Cash Advance Basics:
- Cash advance means a transaction in which the SoFi Credit Card is used to withdraw cash, including foreign currencies or other transactions considered to be “cash-like” transactions.
- Cash advances are subject to a separate cash advance APR and fees.
- Members will begin owing interest from the first day the cash advance is withdrawn using the credit card.
Cash Advance Fees:
- SoFi Fee is either $10 or 5% per transaction, whichever is greater.
- The financial institution determines the surcharge fee where the cash advance occurs.
- Fees are not deducted from the cash advance being withdrawn.
- Example: If you try to pull $100, you will get $100, and then a separate fee will be added to the credit card, usually the same day.
- The fees/surcharges will reduce the overall available amount for cash advances.
Cash Advance Limits:
- The cash advance amount cannot exceed the overall available credit limit
- ATMs and financial institutions may have limits on cash advances
- Members may be able to take a cash advance up to 30% of their limit, not to exceed $5,000
- Members are not restricted to one cash advance per day, week, month
- Cash advances may be subject to a daily limit equal to the lesser of 30% of the member’s total Credit Limit or $1,000