Update 9/19/23: $200 bonus still available on Credit Karma
Update 5/2/22: The $200 signup bonus is now public (requires $1,500 spend, as before). There’s also a separate offer from Swagbucks to get $100 with approval of the SoFi credit card, no purchase necessary at all, so that’ll be appealing to some. Slightly better on MyPoints.
Update 2/28/22: $200 sign up bonus is now available on Credit Karma.
Update 2/19/22: Deal is back through 2/28/22. You might be able to get $200 on Credit Karma, but that requires $1,500 in spend. Hat tip to FM (Original post below is from 4/22/21)
The Offer
- Apply and get approved for the SoFi Credit Card and get $100 in reward points after you make your first purchase by 5/21/21.
Offer ends 4/30/21.
Card Details
- No annual fee
- 2% cash back on all purchases
- Full mastercard world elite benefits (including up to $1,000 cell phone insurance)
- No foreign transaction fee
- No sign up bonus
Read our full review in this post.
Our Verdict
It’s a pretty good 2% card given the lack of annual fee and foreign transaction fees and some other benefits. $100 isn’t much but certainly better than nothing, especially if the card already interests you. There were a few other targeted/referrer offers in the past, but no simple signup bonus like this new $100 offer. Again, this is slated to end soon, on April 30, 2021.
This $100 signup offer is for the credit card. There are/have been various offers for signing up for the SoFi Money account as well, e.g. $50 for signup via referral and another $100 for direct deposit. You’ll want a SoFi Money account if you plan on getting the credit card since you only can get the full 2% when the money goes into a SoFi account or toward a SoFi loan.
Hat tip to reader John K.
@chuck check out this new 10% bonus. Now effective 2.2% on all purchases https://www.sofi.com/blog/sofi-credit-card-reward-boost/
Can confirm. 2.2% bonus when you also have a SoFi checking account.
Anyone know if they are going to bring back this type of bonus this year?
I had no hard pull from any of the three credit bureaus when I applied for the SoFi card in April 2022. I had no bank accounts with them at the time, and no existing relationship, so I’m not sure why.
Did the $200 bonus offer gone?
Seems it’s still available on CK, updated the post
CK link says “we can’t find that offer”
Beware SoFi’s terms which say that points will not be awarded for “cash-like” purchases or for loading of gift cards. After getting the 2% cash back for over a year, they are now refusing to cash back on my monthly online bill payments, even though the purchase transactions didn’t get declined. Shame on SoFi!!!
Same story, given the run around by customer service and then denied via “Eligibility Requirements were not met.”
I filed a CFPB complaint, however there were 2 strange things.
#1 for the company name, what did you all use? When searching SoFi a few things came up, “SoFi Lending Corp”, SoFi Mortgages”, etc. And similarly, “Social Finance Inc” also came up. “SoFi Bank” (what I thought would be best) did not appear.
After choosing “Social Finance” the CFPB complaint status then instantly was changed to “Closed Sent to Regulator Not FTC”. Is that correct or did I mess something up in the complaint process?
I then got an email saying: “Office of the Comptroller of the Currency (OCC) is the agency that handles complaints about the company you named. We’ve forwarded your complaint to the OCC.”
I think I chose Sofi Lending but I’m not positive, but I got the same message regarding the OCC.
It did work to trigger the bonus so hopefully you’ll get yours, too.
After long silence, Sofi finally sent me an email that denies my signup bonus without any explanation.
Nov 2022: Applied through CK offer
Feb 2023: Spend over 1.5K within 3 months
Early April 2023: Called them because the signup bonus didn’t show up. A rep created a ticket, telling me that I’d receive email in 1 week, which didn’t happen. I sent follow-up emails twice, but no response.
May 2023: Finally received an email from a “Communication Escalations Manager.” My $200 bonus was denied because “eligibility requirements were not met.” However, the email didn’t mention anything about the eligibility requirements or which of the requirements I didn’t meet. They’re totally unaccountable.
Interestingly, the email was sent late afternoon on Saturday. I wonder if such a responsible person in charge works on Saturday. Usually, they work on weekdays. I suspect “Communication Escalations Manager” is just a customer rep supervisor, who tries to sweep away bonus requests without investigation.
Below is the exact email text (redacting any private info):
“We are reaching out to provide a final determination on your promotion inquiry submitted on 4/XX/2023 for the above noted request. The promotion request has been denied due to the following reason:
– Eligibility Requirements were not met.
All eligibility requirements and terms and conditions can be found on http://www.sofi.com
Thank you for your patience during this evaluation period. If you have any further questions, please chat in or give us a call at 855-XXX-XXXX.”
P.S. I have always had difficulty with Sofi Bonus: Bank account and Investment account bonus signup. I won’t do any business with them anymore. Not worth at all.
Will you escalate to CFPB https://www.consumerfinance.gov/complaint/, Normat ?
Thanks, @mangorunner . I actually already filed a complaint to CFPB on Apr 28, which was immediately transferred to OCC. I don’t know its current status since I don’t have OCC case number. I suspect it’s ongoing and Sofi’s emailed decision wasn’t a result of OCC (If it’d been so, the email wouldn’t have been sent by a Communication Escalations Manager, I think). I’ll update once I hear from OCC or Sofi.
$200 bonus offer seems to be gone now. Still offering 3% up to $12K for a year for Sofi Plus members. Just as well truthfully since SoFi has horrible CS and frequently doesn’t honor their bonuses.
Positive DP:
2/7 Applied to Sofi CC with CK link and was instantly approved
2/21 Received Sofi CC in mail
2/23 Made transactions worth $6.7k
3/23 Bonus points posted and redeemed for $200 in Sofi Savings
I took screenshot of everything when I applied and also downloaded all the TnC from their links. However, the process was smooth and I never had any issue. After signing up and making transactions, I was able to confirm with chat support that I am successfully enrolled in CK offer and I also kept seeing 3% cashback pending for each trasnaction.
Sofi is trying to jack me on the $200 bonus, they are claiming I needed to sign up through credit karma or mint.
I kept a screenshot of the offer and it said nothing about credit karma or mint so I uploaded it to the promotions CSR and she claims she will apply for a bonus exemption for me to receive the bonus even though I “didn’t meet the requirements” (at least according to them).
Suspect bank. I will definitely be filing a CFPB complaint if needed.
I filed a CFPB ticket on 2/11 and today I got a message from the sofi app that I had earned a $200 bonus.
Thanks for the knowledge, DoC and community!
I’m in the same situation as you but failed to save the terms on this one. Any chance you can post a link to your screenshot?
Here’s a screenshot link: https://ibb.co/BCbQvg3
Weird, I posted a ss yesterday but I don’t see it now.