u/Carson_BloodStorms

Sofi's 2% cashback world elite credit card is now charging a $10 monthly fee, $120 annually. The issue is that this card has been advertised as free with no fee whatsoever. Even when one visits the SOFI website for the card, it still sells itself as having "No annual Fee." The bigger issue I have with this is the timeframe Sofi gave it's customer to respond or "Op-out".

I got an email in January about the incoming change that would go into affect at the end of FEBRUARY. A 2 month notice and if you didn't just out right close your account you'd automatically be OP-IN to paying for it. Imagine you're on a month long vacation, you didn't see the email, you come back home and notice that your credit score has taken a hit because of a missed payment. Not because you forgot something, but because SOFI themselves started charging you for a card that they sold to as free.

I made a post about this on the main SOFI sub and a common pushback I received is that, "This is only being rolled out to risky members or those who don't use the credit card anyway." This disgusting and victim blaming line of the thinking to defend a multi-billion dollar corporation.

Sofi is selling you card as free but they later change their mind to start charging you for it with the ultimatum being you take a hit to your credit score or eat the now cost of the premium card. If they're willing to do this, who's to say they won't just randomly start charging you $10 bucks to being to use the checking account? Not to mention the card now having a premium price tag means it competes with othe premium cards; has SOFI made changed to it's card to compensate? NO. It's still the same amount of cashback, but here's the big brain math for you; if you're forced to pay a $10 monthly fee, which in my case I unknowingly did, it completely invalidates ANY cashback value you would've gained/have gained with the card, as you're paying yourself.

TL;DR SOFI is a scummy, lying bank adding monthly fees to their previously/currently advertised as free cards.

I didn't notice the header email so I was a bit shocked to find myself getting slapped with $10 fees. It is my fault that I didn't notice it but I'll still say, how Sofi went about doing this is pretty scummy!

Sofi sent me the email Jan 8th and they said the changes would happen by the end of February. A MONTH notice about the card that I've had for years because it had no fees now suddenly adding them. A minimum of 3 emails and a call would've been far more appropriate.

The actual charge itself doesn't list Sofi as the merchant, so an unsuspecting user can be mistaken for believing this is just a random subscription to something else.

Lastly, even on their website, they still advertise the Sofi Credit Card as having no annual fees, classless behavior.

I saw some shills saying this doesn't apply to everyone or just people in bad account standing but I literally got a 2x credit limit increase 3 weeks ago! In my eyes, this greatly diminishes Sofi as a reliable bank.

Sofi credit cards can NOT t be trusted and you should never bank with them