SoFi Smart Card: 5% Back on Groceries, But There's a Catch

SoFi just dropped a new card, and it's got a killer grocery rewards rate. But before you get too excited, let's dig into the fine print. The SoFi Smart Card promises unlimited 5% cash back at grocery stores, but there's a monthly fee involved, and it's not your typical credit card.

What's the Deal with the SoFi Smart Card?

This isn't a traditional credit card. It's a charge card, which means you have to pay off your balance in full every month. No carrying a balance, no interest charges—but also no grace period if you're late.

The headline feature is unlimited 5% cash back on grocery store purchases. That's a solid rate, especially if you spend a lot on food. But there's a twist: you need a SoFi Plus membership to get this card, and that costs $10 per month. So even though the card itself has no annual fee, you're effectively paying $120 a year for the privilege.

• 5% back on eligible grocery store purchases (in the form of SoFi Member Rewards points)
• No rewards on non-grocery spend? The official terms are vague, but some sources suggest a base rate of 1% on other purchases.
• Exclusions: Superstores like Walmart and Target, warehouse clubs like Costco and Sam's Club, convenience stores, grocery delivery services, and meal-kit delivery services are not considered grocery stores.
• Must be a SoFi Checking and Savings accountholder to apply.

The Hidden Cost: SoFi Plus Membership

Here's where it gets tricky. The SoFi Smart Card requires you to be a SoFi Plus member. That's a $10/month subscription that used to have a free tier, but now it's paid only. So even though the card itself has no annual fee, you're on the hook for $120 per year just to keep the card.

Is it worth it? If you spend $200 a month on groceries, you'd earn $10 in cash back (5% of $200). That's exactly the cost of the SoFi Plus membership. So you'd need to spend more than $200 per month on groceries to come out ahead. For a family that spends $500 a month on groceries, you'd earn $25 in cash back, netting $15 after the membership fee.

• SoFi Plus costs $10/month (no free option available)
• Effective annual cost: $120
• Breakeven point: $200/month in grocery spend just to cover the membership fee

What Else Should You Know?

This card is tied to your SoFi Checking and Savings account. It's secured by your account balance, so it's not a traditional unsecured credit card. That means your credit limit might be lower, and you'll need to have funds in your SoFi account to back it up.

On the plus side, SoFi reports your payment history to Experian, so on-time payments can help build your credit score. But late payments will hurt, and the late fee can be up to $41.

Also, there's a direct deposit bonus available if you're new to SoFi. Set up a direct deposit of $1,000 or more within 25 days, and you could get $50. Deposit $5,000 or more, and you'll get $400. That's a nice bonus if you're already planning to switch your direct deposit.

• Direct deposit bonus: $50 for $1,000-$4,999.99, $400 for $5,000+ (must be set up by 12/31/26)
• Card is secured by your SoFi Checking and Savings account balance
• No rewards on cash advances, returned purchases, or reversed transactions

Bottom Line

• The SoFi Smart Card offers a great 5% grocery rewards rate, but the $10/month SoFi Plus membership effectively makes it a $120 annual fee card.
• You need to spend at least $200/month on groceries just to break even on the membership cost.
• It's a charge card, not a credit card—you must pay in full each month.
• Exclusions for grocery rewards include Walmart, Target, Costco, and delivery services.

Common Questions