying down eligible SoFi debt.*


Apply now

{/* Fewer fees. More benefits */}

Fewer fees.
 More benefits.

No annual fee†

You read that right, pay no annual fee. Period.

No foreign transaction fees

Don’t worry about credit statement shock from international surcharges.

Zero Fraud Liability4

Don’t worry about paying for fraudulent transactions thanks to Zero Fraud Liability.

Mastercard World Benefits4

Enjoy monthly $5 credits for Lyft, free 2-day shipping from ShopRunner, and more.

ID Theft Protection5

Your identity is safe with us thanks to enhanced security.

SoFi Travel rewards6

Earn 3% cash back rewards when you book trips through SoFi Travel.

{/* Consider this your credit card cheat sheet */}

Consider this your
credit card cheat sheet.








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{/*FAQs*/}

FAQs


Will applying to a SoFi Credit Card impact my credit score?

The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.


How do I earn cash back rewards?

You will earn unlimited 3% cash back rewards on a wide variety of dining out and dining in options:

Dining out includes a wide variety of categories like restaurants, cafes, bars, lounges, fast food chains, and bakeries. Dining in includes food delivery platforms like DoorDash and UberEats.

You will earn unlimited 2% cash back rewards on everyday grocery shopping at a wide variety of grocery stores, online grocery delivery, and convenience stores nationwide.

You will earn unlimited 1% cash back on all other purchases. This is automatically applied to every purchase you make – whether you swipe, dip, tap, or pay online. See more details at https://www.sofi.com/card/rewards?cardType=h


What are the requirements to get a SoFi credit card?

To be eligible for a SoFi credit card, you must be at least 18 years old (or the legal age required by your state of residence), have a physical U.S. mailing address, and possess a valid Social Security number. The SoFi Everyday Cash Rewards card is designed for those with good to excellent credit.


How do I get started applying for a SoFi credit card online?


If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!


How can I redeem the cash back rewards on my credit card?


You can redeem rewards as statement credits or distribute them in other  SoFi products including SoFi Checking & Savings, Invest, and eligible SoFi loan payment products.


How do ID Theft Protection and Zero Fraud Liability work?


At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.


See all FAQs



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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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