Sofi Credit Card – 2% Cash Back to Invest in Stocks

So as you guys know Chase Closed down one of my credit cards because I forgot to put a small bill on it and keep it active.

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1. It’s a good concept
– Where you earn cashback and can put it towards savings, investing, or paying down debt
– And obviously, these are services sofi offer so they also have something to gain
– Which is getting more people to invest, save and pay down some of the debt ( and some will do great and some will get into more debt)

Now The Conditions of the 2%:
– The idea Is you get 1% when you spend money and 1% when you redeem it towards savings, invest or paying the debt
– Sounds annoying but: almost ever 2% card is conditional these days
– Apple cards: apple pay condition, Citi double cash: gotta pay the card first condition, discover 1% normal and 5% on certain purchases

The only card without a condition is the alliance credit card: offering 2.5% without any categories: but they have an annual fee of $99 ( you gotta spend $3,960 to make it worth it)

The point is: that all these credit cards have conditions to be meant. So it’s okay if Sofi has some too.

2. One thing I do like is ( lowering interest rate based on how you use the credit card)
– The idea is simple they charge 12.99%-24.99% based on your credit score of course
– But if you make 12 on-time payments a year, then they lower it by 1%
– Which is actually pretty cool

However
– I couldn’t find more information on it
– Except that to keep the lower rate you have to keep the payments going on time or you lose it
– But I’m not sure if there is a cap to it ( for example my rate is %12.99 percent and its been 13 years do i now pay 0% interest) hmmm idk

But what I do know is: that when you sign the cardmember agreement you agree that they can make changes to any of these rewards and so on or discontinue them. ( so we don’t the answer yet )

Ps: keep in mind though that if you do miss a payment, that’s a $39 fee

3. Final Thoughts and additional features
– I think it’s a cool credit card ( if you spend 1k a month that’s $20 in cashback) and if you invested that money over 30 years at a 10% return then that’s around $43k

But lastly, you do have some cool features:
– $10 credit with lift, unlimited shipping, 5% cashback
– Budget tool to tell you when you are overspending, no foreign transactions fees, cellphone protection up to $1000, and id theft protections
– So it’s a solid well-rounded card ( I do wish they other 5% offer maybe with gas and groceries and Netflix and tmobile and so on )

Cons:
– Waitlist if you did not get invites and I didn’t
– Only for sofi customers ( and of course this makes sense for sofi)
– No welcome bonuses

Agreement: https://d32ijn7u0aqfv4.cloudfront.net/git/docs/credit-card/credit-card-cardholder-agreement-20200625.pdf

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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