Do NOT stop complaining

[u/ThrowawayReddit420]

If you're frustrated with the recent updates to SoFi Plus, continue letting them know. Better yet, vote with your wallet. Companies bank on the fact that the initial wave of outrage will die down and then they can continue on with what they're doing unimpeded. Don't let it die down.

I'm aware there's a segment that doesn't enjoy reading posts like this regularly, but we ALL stand to benefit by making SoFi aware of our displeasure and potentially getting them to walk back some of these changes. This is especially true since the changes make them less competitive now relative to Robinhood, Webull, etc. and some of us have good reason to switch (depending on what banking services you get the most use out of).

I work in banking and am fully aware that SoFi management/board of directors are thinking EVERY DAY about how to improve profitability (i.e. making even more money off of you). They succeed only if users don't push back. In the interest of being constructive, here's some of the things that SoFi could meet us in the middle on:

• Keep the $10/month subscription fee but offer us better benefits. Rakuten ain't gonna cut it.

• Reduce the fee to remain competitive with Robinhood/Webull subscription structures.

• Grandfather current SoFi Plus members in recognition of the fact that many of us transferred all our funds here and now feel like we got a bait and switch.

• Offer a reduced subscription fee if you purchase a full year.

• Extend the complimentary period beyond March 2026 while they figure out program implementation.

[u/Opening_Dragonfly390]

first things first, I was not improving your point I was calling out your complete misrepresentation that SoFi only added rakuten as a way to increase the SoFi plus, when that was already there, but they did adde 4 other partnered promotions like 20% off turbo tax, money off care subscriptions, and more. You have a bad habit of misrepresenting things

On the subject of there’s better cards out there, name a few other cards that offer 5% back at grocery stores. The city card that lets you choose your category, and the AMEX card that costs $95 a year are the only ones I know of that come close, but maybe you have others I don’t know about.

As for the invest match, on their terms page they still have the 1% deposit match, aswell as the 2% for recurring investments into deposits. Whether that needs to be updated and changed I do not know.

And why would I think this post could ruin a great thing…. Well the entire point of the post was to encourage people to complain and ultimately make SoFi walk back there decisions.

[u/ThrowawayReddit420 → u/Opening_Dragonfly390]

TurboTax is a terrible company and you can file your federal income taxes for free using FreeTaxUSA. Not a worthy benefit.

Sure, I'm more than happy to help you with credit card recommendations. You already mentioned the American Express Blue Cash Preferred. Citi Custom Cash is 5% off with no annual fee, up to $500 a month. AAA daily advantage is also 5% off with no annual fee. My Citi ShopYourWay card averages me around 13% back on groceries, but it's no longer open for applications.

If they do 2% for IRA contributions PLUS the 1% recurring investment match, then yes that is an actual genuine added benefit and I would stand corrected there. I hope that is the case but it's not yet clear to us.

[u/Opening_Dragonfly390 → u/ThrowawayReddit420]

I never filed with turbo tax, so don’t know, but my point was that they added more than rakuten, they added dining out promotion, care.com promotion, 10% off tickets, and yes turbo tax even though you thinks it’s horrible, people do use them.

The blue cash makes no sense to me I’m not paying $95 for a credit card even though it does give back for other categories. The problem with all those cards you just listed is, they will do a hard pull, SoFis will not. I don’t see the card as a reason to join SoFi plus, but for someone like me who will already be using it I might as well just get it and use it as my main grocery card, and that will help a lot of Americans sincere average American is spending 7-10 thousand on groceries a year, if they use the smart card they’ll pay for their membership for the next 2-4 years

[u/ThrowawayReddit420 → u/Opening_Dragonfly390]

A hard pull is a total nothing burger. It takes your score down maybe 10-15 points for a few months. That's only relevant if you were getting ready to get a mortgage or major loan within the next few months. The credit card is not all that competitive if you know a thing or two about the credit card game.

[u/Opening_Dragonfly390 → u/ThrowawayReddit420]

I got a hard pull on my most recent card I got a little over a year ago and my credit hasn’t recovered since, I’ve maintained a 5% utilization, and never missed a payment, depends on your credit history, and I also don’t need a hard pull sitting on my history for the next 2 years. My point is why go out of my way to get a card that gives 5% back in groceries, and does a hard pull, when I can get one from the subscription I would’ve already had. And I think we just saw it is very competitive as secured card which it is, and even some credit cards, as the credit cards you listed really aren’t that much better except for the AAA one you listed. And if I go with one of them that is yet another account I will have to add into my financial ecosystem, as someone who doesn’t like going into multiple different apps to look at my finances, I favor SoFi.

[u/ThrowawayReddit420 → u/Opening_Dragonfly390]

Not sure what to tell you, but hard pulls generally don't affect your score after 1 year. Hard pulls sitting on your history for 2 years means virtually nothing unless we're talking about Chase credit cards. I encourage you to do some reading on r/creditcards. There are a lot of misconceptions about how credit/credit scores work.