Completing Balance Transfers with SoFi Credit Cards

Learning how to manage balance transfers with your SoFi Credit Card can help you make the most of your promotional offers and stay on top of your finances. Below, you'll find straightforward information on balance transfer basics, how to complete a transfer, and what to expect along the way.

What’s a balance transfer?

A balance transfer moves a credit card balance from one credit card account to another, often at a different financial institution. 

At SoFi, balance transfers are offered as promotions through your SoFi Credit Card and are not available by member request. If you're a newly approved SoFi Credit Card member with a balance transfer promotion, your offer may take up to 72 hours to appear in your profile.

What are the balance transfer limits and restrictions?

Balance Transfer Basics:

• Balance Transfer Limit: 75% of your total available credit line
• Balance Transfer Fee: $10 or 5% of the balance transfer amount, whichever is greater
• Balance Transfer Offer Expiration: You have 60 days from the offer date to utilize the offer

Current Restrictions:

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

How do I complete a balance transfer on my account?

SoFi App:

1. Open the SoFi app.
2. Tap the gear icon.
3. Tap "Balance Transfer".
4. Tap "I want this offer".

SoFi Website:

1. Go to the SoFi website and log in.
2. Click "More" from the credit card menu.
3. Click "Balance Transfer".
4. Click "I want this offer".
   Note: SoFi account setup must be completed first. To create a SoFi account, go to https://www.sofi.com/signup/.
5. Next, fill in the balance transfer details for the credit card to be paid:
6. • Account Number
   • CVC
   • EXP Date
   • Transfer Amount
   • Select Creditor (Financial Institution)
6. Finally, review and submit your transfer.

Can I cancel a balance transfer?

Transfer from an External Institution to a SoFi Credit Card 

The transfer must still show as pending in our systems. Cancellations can only be done within 24 hours of accepting and submitting the balance transfer. Please contact our team at 1 (855) 456-7634.

Transfer from a SoFi Credit Card to an External Institution

We advise you to contact the external financial institution directly for additional information.

Why does my balance transfer still show as pending?

We know waiting for a transfer to complete can feel uncertain. Transfers are typically received within 5 to 10 business days, but in some cases, they may take up to 3 weeks to complete.

If it has been more than 10 business days and the transfer is not complete, we recommend contacting the external financial institution to ask the following:

Transfer from an External Institution to a SoFi Credit Card:

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

Transfer from an External Institution to a SoFi Credit Card:

• 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

What happens when the promotional period ends?

A promotional rate is an introductory interest rate offered to select members during a promotional period before or after opening a SoFi credit card. Promotional APR details, terms, and conditions will vary by balance transfer promotion.

Please note: 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.

Need more help?

If you have questions or need further assistance, please contact SoFi customer support at 844-945-7634.