According to SoFi’s official website, the company is planning to launch a new credit card called the SoFi Smart Card. It has not been officially released yet, and anyone interested can join the waiting list at the link below.
The biggest highlight is that this card earns 5% cash back on grocery purchases. However, under the current terms, places like Walmart, Target, Costco, and Sam's Club do not count as grocery stores.
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.
Also, you need SoFi Plus to apply for this card. See our overview of SoFi banking and investment accounts.
The Smart Card is exclusively available to individual SoFi Checking and Savings accountholders who pay for SoFi Plus membership and is subject to application and approval.
Personally, I think an uncapped 5% setup like this will probably get abused very quickly, similar to the current uncapped 5% on the AMEX Blue Cash.
