SoFi Credit Card: How do Cash Advances work?

How do SoFi Credit Card Cash Advances Work?

A Cash Advance happens when you use your SoFi Credit Card to withdraw cash or funds from your available credit line (like using an ATM or a teller). 

It's key to remember this is different from a debit card withdrawal: you're borrowing money against your SoFi credit card limit, not taking money from your bank account.

Understanding the Cost of a Cash Advance

Cash advances are more expensive than regular purchases.

• Immediate Interest: Interest begins accruing on the first day the cash advance is withdrawn. The rate is a separate, typically higher, Annual Percentage Rate (APR) from your purchase APR, as outlined in your Cardholder Agreement.
• SoFi Fee: There is a 5% fee per transaction for every cash advance you make.
• Surcharge Fee: The ATM or financial institution you use may also charge its own separate surcharge fee.

What Are the Cash Advance Limits?

To help you manage your funds, cash advances have two main limits:

• Overall Limit: You can take a cash advance up to 30% of your total credit limit, but it cannot exceed $5,000.
• Daily Limit: Cash advances may be subject to a daily limit, which will be the lesser of 30% of your total Credit Limit or $1,000.

Keep in mind that the specific ATM or bank you use may also have its own lower limits on how much cash you can withdraw.

What Are "Cash-like" Transactions?

Certain transactions are treated the same as a cash advance and will incur the same fees and interest. These involve direct access to cash or the equivalent, such as:

• Currency exchange and other forms of payment (e.g., traveler’s checks, foreign currency, money orders, wire transfers, cryptocurrency, other similar transactions)
• Person-to-person money transfers and account-funding transactions
• Third-party bill-pay services (i.e., bill payment transactions not made directly with the merchant)
• Payment of loans (i.e., auto/car payments)

Need more help?
 

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