I just received my updated SoFi credit card in the mail which has some cool new features
and a slightly new design as well so let's unbox this new product and brush up on everything that
my favorite credit card has to offer. Alright let's jump right into it. What is going on
everyone I hope you are all having a fantastic day. As someone who has used and reviewed hundreds
of different products and literally has a binder of credit and debit cards, choosing a favorite is
no small task but regardless of which premium products I add to my wallet, the product I
always come back to is the SoFi credit card which currently gives you 2% on the limited cash back
on all of your purchases without any confusing category activations or hoops to jump through
and that's a large part of the reason why I love this product so much. SoFi is not sponsoring this
video but I do really love this product so if you want to sign up and help support my channel I will
leave a link for that down below the like button. Plus right now they are running a promotion where
you will learn 3% cash back for your first full year and you can earn up to $300 in cash when you
make an eligible deposit into your sofi account but more on that later in the video. Before we get
to all of that let's unbox the new and improved so by credit card. So since I am an existing
customer, there's likely some user agreement & setup paperwork that is not included in this
particular shipment however regardless of whether you are an existing customer getting the updated
card or a brand new customer, the main paper that we really care about is this one which gives you
the basic information and of course has the card itself. So in the middle obviously we have got the
card itself at the bottom it's going to outline some of the main features and on the back it gives
you some other information about SoFi and how to contact them if you need to for whatever reason.
So those of you who are familiar with this product or probably thinking that this looks identical to
the previous card and for the most part you are correct. But there is a subtle difference that
I didn't notice until having the two cards side-by-side and it looks like SoFi added
this shimmery effect to their logo so not that it really matters at all but if you're into that kind
of thing then something I felt I should point out. Activating your card is also really easy you just
want to log into the SoFi app, select the credit card tab which is the middle one at the bottom
of the screen and then you'll see this menu that says activate your credit card so if we click the
activate card button and select next we then just input the security code on the back of our card,
verify the last four digits of our Social Security number and there we go our new card is now
activated and ready to be used and it looks like on top of all of the other cool benefits that SoFi
is currently offering, they're also giving you 500 points. And all of your points can be redeemed by
clicking the rewards tab and from here you're able to see your total point balance in the top left
hand corner, if you Scroll down you can see the points that you've earned on each transaction as
well as your various redemptions and then if you click the redeem button at the top of this menu
you'll see the many different ways that you can redeem these points towards your active or crypto
investing, put it directly into your checking or savings account, and even put it towards your
credit card balance although I wouldn't recommend doing that because you only get half as much value
that way so you'd be better off redeeming it for cash into your bank account and then just using
that to pay down your credit card balance. You can also redeem it towards a personal or student
loan through SoFi if those are products that you use with them as well. And remember this card
has no annual fee, no foreign transaction fees, and gives you cell phone coverage up to $1000,
MasterCard ID theft protection with the world elite benefits and I will also mention that this
product as a whole does a good job of monitoring transactions for fraud alerts without flagging
everything just because you made a purchase in a different state or something like that.
I realize that walking that line is difficult and everyone has a different opinion on that
but even in the one scenario where my card was deactivated due to a fraudulent charge,
SoFi instantly issued a new card number that I could start using immediately and I received the
physical card in the mail within one business day so it really was a nonevent. They're also running
another promotion right now where they will lower your APR by 1% after you make 12 on time payments
but that's not really something that should matter because if you're using this card properly, you
really shouldn't be paying anything in interest anyways and to be completely honest with you,
I don't even know what the interest rate is on this credit card or any of my credit
cards for that matter because I've never paid a dime and interest to any credit card provider.
Heading back into the app really quick another thing I want to show you that I would recommend
to anyone with this credit card or any other credit card is if you click on the pay menu,
at the top of the screen here you're going to see the option to turn autopay on so if
we click manage you can see that I currently have this set up to pay off the full statement
balance automatically on the 2nd of every month and I have it set to pull that from my SoFi
checking account but from this menu you can set it to pay off full balance, the minimum amount due
which I would not recommend and you can also have it pulled from a third party bank account as well
so you can see I have my business account along with my SoFi checking and savings. Speaking of
the new SoFi checking and savings accounts, while that is not the topic of today's video,
this is where you're going to get that $300 cash bonus depending on how much money you deposit.
the reason I mentioned this is because number one we all love free cash but also in order to
get the silver credit card and use it to its full potential, you will need to have a SoFi checking
and savings account so I will leave a link where you can sign up for that as well but right now
if you sign up in deposit between one and $2000 you'll get 50 bucks and these bonuses go all the
way up to a $300 cash bonus when you deposit $5000 or more into your account. So not going
to apply to everyone including those of us that are existing members but we all love free cash so
something I wanted to make you aware of. From the main credit card menu you're also able to
access your credit card statements if we click the more option on the right hand side of the screen
this is where you're going to view, freeze, or replace your card and you can also add
authorized users and contact SoFi’s customer support which is available 24/7 and I will say
from first-hand experience that it is absolutely wonderful. One last question I frequently get
about this product that is actually different from other credit cards I've applied for is SoFi only
does a soft credit pull when you apply. now if you are approved for this credit card which is very
likely since it is a beginner credit card product they will then do a hard credit pool but that is
nice to know because I've applied for credit card products in the past, been denied and then to add
insult to injury, had that decrease my credit score because it showed up on my credit report.
So long story short you can go ahead and apply without having to worry about that. Outside of
that slightly different design which probably went unnoticed by most users and the different signup
offers that they're currently offering, this product has remained largely the same but I am
encouraged by the fact that instead of rolling back there offers after bringing in a lot of
new customers when their product first launched, they're actually doubling down with that 3% cash
back for the first year and it wouldn't surprise me if they continue to have new and improved
offers, additional benefits, and other features that will only make this product even better.
If you do want to sign up for the SoFi credit card for completely free then again I will leave links
to those down below the like button but I'd love to know what you think of this product and which
feature is currently your favorites and what you'd like to see them add in the future. Be
sure to check out some of my favorite financial tools using the links down in the description
many of which will give you some free cash when you sign up and as always thank you so much for
your time I really do appreciate it so much take it easy and I'll see you in the next one!