This is a nice perk because it means your earnings are just that. You won’t lose any of your rewards earnings to balance out an expensive annual fee. Still, Tomo’s autopay schedule and no option to carry a balance stand apart from other card options. If you’re just starting in the world of credit and you’re not used to regular monthly payments, then Tomo might be a safer option to start with.

The highest earning rate is only available during the first year of card membership. To receive this rate, you must be enrolled in direct deposit through SoFi and maintain a qualifying direct deposit each month during the promotional period. If you end up carrying a balance, you’ll pay interest in the form of a variable APR, which is also determined by your credit score and the type of card you have. Earn 5% on travel purchases through Chase Ultimate Rewards.

However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on c2c rectangle crochet tutorial your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

It also earns a small amount of cash back on every purchase. Ideally, you may use this card by paying off your balances in full each month. Upon seeing improvement in your credit score, you may then consider applying for a card that goes easy on the fees. Pay particular attention to the card’s high APR if you plan to maintain revolving balances in your account from one month to the next. The issuer applies the first year’s annual fee in advance which effectively brings down the card’s initial $300 credit limit to $225.

The SoFi Credit Card is an ideal flat-rate rewards card if you don’t mind redeeming your rewards into your SoFi accounts or towards your SoFi loan. The field of 2% cash back cards with no annual fee isn’t huge, and the SoFi Credit Card can be a good way to boost your savings or pay down debt faster. However, if you’re not a SoFi member or are looking for cash back you can redeem for anything, you may need to consider other card options. Instant buy with your credit card, debit card or bank transfer.

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