SoFi Credit Card Limit 2023 [How To Increase Your Credit Limit]
Are you considering applying for a SoFi credit card but wondering about the credit limit? Look no further!
In this blog, we'll explore everything you need to know about the SoFi credit card limit, including how it's determined, factors that can impact it, and tips on increasing your limit.
Understanding your credit limit is an important aspect of managing your finances and maximizing your credit card benefits, so let's dive in!
What Is SoFi?
SoFi (Social Finance, Inc.) is a digital personal finance company that offers a range of financial products and services to its members.
Founded in 2011, SoFi originally focused on student loan refinancing but has since expanded to include mortgages, personal loans, investment accounts, and credit cards.
SoFi aims to provide innovative solutions and technology to help individuals achieve financial independence and success.
With a strong emphasis on community, SoFi also offers networking events, career services, and other resources to help its members build relationships and advance their careers.
What Is SoFi Credit Card?
SoFi Credit Card is a credit card offered by SoFi, a digital personal finance company. The credit card is designed to help customers build their credit while providing them with rewards and benefits.
One of the main features of the SoFi Credit Card is the cash-back rewards program. Cardholders earn 2% unlimited cash back on eligible purchases, including on all eligible dining and grocery purchases.
The cash-back rewards can be redeemed as a statement credit or deposited into a SoFi Money or SoFi Invest account.
The SoFi Credit Card also has no annual fee, no foreign transaction fees, and no balance transfer fees. In addition, the card offers benefits such as cell phone protection, which covers up to $1,000 in damages or theft per year, and travel and emergency assistance services.
Another unique feature of the SoFi Credit Card is the ability to track your credit score for free through the SoFi app. This can help cardholders monitor their credit and work towards improving their credit score over time.
- No annual fee
- Up to 2% unlimited cashback on eligible purchases
- No foreign transaction fees
- Complimentary cell phone insurance
- Easy-to-use mobile app for managing your account
The SoFi credit card is also unique in that it's designed to work seamlessly with other SoFi products, such as personal loans and investment accounts.
Members can use their cashback rewards to pay down their SoFi loans or invest in their SoFi investment accounts, making it a convenient way to manage their finances.
What Is SoFi Credit Card Limit?
The SoFi Credit Card has a minimum credit limit of $1,000 and a maximum credit limit that is not publicly disclosed.
The amount of credit that you are approved for will depend on a number of factors, including your credit score, income, and debt-to-income ratio.
If you have a good credit score and a history of managing credit responsibly, you are more likely to be approved for a higher credit limit.
How Is The SoFi Credit Card Limit Determined?
Now that we've covered the basics of the SoFi credit card let's take a closer look at how the credit limit is determined. Like all credit cards, the SoFi credit card limit is based on several factors, including:
- Your credit score
- Your income
- Your debt-to-income ratio
- Your credit history
The SoFi Credit Card spending limit is typical $1,000 and generally goes as high as $25000. If you exceed your spending limit, you may be charged up to $25 for the first-time fee.
If you exceed your spending limit a second time within six months, you could be charged an additional fee.
When you apply for a SoFi credit card, the lender will review your credit report and score to determine your creditworthiness.
Your credit score is a numerical representation of your creditworthiness based on factors such as your payment history, credit utilization, length of credit history, and more. Generally, the higher your credit score, the more likely you will be approved for a higher credit limit.
How To Get SoFi Credit Card?
If you're interested in applying for a SoFi credit card, the process is relatively straightforward. Here's a step-by-step guide to help you get started:
- Check your credit score - Before applying for any credit card, it's a good idea to check your credit score to get an idea of your creditworthiness. You can check your credit score for free through several websites, including Credit Karma, Experian, and TransUnion.
- Visit the SoFi website - Once you've checked your credit score and determined that you meet the basic requirements for the SoFi credit card.
- Click "Apply Now" - On the SoFi credit card page, you'll see a button that says "Apply Now." Click this button to begin the application process.
- Fill out the application - The SoFi credit card application will ask for basic information such as your name, address, and social security number, as well as your income and employment information. You'll also need to provide information about any other credit cards or loans you currently have.
- Submit your application - Once you've completed the application, review it carefully to make sure all the information is accurate. Then, submit your application.
- After submitting your application, you'll need to wait for a decision from SoFi. This can take a few minutes to a few days, depending on the volume of applications and how quickly SoFi can verify your information.
- Activate your card - If your application is approved, you'll receive your SoFi credit card in the mail. You'll need to activate the card before you can start using it. You can do this by calling the phone number on the back of the card or by logging into your SoFi account online.
SoFi Credit Card Benefits
The SoFi Credit Card is designed to provide users with various benefits and perks that can help them save money and improve their financial wellness. Here are some of the benefits of the SoFi Credit Card:
- Cash Back Rewards - SoFi Credit Card offers cashback rewards on eligible purchases, with up to 2% cash back on all purchases and up to 5% cash back on select categories.
- No Annual Fee: The card does not charge an annual fee, which can help cardholders save money over time.
- No Foreign Transaction Fees - SoFi does not charge foreign transaction fees, making it a great option for frequent travelers.
- Credit Monitoring - The SoFi Credit Card comes with free credit monitoring, which can help cardholders keep track of their credit score and stay on top of any changes to their credit report.
- Flexible Redemption Options - Cardholders can redeem their cash back rewards as a statement credit, deposit them into their SoFi Money account, or use them to invest in a SoFi investment account.
- Visa Signature Benefits - As a Visa Signature card, the SoFi Credit Card includes a range of additional benefits, including extended warranty protection, auto rental collision damage waiver, and travel and emergency assistance services.
- SoFi Membership - By having a SoFi Credit Card, users can also become a member of SoFi and access a range of other financial products and services, including personal loans, accounts, and more.
Overall, the SoFi Credit Card offers a range of benefits and features that can help users save money, build credit, and improve their financial wellness.
How To Increase SoFi Credit Card Limit?
If you want to increase your SoFi credit card limit, there are a few things you can do. Tips for increasing your SoFi credit card limit
- If you're approved for a SoFi credit card but find that your credit limit is lower than you'd like, there are several steps you can take to increase your limit over time. Here are a few tips to keep in mind:
- Make on-time payments: One of the best things you can do to increase your credit limit over time is to make all of your payments on time. Late or missed payments can hurt your credit score and make it harder to get approved for a higher limit.
- Use your card responsibly: Using your SoFi credit card regularly and responsibly can also help you build a positive credit history and improve your chances of getting approved for a higher limit.
- Request a credit limit increase: If you've been using your SoFi credit card responsibly for several months and have a good payment history, you can consider requesting a credit limit increase. You can do this by logging into your SoFi account and submitting a request online.
- Apply for other credit cards: If you have a good credit score and income, you can also consider applying for other credit cards to increase your overall available credit. Just be sure to use your credit cards responsibly and avoid raising too much debt.
How SoFi Credit Card Stack Up Against Its Competitors
Here is an in-depth comparison of the SoFi Credit Card with the PayPal Cashback Mastercard, Citi Double Cash Card, and Chase Freedom Unlimited:
SoFi Credit Card vs PayPal Cashback Mastercard
- Rewards: The PayPal Cashback Mastercard offers 2% cash back on every purchase, while the SoFi Credit Card also offers 2% cash back on eligible purchases. However, the PayPal Cashback Mastercard has no categories or restrictions on earning rewards.
- Fees: Both cards have no annual fees, no foreign transaction fees, and no balance transfer fees.
- Sign-up Bonus: The PayPal Cashback Mastercard does not offer a sign-up bonus, while the SoFi Credit Card also does not have a sign-up bonus.
- Additional Benefits: The PayPal Cashback Mastercard offers benefits such as extended warranty and purchase protection, while the SoFi Credit Card offers benefits such as cell phone protection and travel assistance services.
SoFi Credit Card vs Citi Double Cash Card
- Rewards: The Citi Double Cash Card offers 2% cash back on all purchases - 1% when you buy and 1% when you pay your bill, while the SoFi Credit Card offers 2% cash back on eligible purchases. However, the Citi Double Cash Card requires cardholders to pay off their balance in full to earn the full cash back amount.
- Fees: Both cards have no annual fees, but the Citi Double Cash Card charges a 3% balance transfer fee, while the SoFi Credit Card has no balance transfer fee.
- Sign-up Bonus: The Citi Double Cash Card does not offer a sign-up bonus, while the SoFi Credit Card also does not have a sign-up bonus.
- Additional Benefits: The Citi Double Cash Card offers benefits such as Citi Identity Theft Solutions and worldwide travel accident insurance, while the SoFi Credit Card offers benefits such as cell phone protection and travel assistance services.
SoFi Credit Card vs Chase Freedom Unlimited
- Rewards: The Chase Freedom Unlimited offers 1.5% cash back on all purchases, while the SoFi Credit Card offers 2% cash back on eligible purchases. However, Chase Freedom Unlimited offers a sign-up bonus of $200 after spending $500 within the first three months.
- Fees: Both cards have no annual fees, but Chase Freedom Unlimited charges a 3% foreign transaction fee, while SoFi Credit Card has no foreign transaction fee.
- Sign-up Bonus: The Chase Freedom Unlimited offers a sign-up bonus of $200 after spending $500 within the first three months, while the SoFi Credit Card does not have a sign-up bonus.
- Additional Benefits: The Chase Freedom Unlimited offers benefits such as purchase protection and extended warranty, while the SoFi Credit Card offers benefits such as cell phone protection and travel assistance services.
Can You Spend Over Your Credit Limit?
If a cardholder attempts to spend more than their credit limit, the transaction may be declined, or the card issuer may approve the transaction and charge an over-the-limit fee.
All credit card issuers allow transactions to exceed the credit limit, so it's best to check with the specific card issuer's policies.
Some credit card issuers offer a feature called "overdraft protection" that allows cardholders to spend over their credit limit. This feature may come with additional fees or interest charges, so it's important to read the terms and conditions carefully before opting for it.
FAQs Regarding SoFi Credit Card Limit
Can I Increase My SoFi Credit Card Limit?
Yes, you can increase your SoFi credit card limit. You can do this by logging into your account and submitting a request online or by applying for other credit cards and increasing your overall available credit.
What Is Average Sofi Credit Card Limit?
The average SoFi credit card limit was $30,365 in 2020, according to Experian.
Is SoFi Credit Card Hard To Get Approved For?
No, SoFi is not hard to get approved for. As long as you have good credit and income, you should be able to apply for and get approved for a SoFi credit card.
How Long Does It Take To Get SoFi Debit Card?
When you sign up for the SoFi Debit Card, you will receive an email with instructions on activating your card. Once you have activated your card, it should arrive within 5-7 business days.
Credit Card Limit is an important factor to consider when applying for and using a credit card. This limit determines the maximum amount of credit that a cardholder can access, and it is determined based on several financial factors.
The SoFi credit card limit is a crucial aspect of managing one's finances and building a positive credit history.
By understanding their credit limit and using their credit responsibly, cardholders can take advantage of the many benefits of using a credit card, including rewards, fraud protection, and convenient payment options.
So, it's essential to make wise financial decisions and use credit wisely to stay within the SoFi credit card limit and maintain a good credit score.
We hope this blog has provided readers with a better understanding of how the SoFi credit card limit works and how to manage it responsibly.