SoFi Credit Card: Interest Rates, APR, and Fees

We look at a variety of factors when determining our borrower's rates. Some of the components taken into consideration when evaluating pricing are individuals' financial history and monthly cash flow.

Based on the information you've provided within your profile, this is the interest rate we are currently able to qualify you for.

SoFi Credit Cards have a variable Annual Percentage Rate (APR). Your APR is based on your creditworthiness (such as your credit history and financial profile) and current market conditions at the time you apply. The specific APR you receive is disclosed in your Cardholder Agreement.

• Promotional APR: An introductory rate for a limited time on qualifying transactions. 
  • If you miss a minimum payment, the promotional APR will be revoked and your rate will revert to the standard APR.
• Standard APR: The rate that applies after any promotional period ends or if you miss a minimum payment.
  • Your APR can change over time, as it is tied to the Prime Rate.

The Prime Rate is a benchmark interest rate that banks use to set rates for loans and credit products. 

Your SoFi Credit Card APR is variable, meaning it can increase or decrease if the Prime Rate changes. If the Prime Rate goes up, your APR may also rise, and if it goes down, your APR may decrease.

The grace period is the time between the end of your billing cycle and your payment due date—typically at least 23 days. If you pay your full statement balance by the due date, you won’t be charged interest on new purchases made during that billing cycle. 

The grace period may not apply if you carry a balance or miss a payment.

Interest on your SoFi Credit Card is calculated every day using the "daily balance" method (including new transactions). This process is done separately for all transaction types (Balance Categories), including purchases, cash advances, and balance transfers.

The Daily Periodic Rate (DPR), which is your Annual Percentage Rate (APR) divided by 365, is used to calculate your daily interest charge.
 

Here are the steps we use to determine the Daily Balance for each category:

1. Starting Balance: We begin with the balance for each category from the previous day.
2. Add Interest: We calculate the daily interest charge by multiplying the applicable DPR by that beginning balance, and we add that interest charge to the balance.
3. Add New Activity: We add any new Transactions, Cash Advances, Balance Transfers, and any related fees incurred for the current day.
4. Subtract Credits: We subtract any applicable payments and credits received that day.

This final figure is the Daily Balance for that day. If any Daily Balance is less than zero, we treat it as zero. The addition of the prior day’s interest in the daily calculation causes interest to compound daily.

If you don’t make at least the minimum payment by the due date: 

• Any promotional APR will be revoked, and your rate will revert to the standard purchase APR.
• You may be charged a late payment fee.
• Your credit score may be negatively impacted.

SoFi is committed to transparency and does not charge surprise fees. However, certain transactional fees may apply:

• Late Payment Fee: If you do not make the minimum payment by the due date, a late payment fee may be charged.
• Foreign Transaction Fee: If you use your card for transactions in a foreign currency, a foreign transaction fee may apply.
• Other Fees: For a full list of possible fees, please refer to your Cardholder Agreement, available in the Documents section of your SoFi app.