SoFi Unlimited 2% Credit Card Gets Reward Boost
The SoFi Unlimited 2% Credit Card¹ already focuses on rewarding our members simply. The card, which charges zero annual fee†, features a host of benefits to help you get your money right, including unlimited 2% cash back rewards² on all purchases redeemable as statement credit or towards saving, investing, or paying down eligible SoFi debt. […]
Now Rolling Out: SoFi + Zelle®
We’ve read your posts and comments, and we know that Zelle® is one of the most requested features on the SoFi app. We’re excited to share that starting today, we’re beginning to roll out Zelle® with SoFi Checking & Savings members. To make sure we’re building a great money transfer experience, we will roll out […]
New Data Shows Federal Student Loan Borrowers Face Confusion in Resumption of Payment
New Survey Data from Embold Research, Sponsored by SoFi, Shows Federal Student Loan Borrower Confusion and Misconceptions Around Resumed Payments Understanding the current state of federal student loan repayment In October 2023, federal student loan borrowers received their first bill in nearly three-and-a-half-years, following the end of the student loan moratorium. Throughout the payment pause, […]
SoFi Everyday Cash Rewards and SoFi Essential
SoFi is piloting two new invitation-only credit cards – the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. These new cards reflect SoFi’s commitment to helping our members achieve their goals. By offering several cards, we can serve members with diverse credit backgrounds more options to select what tool works best […]
How It Works: How SoFi Makes Money
How It Works is an ongoing series here on our blog, exploring and demystifying topics about which we hear often from our members and the public. Today, we’re taking a look at how SoFi makes money. [UPDATED 11/21/2024 to include additional information on how SoFi Invest makes money.] SoFi is able to offer products and […]
Beware of Scammers Impersonating SoFi
Across the finance industry, there’s been an increase in fraudulent and imposter activity, and SoFi has not been spared. With that in mind, we wanted to take a moment to remind you where SoFi operates, how to recognize a scam, and where you can report suspicious activity. At SoFi, we take your security seriously and […]
Mortgage Rates Increased About a Quarter Percent This Week. What Does That Actually Mean?
If you’ve scanned the headlines lately, you probably saw that mortgage rates went up yet again. And they did so despite another Fed rate cut, which has a lot of folks pretty confused. I already touched on that strange relationship, but today I wanted to talk actual numbers. Yes, mortgage rates jumped up over 7% […]
The Reason Mortgage Rates Jumped After the Fed Rate Cut
Well, it happened again. The Federal Reserve announced another rate cut and mortgage rates surged higher. In fact, the 30-year fixed now starts with a 7 instead of a 6 for most loan scenarios. What’s going on? While it seems to defy logic, it’s a pretty common occurrence. It actually happened back in September too. […]
Why You Might Want to Steer Clear of a Cash Out Refinance Right Now
It’s no secret that mortgage rates aren’t cheap anymore. In the first quarter of 2022, you could still get a 30-year fixed in the 3% range. Within a year, rates were pushing 8%, before easing in 2024 to around 6% then rising again to 7% in the lead up to the election. It’s been a […]
The U.S. President Doesn’t Set Mortgage Rates
Mortgage rates are a pretty complex subject. They’re also commonly misunderstood and oversimplified, with many myths perpetuated by those who work in the industry. Some folks think that when the Fed cuts rates, mortgage rates fall by the same amount. Others might believe the government somehow sets the rates and then lenders offer them accordingly. […]