SoFi has announced it will soon launch a new charge card: the SoFi Smart Mastercard. The card will only be available to members of the SoFi Plus Premium service, which will soon cost $10 a month.
The benefits of SoFi Plus don’t befit the $10/month price tag, but one feature of the Smart card might: it’s currently advertising unlimited 5% cash back on all grocery purchases.
Card Details
Click the name of the card below to go to our dedicated Frequent Miler page for this card, where you’ll find more information and a link to join the waitlist.
| Card Offer and Details |
|---|
 ⓘ $0 1st Yr Value EstimateClick to learn about first year value estimates None Non-AffiliateThis is NOT an affiliate offer. We always present the best offer even when it means less revenue for Frequent Miler Waitlist OnlyNo Annual Fee Information about this card has been collected independently by Frequent Miler. The issuer did not provide the details, nor is it responsible for their accuracy. FM Mini Review: This card requires a SoFi Plus membership, which costs $10 per month. If you have that already, and/or can maximize the unlimited 5% back on groceries, this could be a pretty compelling card. Earning rate: 5% grocery Base: 1% Grocery: 5% Card Info: Mastercard Credit Card issued by SoFi. This card has no foreign currency conversion fees. Noteworthy perks: No foreign transaction fees |
Quick Thoughts
Many SoFi members currently have complimentary SoFi Plus through March (my wife is one of them), but it looks like anyone who wants to enroll now starts at the new $10 rate.
SoFi Plus offers “over $1,000” in annual savings, and provides benefits including:
- 6 months of 4.3% interest in savings balances
- A 2% match on recurring IRA contributions and 1% match on recurring
- Access to the SoFi Smart card and unlimited 5% back on groceries
I wouldn’t pay $10/month for the first two perks, but there’s undoubtedly going to be some interest in the third from folks in the points and miles community.
The Smart card is currently only accepting waitlist applications, and there are no details about any other rewards structure, so it appears to be 5% back on groceries and 1% back everywhere else. It’s a “charge” card, meaning the balance will be reported to credit bureaus and will count towards your Chase 5/24 status.
Once this card goes live, I would look at it as costing $10/month, since I don’t value the other benefits of SoFi Plus. However, 5% on groceries is stellar. The Citi Custom Cash can earn 5x ThankYou Points on groceries, but only on up to $500 in monthly purchases. The Amex Gold card earns 4x, is limited to $25k in purchases per year, and has an annual fee of $325. The Blue Cash Preferred can earn up to 6x, but with a $6K-per-year purchase limit AND a $95 annual fee.
In that frame of reference, $120/year for an unlimited 5% grocery card will be tempting for folks who can make the most of it (especially if the other SoFi Plus perks can be useful). I’ll be interested to see how long SoFi can support that earning rate…I have a hard time believing that it will be for an “unlimited” time.
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Compelling for people who shop at Whole Foods? 5% for $120/year uncapped sounds nice, but if you do the math, it’s not that compelling. Family of 5 here in a HCOL area and I’m not spending sufficiently on groceries to justify this card lol. Spend 12k a year to net 4% CB…..no thanks
3% for those only spending $6k. Perhaps the NAF Citi Custom Cash is the ticket. Straight 5%.
Yes, if your annual spend is only $6k, the custom cash is best, IMHO.
(I know you’re being rhetorical, but Amazon Prime members can get an unlimited 5% back at Whole Foods already with the Chase Prime Visa.)
An underrated card (IMO) for groceries is the Paypal debit card. One of the categories is 5% cash back on groceries (up to $1000 per month), and households with more than one adult can stack multiple Paypal debit cards should your spend exceed that. My wife and I have switched to using the Paypal debit cards for a lot of our monthly spending and it has been amazing at capturing 5% on both groceries and gas throughout the month (one card for each), and you can switch categories each month should your spending needs change. It’s been a game-changer for our card strategy.
Good call! I signed up for the PayPal debit card when the USBAR nerf was announced.