SoFi hates people who pay off their credit cards.

Some context: I have had a SoFi investment account since 2020. I have had a SoFi 2% cash back card since 2021. My credit score is 759. I have never carried over a balance and have paid off the card every month without fail.

I received an email stating that SoFi would begin charging 10$ per month for their 2% cash back card.

I talked to a customer service rep through their chat today. At first the rep said that being SoFi Plus member would get rid of the credit card charge. And I considered this, I would be able to have 3.6% APR on my savings account with them without having to deposit 5k a month. But then the rep said they were mistaken and that “having the SoFi Plus subscription will NOT waive the monthly Credit Card fee”. They also said that if I used the card enough, it would earn back enough to pay the fee itself.

Fucking what. I’d have to spend a minimum of 500$ to get the card to pay for itself. I got the card back in 2021 when my score was lower and my credit was new so the limit is only 1,000. So I’d have 50% utilization as well. INSANE.

So yeah. I canceled the card. They obviously don’t want customers like me. Sucks because what I’ve done is have their points get put into my investing account and then use that investing account for fun/experimental investments. In total I earned over 11,000 points on that damn thing. Which I know isn’t a lot for many of you, but it was a big deal to me, ya know?

I applied for a Fidelity 2% cash back card today and got approved with a way bigger credit limit and better APR. It just sucks that I have to do that and it sucks even harder that I have to close out my old account because now my credit score will drop due to the credit age thing, which nothing but time will fix.

Boo.

Edit: I forgot to mention the customer service rep said this 10$ a month charge was only being given to “certain” members and that they did not have access to the information about how these certain members were chosen. So there you go.