$10 monthly fee on 2% Cash Back Credit Card is unacceptable
I am a SoFi shareholder from back in the IPOE days. I have a significant amount of shares IMO for a singular retail investor. I have been a member of theirs for about as long as I’ve been a shareholder so probably 5-6 years(?) I had direct deposit set up with them and applied for and received their credit card as soon as it was announced.
During that time I lost access to the high yield savings since I was unable to do direct deposit and refused to pay $10 for SoFi Plus. They reduced my credit limit from $4500 to $1000 without reason or explanation. And now, they are charging me $10 a month to use their card without reason or reasonable explanation.
At first, I thought this was them forcing SoFi Plus on me until I realized my savings account remained at 1%. I called them and got a less than helpful representative. They said they were charging extra for all the extra security they added to the account. 😳
I’m like …. Don’t you already have security on the accounts? Their response was … now we can let you know if someone is trying to fraudulently use your account. 😳
ISN’T THIS A STANDARD FEATURE ON VIRTUALLY ANY REPUTABLE CREDIT CARD?!?! And if it wasn’t already implemented on SoFi then WTF are they doing?!?!?
I asked if there was a way to product change my card to one that didn’t have a monthly or annual fee and I was told no. I was then told if I canceled the card, as was my right, I would no longer be eligible to open any other cards with SoFi. 😳
What is going on here?!?!?
I then asked to speak to a supervisor and of course there was none available. I was told an appointment was set up for a supervisor to call me back … I am still waiting for the call. It’s been over a week.
I seriously believe, as I have mentioned in another comment that they are trying to get rid of members they don’t deem worthy.
Being a “significant” shareholder I want to move my accounts to SoFi but not if this is the way I’m going to get treated. I have been wanting to get my kids on SoFi’s app but currently I have a hard time justifying it with how I’m being treated. I need to set up an investing account with one of them and if they hadn’t implemented all this BS, SoFi would have a new direct deposit account AND a SoFi Invest account with continued monthly deposits and buys.
Just today my other kid initiated a conversation with me about SoFi and their high yield account and I kinda had to disparage the brand because of all the continued BS I’m going through with this STUPID … UNNECESSARY … BOGUS credit card fee that not even EVERYONE is paying.
That’s at least two new direct deposit customers and one Invest customer that they will not get because of this BS. And these are the type of customers SoFi should be drooling over. They are young, just starting out, and very easy to lock in for the remainder of their lives. All because they want to get rid of me or charge me out the wazoo so I they make money off me on the way out the door.
IF (big “if”) this came with SoFi plus or if there was some other reasonable way around it I could possibly justify paying the fee or keeping the card. But there isn’t and they don’t seem to be obliged to work with you.
RobinHood’s Gold card is only $50 annually and that comes WITH their Gold membership AND I get 3% cash back for purchases with the card. Compared to SoFi’s card it’s a no brainer. Compared to SoFi’s stock it’s no wonder RH is soaring while SoFi is floundering.
At this point I don’t see any alternative other than closing out my card. I didn’t want to do this because I didn’t want to take the credit score hit on my length of credit, but that’s temporary at best and to be fair I’ll probably get a much higher credit limit on the RH card which will offset any hit I take from a hard pull and/or decease in average length of credit.
I like Noto. I still like the opportunity that exists with the stock. (Especially since it’s been so beaten down of late.) But I’m seriously considering going scorched earth with SoFi, in its entirety because of this whole situation and how they have handled it. This does not give me the warm fuzzies going forward to trust them with any significant portion of my financial portfolio, and that’s truly a shame.
(This was originally posted as a comment on another SoFi thread. I felt it deserved its own thread and some answers from SoFi directly, which is why I’m posting it here.)