1. Add money to your SoFi Checking and Savings accounts.
2. Use your SoFi Smart Card the same way you’d use any other credit card.
3. Each time you spend, an amount equal to the purchase amount is set aside as reserved funds in your SoFi Checking and Savings accounts to cover your Smart Card statement balance.
4. After each billing cycle, your Smart Card statement balance is paid automatically using your reserved funds if you’ve turned on autopay. You can also choose to pay manually from your SoFi Checking and Savings accounts or an external bank account.
5. Your payment history is reported to the credit bureaus, which can help build your credit history over time.
No. We only do a soft credit pull when you apply, so applying won’t affect your credit score.
Keep in mind, opening any new credit or secured card account can impact your credit score. With SoFi Smart Card, your payment activity will be reported each month to TransUnion, Equifax, and Experian. Reporting usually happens at the start of each month, though it may take a few weeks to show up on your credit report.
We report the following information:
• Basic account details (your name, address, and when your account was opened)
• Your account status (whether it’s in good standing or past due)
• Your payment history
There’s no interest charged on your SoFi Smart Card account, and there are no membership fees.
However, if a payment isn’t received by your due date, a late fee of up to $41 may apply. If applicable, a late fee will be charged one day after your payment due date and appear on your next monthly statement.
• 5% cash back rewards at grocery stores1
• No hard credit check
• ATM cash withdrawals2
• Built-in fraud protection3
When you turn on autopay, your SoFi Smart Card balance will automatically be paid each month using your reserved funds. Reserved funds are set aside in your SoFi Checking and Savings accounts as you spend to pay your statement balance.
You’ll need to pay your SoFi Smart Card balance manually each month. You can pay from your SoFi Checking and Savings accounts or from an external bank account. Remember, an amount equal to your purchases is already set aside as reserved funds, and autopay is the easiest way to make sure your payment is on time.
SoFi Smart Card is a secured card backed by your SoFi Checking and Savings accounts. Each time you make a purchase, an amount equal to the purchase amount is set aside in your checking and savings accounts as reserved funds to cover your Smart Card statement balance.
• If autopay is on, those reserved funds automatically pay your SoFi Smart Card statement balance each month
• If autopay is off, you’ll need to make a one-time payment from your reserved funds or an external bank account
We report your account and payment activity to the three major credit bureaus, which can help you build credit with on-time payments. And unlike traditional credit cards, SoFi Smart Card has no interest charges or revolving balances.
A debit card, on the other hand, pulls money directly from your checking account each time you spend. Typically, debit card activity is not reported to credit bureaus and has no impact on your credit.
Yes, your SoFi Checking account comes with a virtual debit card that’s linked to your checking balance. You can add it to your digital wallet, such as Apple Wallet or Google Wallet, and use it anywhere debit is accepted. You can also request a physical debit card by calling us at (855) 456-7634.
Yes, you can use your SoFi Smart Card to withdraw cash with no fees at over 55,000 Allpoint ATMs across the U.S. Out-of-network ATMs may charge additional fees.
When using your SoFi Smart Card at an ATM, choose “credit” if asked. You can withdraw up to $2,000 a day.
When you make a purchase with your SoFi Smart Card, the initial amount is authorized at checkout. In some cases, the final charge can be slightly higher (for example, a restaurant charge with the addition of a tip).
If that final amount is more than what’s available in your SoFi Smart Card’s ready to spend amount (the total amount of your SoFi Checking and Savings account balances), your ready to spend amount may temporarily go negative.
To bring your ready to spend amount above zero, add money to your SoFi Checking and Savings account or make a one-time payment to your SoFi Smart Card account balance from an external bank account.
Yes. SoFi Smart Card works together with your SoFi Checking and Savings accounts. Your SoFi Checking and Savings balances set your spending limit, so your SoFi Checking and Savings accounts need to be active and funded before you can start using your SoFi Smart Card.
Not yet. SoFi Smart Card is currently available only for individual SoFi Checking and Savings accounts. We’re continuing to improve and expand functionality, and we’ll let you know as soon as Smart Card becomes available for joint accounts.
The SoFi Smart Card is a credit card issued by SoFi Bank, N.A., Member FDIC, that is secured by your SoFi Checking and Savings account. Your Smart Card balance must be paid in full each month. The Smart Card is exclusively available to individual SoFi Checking and Savings accountholders and is subject to application and approval. To qualify for the Smart Card, you must meet SoFi’s eligibility requirements, including verification of sufficient income to support your ability to pay for Smart Card balances. We will not extend credit if you do not meet our pre-established criteria. Your eligibility for a SoFi Smart Card, or a subsequently offered product or service, is subject to the final determination by SoFi Bank, N.A., as issuer, pursuant to license by Mastercard® International Incorporated. The SoFi Smart Card can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND ELIGIBILITY. See full terms and conditions at sofi.com/smart-card/#terms.
1Earn 5% cash back rewards on eligible grocery store purchases with the SoFi Smart Card. Cash back rewards are issued in the form of SoFi Member Rewards points. Members earn 5 points for every dollar spent on eligible grocery store purchases. SoFi, in its sole discretion, determines grocery store eligibility. Superstores like Walmart and Target, warehouse clubs like Costco and Sam’s Club, convenience stores, grocery delivery services, and meal-kit delivery services are not considered grocery stores. All terms and conditions applicable to the use of SoFi Member Rewards apply. To learn more about SoFi Member Rewards, please see the SoFi Member Rewards page. No rewards points will be earned with respect to reversed transactions, returned purchases, cash advances, or other similar transactions.
2We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
3Zero Liability Fraud Protection is a benefit offered by Mastercard®. Certain Mastercard® Credit Card Benefits have additional terms and conditions, which can be accessed through the Mastercard® Standard Credit Card Benefits portal. Please see your guide to benefits for details or call 1-800-MASTERCARD.