SoFi Smart Card is a charge card secured by your SoFi Checking and Savings accounts. Each time you make a purchase, an amount equal to the purchase amount is set aside as reserved funds to cover your Smart Card statement balance.
- If autopay is on, those reserved funds automatically pay your SoFi Smart Card statement balance each month.
- If autopay is off, you’ll need to make a one-time payment from your reserved funds or an external bank account.
We report your account and payment activity to the three major credit bureaus, which can help you build credit with on-time payments. And unlike traditional credit cards, SoFi Smart Card has no interest charges.
A debit card, on the other hand, pulls money directly from your checking account each time you spend. Typically, debit card activity is not reported to credit bureaus and has no impact on your credit.