Completing Balance Transfers with SoFi Credit Cards

A balance transfer transfers a credit card balance held in one account to a different account, often held at a different institution.

At SoFi, balance transfers are offered as promotions through your SoFi Credit Card, and are not available through member request. If you are a newly approved SoFi Credit Card member with a balance transfer promotion, your offer may take 24-48 hours to appear in your profile.

Balance Transfer Basics

For Balance Transfers from an External Institution to a SoFi Credit Card:

It appears within the transactions, debiting your account.

For Balance transfers from SoFi to an External Institution:

It appears as a payment into the member’s account.

Current Restrictions:

• Balance transfers are currently invite-only and available for the primary cardholder. Currently, SoFi does not offer balance transfer to authorized users.
• Credit Card balances transferred from external financial institutions must be issued in the primary cardholder’s name and issued by U.S. institutions.
• Balance Transfer cannot put the SoFi account into an over-limit status.
• Only credit card balances can be transferred.

Additional Balance Transfer Questions

How do I complete the balance transfer on my account?

• From the credit card menu:
  • Click ‘More’
  • Click ‘Balance Transfer’
  • Click ‘I want this offer’
    • SoFi account setup must be completed if not already done. To create a SoFi account, go to https://www.sofi.com/signup/.
  • Fill in the Balance Transfer details (credit card to be paid):
  • Account Number
  • CVC
  • EXP Date
  • Transfer Amount
  • Select Creditor (Financial Institution)
  • Review + Submit

Can I cancel a balance transfer?

• Transfer from External Institution to SoFi Credit Card
  • The balance transfer must still show as pending in our systems when you contact SoFi to cancel. Cancellation can only be done within 24 hours after accepting and submitting the balance. transfer. Please contact our team at 1 (855) 456-7634.
• Transfer from SoFi Credit Card to External Institution
  • We advise you to contact the external financial institution for additional information.

Why does my balance transfer still show as pending

• Transfers are typically received within 5 to 10 business days. In some cases, balance transfers may take up to 3 weeks to be completed. If it has been more than ten business days and you still do not see the completed balance transfer, we advise you to contact the external financial institution. Questions to ask:

Transfer from External Institution to SoFi Credit Card:

• Was it sent electronically or by mail?
• What is the trace/tracking number?

Transfer from SoFi Credit Card to External Institution:

• • • Did the external financial institution remit payment to SoFi for the balance transfer?
    • Do you have confirmation that the payment has been posted and cleared?
    • You can then call us at 1 (855) 456-7634.

What happens when the promotional period ends?

A promotional rate is an introductory interest rate only offered to select members during the promotional period before or after you open your SoFi credit card. Promotional APR details, terms, and conditions will vary by balance transfer promotion. Once any promotional period ends, the unpaid remaining balance of the balance transfer will be set to the Standard APR as reflected in your Cardholder Agreement.