Why we’re reducing use of our SoFi credit card

On these pages, we have spoken about SoFi positively. We have mentioned how their credit card offers 2% back on everything and how their savings accounts offer more interest than most major banks. No more. We are switching away from our SoFi credit card. We’ll substitute the Apple Card we mentioned earlier.

Another credit card bites the dust, we’ll no longer prioritize using our SoFi credit card.


There are two reasons to move away.

  • We’ve been SoFi members for six years. Not once has SoFi increased our credit card limit. We used this card for all utility, grocery, and shopping expenses. The credit use to limit ratio is always high, dragging down our credit score. We have always made our payments on time and in full.
  • More important, SoFi has sued to stop people with student loans from postponing payments. (Will SoFi’s Lawsuit To End The Student Loan Freeze Alienate Potential Customers? – Forbes) With a pandemic going on, inflation high, crippling interest rates, a Russian territorial war of expansion ongoing against Ukraine, and now the financial system lurching from one crisis to another, the timing is opportunistic. SoFi makes a lot of money refinancing student loans. No one wants to refinance with high interest rates, payments postponed, and a potentially shaky job market.

We can bail out socialists formerly known as libertarian tech bros who had money in Silicon Valley Bank (h/t to Eugene Robinson), we can bail out whiny Republicans who took hundreds of thousands in PPP money and complained no one else should benefit, but we can’t extend student loan relief of $10 to $20,000 to millions of people, making a real difference in their life.

At smilingdad, we undertake the two actions a capitalist can take. We take our money and move it elsewhere, with companies aligned more closely with our values. Plus, we let other people know what we did, to make their own choices. That means moving spending away from Sofi credit card. Eventually, that means moving away from SoFi bank. We cancelled our Amazon credit card and JP Morgan Chase checking accounts for supporting anti-labor practices and fossil carbon bombs.

Consider us “super woke” and mad at SoFi. We’re not the only ones.

Sincerely yours,


Copyright © 2023 smilingdad. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of smilingdad, its owners, sponsors, affiliates, or subsidiaries.

Published by smilingdad

My story is one of tragedy and redemption. We've made many mistakes along the way regarding our money. Our goal here is to show you how to take care of your money life long, and as much as we can, help the Earth along the way. I call it sustainable personal finance and ethical capitalism. Currently, I am a part time writer for Cleantechnica and part-time licensed financial professional, along with being a full-time dad.

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