SOFI CREDIT CARD
CARDHOLDER AGREEMENT
Effective as of August 22, 2021
This Truth in Lending Act Disclosure is part of your Cardholder Agreement and contains
important information about current rates and fees applicable to your Account. See the
accompanying Risk Based Pricing Disclosure and remaining Agreement for additional terms and
conditions governing your Account and for definitions of terms used herein. Disclosures are
accurate as of the date above.
TRUTH IN LENDING ACT DISCLOSURES
Interest Rates and Interest Charges
Annual Percentage Rate
Your APR will be
12.99% to 24.99%.
This APR will vary
(APR) for Purchases
with the market based on the Prime Rate.
Annual Percentage Rate
Your APR will be 12.99% to 24.99%. This APR will vary with the
(APR) Balance Transfers
market based on the Prime Rate. SoFi is currently accepting Balance
Transfers from recipients of promotional offers only. We will inform
you when this feature is widely available.
Annual Percentage Rate
26.99% This APR will vary with the market based on the Prime
(APR) for Cash Advances
Rate.
Paying Interest
Your Payment Date will be at least 25 days after the close of your
Billing Period Account Statement (or at least 23 days for Billing
Periods that begin in February). We will not charge you any interest
on purchases if you pay your entire balance (adjusted, as applicable
for any special financing plan) by the Payment Date each month. We
will begin charging interest on Cash Advances from the transaction
date and Balance Transfers on the transaction date.
Minimum Interest
If you are charged interest, the charge will be no less than $1.00.
Charge
For Credit Card Tips
To learn more about factors to consider when applying for or
from the Consumer
using a credit card, visit the website of the Consumer Financial
Financial Protection
Protection Bureau at
Bureau
https://www.consumerfinance.gov/learnmore
Fees
Annual Fees
None
Transaction Fees
Balance Transfer Fee
The greater of $10 or 5% of the Balance Transfer
Cash Advance Fee
The greater of $10 or 5% of the Cash Advance
Penalty Fees
Late Fee
Up to $39
Returned Payment
Up to $39
Fee
How We Will Calculate Your Balance: We use the "daily balance" method including new
transactions, to calculate the daily balance on which we will charge interest.
Billing Rights: Information on your rights to dispute transactions and how to exercise those
rights is provided in the additional terms and conditions below.
Variable Rate: Your APR(s) will vary with the market based on the Prime Rate. The Prime
Rate is the highest rate of interest listed as the "US Prime Rate" in the "Money Rates" section of
the Wall Street Journal as of the 25th day of the calendar month preceding the Billing Period (or
if such day is not a Business Day, the following Business Day).
Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the
Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s)
increase, your interest charges will increase, and your minimum payment may be greater. A
change in your Daily Periodic Rate(s) will take effect the Billing Period immediately following
the publication of the changed Prime Rate.
Minimum Payment: We will calculate the minimum payment as the larger of: 1) $35 (or total
amount you owe if less than $35); or 2) the sum of 1% of the new balance, plus, periodic interest
charges accrued, and fees incurred during the Billing Period.
Margins, Daily Periodic Rates and Corresponding APRs
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Daily Periodic Rates and corresponding APRs are determined by adding the Prime Rate to the
Margin set forth below.
Applicable
Margin
Daily Periodic Rate and APR
Rate
Purchase Rate
Prime + 9.74% to
DPR: 0.035589% to 0.068465%
Prime + 21.74%
APR: 12.99% to 24.99%
Cash Advance
Prime + 23.74%
DPR: 0.0739452%
Rate
APR: 26.99%
Balance
Prime + 9.74% to
DPR: 0.035589% to 0.068465%
Transfer Rate
Prime + 21.74%
APR: 12.99% to 24.99%
Military Lending Act Disclosure
Federal law provides important protections to members of the Armed Forces and their
dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a
member of the Armed Forces and his or her dependent may not exceed an annual percentage rate
of 36 percent. This rate must include, as applicable to the credit transaction or account: The
costs associated with credit insurance premiums; fees for ancillary products sold in connection
with the credit transaction; any application fee charged (other than certain application fees for
specified credit transactions or accounts); and any participation fee charged (other than certain
participation fees for a credit card account). To hear disclosures related to the Military Lending
Act, please call this toll-free number: 1-855-731-5709.
Covered Military Borrowers
If you are a "covered borrower," as defined under the Military Lending Act, 10 U.S.C. § 987, as
amended, (i) the "Arbitration Provision," (ii) any waiver of right to legal recourse under any
state or federal law, and (iii) any other provision in this Agreement that is not enforceable
against you under the Military Lending Act does not apply to you SO long as you are a "covered
borrower."
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Welcome to the SoFi Credit Card!
This Cardholder Agreement (the "Agreement") governs the use of your revolving credit account
(your "Account"). In this Agreement and in your monthly Account Statement (as defined
below), "we," "us," "our" and "Bank" refer to The Bank of Missouri, including, as applicable,
our successors, assignees and representatives. "You," "your" and "Cardholder" refer to the
person who applied for, and was approved for the Account, and, as appropriate, all persons
authorized to use the Account.
By activating your SoFi Credit Card Account, using the SoFi Credit Card or making any
payment to your Account, you are agreeing to be bound by this Agreement, and the terms set
forth in the Pricing Disclosures and all subsequent disclosures provided to you by us, including
disclosures provided to you by SoFi Credit Corp. LLC, a Delaware limited liability company, or
any affiliate thereof (collectively, "SoFi"), each of which are incorporated herein by reference, or
as otherwise disclosed to you through the SoFi website at www.sofi.com, or the SoFi mobile
app. Please read this Agreement carefully and keep a copy for your records.
You must be at least 18 years of age (or of legal age in your state of residence) to apply for a
SoFi Credit Card. SoFi Credit Card Accounts are only available to individuals who reside in the
continental United States.
In New York, this Agreement begins on the first date that you sign a sales slip or
memorandum evidencing the purchase of goods or services
Your application, any card carrier that we send with your SoFi Credit Card and the
accompanying Pricing Disclosure, any automatic payment plan form, any other written
documents (including any electronic record) evidencing any transactions made under your
Account, any notices that we send to you with your Agreement, any special credit terms
disclosures included in any solicitation letter that we sent you (including initial credit limit
terms) and any special credit terms or rewards terms separately or subsequently disclosed to you
in writing, are part of, and incorporated into, this Agreement.
You can view, print, save, and email current versions of the Agreement at any time from the
SoFi website or the SoFi mobile app.
Contacting Us
Except as explicitly set forth in this Agreement, you can contact us with questions or other
matters about your Account by:
Calling us toll-free at 1-844-945-7634;
Message us through the SoFi mobile app; or
Writing to us at SoFi Credit Card, 2750 East Cottonwood Pkwy, Suite 300, Salt Lake
City, UT 84121.
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If you attempt to contact us by other means, we may not receive your message and may not be
able to respond in a timely manner, or at all.
Changes to this Agreement
We may, at any time in accordance with this Agreement and subject to applicable law:
(i) terminate this Agreement; (ii) terminate your right to make future Purchases, or take future
Cash Advances or Balance Transfers; (iii) change your Credit Limit; or (iv) add new terms or
delete, modify, suspend or otherwise change any terms and conditions of this Agreement or
features related to your Account (including, without limitation, changing from a variable rate to a
fixed rate or changing the basis for your variable rate, increasing any rate of interest, increasing or
adding fees or charges, changing the method of computing the balance upon which interest is
assessed or changing the date upon which interest begin to accrue or any other terms related to
your Account). Changes that are favorable to you may be made at any time without prior notice.
Changes in terms may be based upon factors including, but not limited to, anti-fraud policies and
procedures, market practices, regulatory guidance, your record of making timely payments and
maintaining balances under your Credit Limit, your credit score and information contained in your
credit report.
If we are required by law to provide you with notice of any changes to this Agreement, we will do
SO in accordance with the terms of the esign agreement we previously provided to you. Subject to
applicable law, your continued access to or use of your Account following such notice shall be
deemed to be your acceptance of such modification of this Agreement. If you do not agree to this
Agreement or any revised version of this Agreement, we may require you to close your Account.
When your Account is closed: (i) in cases where you have a right to reject a change pursuant to
applicable law, we will not apply that change to your Account; and (ii) in all other cases, the
revised version of this Agreement will apply while you repay your outstanding Balance. No new
term or change in the terms of this Agreement will affect your obligation to pay all amounts owing
under this Agreement.
Important Definitions
Where used in this Agreement, the following terms shall have the meanings assigned to them in
their accompanying definitions:
"Account" means the SoFi consumer credit card account opened by you under this Agreement.
"Application" means any: (i) written or electronic application or offer acceptance that you
signed or otherwise submitted in connection with opening an Account; or (ii) oral request for
credit and a SoFi Credit Card, resulting in the opening of an Account.
"Business Day" means any day Monday through Friday on which a financial institution may be
open, excluding all United States national holidays.
"Billing Period" means the period of time reflected on your Account Statement. This period may
vary in length but is approximately 30 days. We will often specify a Billing Period by the month
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in which its closing date occurs. For example, the "March Billing Period" will have a closing
date in March. We may also refer to a Billing Period as a "Billing Cycle".
"Card Networks" means the organizations, such as Mastercard or VISA that facilitate the
payment process between cardmembers, financial institutions, and merchants.
"Claim" means any claim, dispute, or controversy (whether based upon contract, tort, intentional
or otherwise, constitution, statute, common law or equity, and whether pre-existing, present or
future, including initial claims, counter-claims, cross-claims, and third-party claims, arising from
or relating to: (i) this Agreement, your Account or your relationship with us; (ii) any servicing
of your Account by our agents or service providers; (iii) advertisements, promotions or
statements related to this Agreement or your Account; (iv) your application for credit; (v) credit
bureau reporting or debt collection on or related to your Account; and (vi) your access to and
use of your Account or use of any products or services provided by the Bank, SoFi, or any of
their affiliates.
"Default" means You are in default on the account if:
You do not make a required payment when it is due
You have exceeded one or more of your credit limits
A payment you make is rejected or cannot be processed
You provide us false, misleading, or fraudulent information
You fail to comply with any term of the contract
You are bankrupt or insolvency proceedings are filed against you
You die or are legally declared incompetent or incapacitated
We become aware that you are using your SoFi Credit Card for illegal or fraudulent
purposes
If governing law requires us to, we will give you notice and/or a right to cure your default before
taking any action because of your default.
"Late Payment" means a failure to pay Minimum Payment due by the Payment Date.
"Late Payment Fee" means the fee initially disclosed in the Pricing Disclosure or in any
subsequent notice to you, which may be charged if you fail to make the Minimum Payment due
by the Payment Date.
"Overlimit Amount" means the amount by which your Account Balance exceeds your Credit
Limit in any Billing Period.
"Pricing Disclosure" means the Truth in Lending Act Disclosures set forth at the beginning of
this Agreement and the Risk Based Pricing Disclosure delivered together with this Agreement,
which set forth the initial APR's, Margins, fees and other information related to the cost of credit
required in accordance with applicable law.
"Returned Payment" means a payment that isn't honored or returned by your financial
institution.
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"Returned Payment Fee" means the fee initially disclosed in the Pricing Disclosure or in any
subsequent notice to you, which may be charged if any payment is dishonored or returned.
"SoFi Credit Card" means any physical or digital card, or other means of access to your Account.
"SoFi Rewards Program" means any program offered from time to time by through which SoFi
Cardholders may earn and redeem rewards points based on spending and other Account activity.
Information about any currently offered SoFi Rewards Program can be found here.
"SoFi Reward Points" means points earned under the SoFi Rewards Program.
"You," "your," and "yours" mean an individual for whom an Account has been approved by us,
including any Authorized User.
Your Account
This section explains the technical requirements needed to establish and use your Account, the
limitations on use of your Account, and your obligation to pay us the amounts billed to your
Account.
Using Your Account
You may use your Account to make Transactions subject to this Agreement. You must pay us
for all amounts due on your Account, including:
Transactions you make, even if you didn't present your SoFi Credit Card or sign for
the Transaction;
Transactions an Authorized User makes;
Transactions that other people make if you or an Authorized User let them use your
Account; and
Any fees and interest charges on the Account.
If you store your SoFi Credit Card information in a smart phone, tablet, other electronic device,
or a mobile wallet, it can be used to make purchases or other Transactions. All such Transactions
are covered by this Agreement. Apps that use your SoFi Credit Card for Transactions may have
separate terms of use.
You may not use or permit your Account to be used for:
Any business or commercial purpose. If you use your Account for any business
purpose, this Agreement still applies, and you must pay us for the Transactions in
accordance with the terms hereof. We may also close your Account.
Any illegal purpose, including in connection with unlawful domestic or international
websites or to purchase illegal goods or services. If you use the Account for any
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unlawful purpose, your obligations under this Agreement still apply, and you must
pay us for the Transactions in accordance with the terms hereof. In addition, you may
also have to pay us and the Card Network for any damages or expenses resulting from
such use. We may also close your Account.
Any purpose in any country or territory that is subject to economic sanctions
administered and enforced by the U.S. Department of the Treasury's Office of
Foreign Assets Control (OFAC), or with any person or entity subject to these
sanctions;
Any lawful or unlawful digital currency or gambling related purpose. If you use the
Account for either of these purposes, your obligations under this Agreement still
apply, and you must pay us for the Transactions in accordance with the terms hereof.
In addition, you may also have to pay us and the Card Network for any damages or
expenses resulting from such use. We may also close your Account; or
Except as may be permitted under the terms of the SoFi Rewards Program or any
special offer we make available to you, making payments on any consumer loans or
other amounts owed to SoFi or any of its affiliates.
If your Account is used for any Transaction not permitted by this Agreement, we will treat these
Transactions as Purchase Transactions for purposes of applying interest, and you are responsible
for these Transactions and any related interest.
Binding Agreement
Your activation of your SoFi Credit Card, your use of the Account, or any payment made on the
Account, evidences your acceptance of the terms of this Agreement. Even if you don't use your
SoFi Credit Card, this Agreement will take effect unless you contact us to cancel your Account
within 30 days after we approved your Account and made this Agreement available to you.
For New York residents, this Agreement takes effect on the first date that you sign a sales slip or
memorandum evidencing the purchase of goods or services.
Where the terms of this Agreement differ from any special terms that we later offer to you in
writing, the special terms offered will control, but all other terms of this Agreement will remain
unchanged. This Agreement includes an Agreement to Arbitrate Claims.
Promise to Pay
You agree to be bound by the terms and conditions of this Agreement. You promise to pay us all
amounts charged to your Account under this Agreement, including all Transactions, interest
accrued, fees incurred, and if applicable, amounts due in accordance with the terms of any
special financing plans.
Your Credit Limit
Definitions.
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"Credit Limit" means the maximum amount of credit we approve and authorize you for under
your Account from time to time. Your initial Credit Limit is set forth in your approval notice and
welcome letter. Subsequently, your current Credit Limit(s) can be found in your SoFi mobile app
and on your Account Statement.
You agree not to use and not to allow any Authorized User to use your Account in any way that
would cause you to go over your Credit Limit. We may refuse to authorize or accept any
transaction on your Account that would cause you to exceed your Credit Limit.
In addition to your overall Credit Limit, we may establish different Credit Limits for different
categories or types of balances, Transactions or Account features. The maximum amount you
may use for Balance Transfers will not exceed 75% of your total Credit Limit. The maximum
amount you may use for Cash Advances will not exceed the lesser of 30% of your total Credit
Limit or $5,000. Cash Advances are also subject to a daily limit equal to the lesser of 30% of
your total Credit Limit or $1,000.
Your Account represents a continuing offer to extend further credit to you which may be
withdrawn at any time. We reserve the right to change (to set, increase, decrease or remove) the
Credit Limit for your Account from time to time in accordance with this Agreement and
applicable law. Certain changes in your Credit Limit may occur without prior written notice to
you and may be based upon factors including, but not limited to, anti-fraud policies and
procedures, your record of making timely payments and staying within your established Credit
Limit, your credit score and information contained in your credit report and your proper
maintenance of any checking account used to make automatic payments, if applicable.
We may authorize Transactions that, together with previously authorized Transactions, interest
and other amounts billed to you, cause your outstanding Balance to exceed your credit limit. If
we do, you will be responsible for paying that amount.
Declined Transactions
We may decline Transactions for any reason, including suspected or actual fraud, violation of
applicable law, your default under this Agreement, or if approval would cause you to exceed
your Credit Limit. If we decline a Transaction, we may advise the person who attempted the
Transaction that it was declined. We are not responsible if anyone refuses to accept your SoFi
Credit Card. We are not liable if a merchant, ATM or other institution does not honor your SoFi
Credit Card, or if your SoFi Credit Card malfunctions.
Returns
When you return an item purchased using your Account, the merchant refund will appear as a
credit to your Account, together with a debit of any SoFi Reward Points previously credited in
connection with the Transaction.
Special Terms
When we solicit you for an account, or from time to time thereafter, we may offer special terms in
connection with your Account. These special terms may be limited to certain qualifying
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transactions. The period of time that special terms may be available may be limited. Information
specific to any special terms will be provided at the time of offer. If you accept a qualified
solicitation offer or use your Account to enter into a qualifying transaction, you will be deemed to
have acknowledged and agreed to the special terms disclosed in the offer, which terms may differ
from the terms of this Agreement. No formal amendment of this Agreement will be necessary,
and all terms of this Agreement will remain applicable except those inconsistent with the disclosed
special terms of the offer. If at any time you fail to comply with the terms of this Agreement as
modified by the special terms of an offer or are otherwise in default of any obligation you owe us,
then we may, in our sole discretion, immediately terminate any special offer terms and close your
Account. We will notify you of the termination of any special terms if (and as) expressly required
by law.
Protecting Your Account Information and Credentials
You are solely responsible for maintaining the security of your SoFi Credit Card, your
passcodes, and any other authentication credentials used in connection with your Account
(collectively, your "Credentials"). If you or an Authorized User, permit anyone else to use your
Account (e.g., by providing your SoFi Credit Card or otherwise providing any of your
Credentials to a third party), you will be liable for the amounts due for all Transactions made on
your Account by that person.
Your Liability for Unauthorized Transactions
Contact us IMMEDIATELY if you believe your SoFi Credit Card has been lost or stolen, your
Credentials have been compromised, or your Account has been accessed without your
permission. Provided you promptly notify us, you will not be liable for any unauthorized
transactions made on your Account.
Account Balances
Definitions:
"Balance Categories" means Purchase Transactions, Cash Advances, Balance Transfers and any
other categories of transactions designated from time to time.
"Balance Transfer" means any balance in your name only that you transfer from another creditor
which is a U.S. institution to your Account. Except as otherwise specifically provided in this
Agreement, a Balance Transfer generally is treated as a Cash Advance, but the fees that may be
imposed at the time of transfer may differ from those applicable to Cash Advances.
"Balance Transfer Fee" means the fees disclosed in the accompanying Pricing Disclosure or in
any amendment hereto, which are charged on each Balance Transfer. This fee is deemed
additional interest and will be added to your Balance Transfer balance.
"Cash Advance" means a transaction in which your SoFi Credit Card is used to withdraw cash,
including foreign currencies, or other transactions we consider to be "cash-like" transactions.
For example: using your SoFi Credit Card for ATM and teller withdrawals, wire transfers,
money orders, or traveler's checks.
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"Cash Advance Fee" means the amount disclosed in the Pricing Disclosure or in any amendment
here to which is charged each time you obtain a Cash Advance. This fee is deemed additional
interest and will be added to the amount of your Cash Advance balance.
"Purchase Transaction" means a purchase of or payment for consumer goods or services using
your Account.
"Transaction" means any Purchase Transaction, Cash Advance, Balance Transfer or any other
transaction made using your Account, or any other adjustment made to your Account. Your
Account may have separate balances for Purchases, Cash Advances, Balance Transfers, etc.
Each charge made to your Account, including interest or fees, is allocated to a specific Balance
Category (e.g., Purchase Transactions are included in your Purchase Balance).
We place fees that arise from a specific charge into the Balance Category of the related charge.
Fees that do not result from a specific charge, such as a Returned Payment Fee, are added to your
Purchase Balance.
Transactions Made in Foreign Currencies
A foreign currency transaction is a Purchase Transaction and/or Cash Advance made in a foreign
currency (i.e. not U.S. dollars).
Purchase Transactions. Mastercard International, the Card Network associated with your
Account, may convert the amount of a Purchase Transaction made in a foreign currency
into U.S. dollars. Mastercard follows its own methods for conversions, which methods
are subject to change without notice. The exchange rate will be chosen by Mastercard.
The conversion will occur on the day the Purchase Transaction is processed by
Mastercard, which may be different than the date of the Purchase Transaction. As a
result, the conversion rate may differ from the rate in effect on the Transaction date or the
date the Transaction is posted on your Account. If a third party, such as a merchant,
converts the amount of a Purchase Transaction into U.S. dollars before sending the
transaction to Mastercard, the third party chooses the conversion rate instead of
Mastercard. We do not add any foreign exchange fees to Purchase Transactions.
Cash Advances. If you take a Cash Advance in a foreign currency at an ATM or branch
of a financial institution, it may not be Mastercard that converts the Cash Advance into
U.S. dollars. Instead, depending on where the transaction takes place, another third party,
such as a financial institution, ATM network or ATM operator, may do the conversion.
We do not control this. The party that converts a Cash Advance to U.S. dollars will
choose the exchange rate and when to do the conversion. The exchange rate in effect on
the date the Cash Advance is converted to U.S. dollars may differ from the rate in effect
on the date you took the Cash Advance or the date that Cash Advance is posted to your
Account. The exchange rate may also differ from any rate quoted to you when you
requested the Cash Advance.
Annual Percentage Rate, Interest Charges, and Minimum Payment
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This section explains how we determine your APRs and DPRs, how we calculate the interest you
might owe each month, and how we calculate your Minimum Payment each month.
How We Determine APRs and DPRs
Definitions:
"Annual Percentage Rate" or "APR" means an annualized interest rate. Different APRs may
apply to different Balances on your Account.
"Daily Periodic Interest Rate" or "DPR" means the daily interest rate which applies to a given
Balance. It is equal to the applicable APR or variable APR for that Balance divided by 365.
"Margin" means the percentage we add to the Prime Rate to determine your APR or Variable
APR.
"Prime Rate" means for each Billing Period, the highest rate of interest listed as the "U.S. Prime
Rate" in the "Money Rates" section of The Wall Street Journal as of the 25th day of the calendar
month preceding the Billing Period (or if such day is not a Business Day, the following Business
Day). If the WSJ doesn't publish the U.S. Prime Rate that day, then we'll use another
publication.
"Variable APR" means an APR that can change each Billing Period as the Prime Rate changes.
How We Calculate Interest
First, for each Billing Period, we calculate the APR or Variable APR for each Balance
category by adding: (a) the Prime Rate for the Billing Period, plus (b) the Margin for the
related Balance category.
Second, for each day in a Billing Period, we will assess a daily interest charge which is the
product of the amount due on each Balance each category and the DPR or "daily periodic
rate" of interest for such Balance category. The DPR is calculated by dividing the
applicable APR or Variable APR by 365 (366 for leap years).
Third, your total interest charges for each Billing Period will be the sum of the daily interest
assessed for each Balance Category during that Billing Period.
See the Pricing Disclosure for the initial Margins and APR's applicable to your
Account. You can also find the Margins and APR's for your Account on your
Account Statement or through the SoFi Mobile App.
How We Determine Your Daily Balance
We use the "daily balance" method (including new transactions) to calculate the Balances on
which we will charge interest. For each day in the Billing Period, we determine the Daily
Balance for your Account as follows:
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(1) We start with the beginning balance for each Balance Category (Purchase Transactions,
Cash Advances, Balance Transfers, etc.) for the day;
(2) For each Balance Category, we add an amount equal to the applicable Daily Periodic Rate
multiplied by the beginning balance for that Balance Category;
(3)
We add any new Transactions, Cash Advances and Balance Transfers, as applicable, to
the corresponding Balance Category and any corresponding debits, plus any related fees
incurred for the current day; and
(4) We subtract from the balance of each Balance Category; any applicable payments and
credits received that day.
This gives us the Daily Balance for each Balance Category for that day. The addition of the prior
day's interest to the Daily Balance calculation causes interest to compound daily. If any Daily
Balance is less than zero, we treat it as zero. For each Billing Period, the total amount due will
be the sum of the Daily Balances for each day in the Billing Period.
Grace Periods and When Interest Begins to Accrue
Except as provided below, Purchase Transactions, Cash Advances and Balance Transfers begin
to accrue interest from the date of the transaction (or, at our option, from the date they are posted
to your Account) and continue to accrue interest until the charge is paid in full. You will have at
least until the Payment Date as a grace period ("Grace Period") on Purchase Transactions. This
means that you will have at least 25 days from the closing date of your Billing Period (or at least
23 days for Billing Periods that begin in February) to pay for new Purchase Transactions before
we charge interest on them. However, the Grace Period will apply only to Billing Periods when
(1) you paid the previous balance in full, or (2) you had a credit balance at the beginning of the
current Billing Period. The previous balance is the balance identified as the Balance on the
Account Statement for the previous Billing Period, subject to subsequent adjustment, as
appropriate. When the Grace Period applies, we will not charge interest on any new Purchase
Transactions made during the Billing Period if we receive payment of the full Balance on your
Account Statement for that Billing Period by the Payment Date shown on your Account
Statement. There is no time period within which you can avoid interest on Cash Advances or
Balance Transfers.
How We Calculate Your Minimum Payment
You may pay all or a part of your Balance at any time. You must pay at least the Minimum
Payment by the Payment Date each Billing Period.
Your "Minimum Payment" equals:
Any amount past due; plus
Any Overlimit Amount; plus
Any fees incurred and interest accrued during the Billing Period; plus
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The greater of:
1.
the Balance, if the Balance is less than $35; and
2.
1% of the Balance on your Account Statement.
The Minimum Payment is never more than the Balance. If applicable, your Minimum Payment
may also include additional amounts due under the terms of a special promotion or financing
offer.
Fees
The initial Late Fees, Returned Payment Fees, Balance Transfer Fees, and Cash Advance Fees
applicable to your Account are listed in the Pricing Disclosure. The fees listed in the Pricing
Disclosure as well as those listed below may be changed by the Bank at any time upon notice to
you.
If applicable, the following fees may be added to your Account (as a Purchase unless otherwise
stated):
Fee Amount
Electronic Reversal Fee (Balance Transfer)
$5
Overnight Handling Fee (Balance Transfer)
$10
Stop Payment Fee (Balance Transfer)
$25
Voided Check Fee (Balance Transfer)
$2
Wire Fee (Balance Transfer)
$20
Credit Card Replacement - Rush Fee
$25
Miscellaneous Copy Requests
$3 Per Copy
Return Check
Up to $39
Return Payment
Up to $39
Sales Draft Fee
$3 Per Sales Draft
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Statement Reprint Fee
$3 Per Statement
Account Statements
Definitions:
"Account Statement' means the monthly statement we will send which covers all new charges,
interest and fees, and any payments, credits or other transactions that posted to your account during
the related Billing Period. It will also include the total amount that you owe us as of the end of the
last Billing Period and the Minimum Payment that you must make by the stated Payment Date.
We will send you an Account Statement for each monthly Billing Period.
Each Account Statement will identify the Billing Period that it covers.
You may pay all or part of your Balance at any time. However, for each Account Statement, you
must pay at least the Minimum Payment by the due date stated on that Account Statement.
We may not send you an Account Statement if we have decided your Account is uncollectible or
if we have sent the Account for collection proceedings. In our discretion, we may choose to send
you an Account Statement even if you do not have a credit or debit of $1 or more.
When to Pay
You must pay at least your Minimum Payment by the Payment Date listed in your Account
Statement each month. If you do not pay the Minimum Payment by the Payment Date, you will
also be in Default and we may charge you a Late Payment Fee.
You may pay all or part of the Balance on your Account at any time without penalty.
How to Pay
You may pay us using ACH debit or check or authorize automatic ACH deductions from your
account;
If paying by check, all checks must payable in U.S. dollars from funds on deposit
in the U.S. in a U.S. deposit account, or by a cashier's check drawn on a U.S.
bank or a foreign bank branch in the U.S. Do not send cash;
You must not attach any restrictive language to your payment;
You may not use a line of credit or other credit product provided by SoFi to pay
your SoFi Credit Card;
If you make payment in a paper form (like a check, money order, or cashier's
check), you must include the payment coupon from your statement OR write your
SoFi Credit Card Account number on the payment; and
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Do not pay us more than your Balance (we will not pay interest on any credit
Balance).
In addition:
If we decide in our discretion to accept a form of payment that does not meet the
above payment instructions (e.g. late payments, partial payments or payments
marked "payment in full" or with any other restrictive endorsement, etc.), we do
not waive our rights to continue to require payments that comply with these
instructions;
We may deposit any payment you send us for less than the total outstanding
Balance of your Account that you mark "paid in full" or with any similar
language or otherwise seek to provide as full satisfaction of a disputed amount. If
we do, this payment will not fully satisfy the disputed amount or otherwise affect
our rights to payment in full;
Subject to the "Special Notice" provision below, we are under no obligation to
hold a postdated check and we reserve the right to process every item presented as
if dated the same date received by us or our check processor unless you give us
adequate notice and a reasonable opportunity to act on it by notice sent to the
address listed below; and
If we decide in our discretion to accept a payment that you make to us in a foreign
currency, we will choose the conversion rate.
Special Notice Regarding Disputed Payments; Postdated Checks, Restrictive Endorsement
Checks and Other Disputed or Qualified Payments
All notices and written communications concerning postdated checks, restrictive endorsement
checks (including any check or other payment instrument that indicates that the payment
constitutes "payment in full" of the amount owed or that is tendered with other conditions or
limitations or as full satisfaction of a disputed amount) or any other disputed, nonconforming or
qualified payments, must be mailed or delivered to SoFi Credit Card, 2750 East Cottonwood Pkwy,
Suite 300, Salt Lake City, UT 84121. Except where such notice and opportunity are given, you
may not hold us liable for depositing any postdated check.
Notice About Electronic Check Conversion. By providing a paper check as payment, you
authorize us to use information from your check to make a one-time electronic fund transfer
from your account or to process the payment as a check transaction. When we use the
information from your check to make an electronic fund transfer, funds may be withdrawn from
your account as soon as the same day we receive your payment, and you will not receive your
check back from your financial institution.
Authorization Agreement for Automatic Payments
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If you enrolled in the automatic payment plan, you acknowledge and agree to the following:
(1) You authorize us to initiate electronic funds transfers (EFTs) by debit entries drawn on the
bank account, debit you have identified to us in your application for this Account or any other
account that you identify to us from time to time ("Bank Account") in the amount of your required
Minimum Payments or in any fixed amount that you specify, as modified by you from time to
time. To avoid additional charges, in any month in which any designated fixed payment amount is
less than your Minimum Payment due, you understand and agree that we may deduct or withdraw
your entire Minimum Payment rather than the designated fixed payment amount. If your new
Balance is less than the fixed amount you designate, only the new Balance will be deducted. You
have the right to receive notice of all electronic fund transfers from your Bank Account that vary
in amount, and by enrolling, you agree that your Account Statement will serve as your notice of
the amount of your monthly payment. You may change the amount to be deducted or withdrawn
at any time. Your new monthly payment will be effective within three (3) business days of our
receipt of your instruction; (2) We will initiate authorized EFTs each month on or after the
Payment Due Date shown on your Account Statement; (3) You agree that in the event any debit
is rejected or dishonored we may reinitiate the debit once; (4) You have provided us with all
necessary information for the Bank Account that you wish us to debit and the Bank Account on
which the Automated Clearing House (ACH) debit is authorized, is a legitimate, open and active
account. You agree to notify us promptly if this information changes; (5) The origination of ACH
transactions must comply with the provisions of U.S. law; (6) Once enrolled, automatic payments
will continue until you notify us that you wish to terminate your enrollment in the automatic
payment plan, or until we terminate your enrollment. You may terminate your enrollment by
calling Customer Service at the telephone number shown on your Account Statement. You must
give any notice of termination in such a manner and sufficiently in advance to allow us and your
financial institution a reasonable opportunity to act. We may terminate your enrollment if you fail
to keep your Account or your Bank Account in good standing. Delinquency or closure of either
account, for any reason, may result in immediate termination of your enrollment in the automatic
payment plan. Also, if there are insufficient funds in your Bank Account to process any payment,
your enrollment in the automatic payment plan may be terminated immediately; (7) We are not
responsible for any fees that may be charged by your depository institution as the result of your
participation in the automatic payment plan; (8) You have the right to review your accounts and
to withdraw any privileges previously granted; and (9) Participation in the automatic payment
plan is not a requirement of continuing credit under your Account. Enrollment in the automatic
payment plan is optional.
Payment Amounts and Adjustments
You can choose to make one-time or recurring payments. We may adjust the amount of your
payment before processing it in the following ways:
To avoid creating a credit Balance on your Account;
If you have scheduled a recurring payment for the amount of your Minimum
Payment or Balance, your payment amount may be reduced automatically based
on payments, returns, and other credits to your Account that are posted by 11:59
P.M. ET on the day prior to the date of your scheduled payment. If an earlier
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payment is rejected, we may automatically add that amount to your scheduled
payment, but not in excess of the amount you authorized;
If you have scheduled a recurring payment for a fixed dollar amount, your
payment amount will not be reduced automatically based on payments, returns,
and other credits to your Account. A recurring payment for a fixed dollar amount
will always be processed if you have a Balance;
In all instances, if your Balance on the scheduled Payment Date is $0 or less, then
we will automatically cancel your payment for that date. In the case of a recurring
payment, your payment will automatically restart on the next scheduled Payment
Date on which your Balance is greater than $0; or
In all instances, if a recurring payment is declined because of insufficient funds,
then we will automatically turn off recurring payments and you will have to set up
a new recurring payment.
We will not adjust your payment to an amount greater than what you authorize.
Payment Cancellations
You can cancel a future scheduled or recurring payment through the SoFi app or website, or by
contacting us at 1-844-945-7634. We must receive your cancellation request no later than three
(3) prior to the date of your scheduled payment. We may cancel your payment(s) if any prior
payments from the associated payment source account are returned, or for any other reason we
deem appropriate. We will provide you with notice of such cancellation.
Electronic Payments
If you pay in accordance with the payment instructions detailed in this Agreement and in your
Account Statement, we will credit your payments as follows:
If you initiate a one-time payment through the phone using a bank account before
5:00 PM CT, we will credit the payment as of that calendar day. If you initiate a
one-time payment through the SoFi App using a bank account before 11:00 PM
CT, we will credit the payment as of that calendar day. Otherwise, we will credit
your payment as of the next calendar day;
If you set up recurring payments, we will credit each payment as of its scheduled
Payment Date.
Returned Payments
We may charge you a Returned Payment Fee for any Returned Payments. In addition, your
financial institution may also impose fees on you for the same Returned Payment. If we re-
submit a Returned Payment to your financial institution, and your financial institution
subsequently honors it, we may still assess a fee because your payment was initially returned to
us unpaid. However, if the same payment is returned unpaid more than once, we will not charge
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more than one Returned Payment Fee. If you make a new payment to us and it is not honored by
your financial institution, we may impose a new Returned Payment Fee.
How We Apply Payments, Credit and Refunds
Subject to applicable law, we decide how to apply your payment, up to the Minimum Payment
due, to the balances on your Account. We may apply the Minimum Payment due first to interest
charges, then to fees, then to the Balance with the lowest APR until paid in full, and then
sequentially to the Balance with the next lowest APR until paid in full, and SO forth, until each
Balance is paid in full. If you pay more than the Minimum Payment due, we'll apply the amount
over the Minimum Payment due first to the balance with the highest APR until paid in full, then
to the balance with the next highest APR until paid in full, and SO on, except as otherwise
required by applicable law.
We decide how to apply your payment, up to the Minimum Payment, to the Balances on your
Account. Instead of the above application sequence, we may elect to apply the Minimum
Payment first to interest charges, then to fees, then to the Balances with the highest APRs and
then to Balances with lower APRs.
Other refunds and credits are applied to the applicable Balance on your Account, but do not
generally reduce your obligation to pay your Minimum Payment.
Merchant Refunds
A merchant refund to your Account will post to your Account as a credit. We don't control when
a merchant sends an Account credit. We'll choose how to apply the credit to your existing
Balance, including which type of Balance Category to apply the credit to.
If you believe a merchant credit has not been applied properly, please contact us. If a credit
creates a credit Balance on your Account, we'll apply the credit to the next Transaction charges.
If a credit creates a credit Balance and your Account is closed, we will mail you a check for the
amount of the credit Balance.
Merchant Surcharges
Some merchants, including merchants outside the U.S., may charge you a fee to use your SoFi
Credit Card for a Purchase Transaction. The fee may be a percentage of the amount of your
Purchase Transaction, or a flat fee, and will be added to the amount of your Purchase
Transaction. Usually, a merchant will tell you about this fee before you use your SoFi Credit
Card, but not always. We don't control these fees and can't prevent them. They are not subject to
reimbursement under the terms of this Agreement.
Recurring Authorized Transactions
If you authorize a merchant or any other person to charge your Account for recurring
Transactions, it is your responsibility to notify the merchant if:
You want to discontinue these Transactions;
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Your Account is closed; or
Your Account information changes.
Refusal of your SoFi Credit Card
We don't guarantee approval of Transactions. We are not liable for those that aren't approved. If
we detect unusual or suspicious activity, we may suspend your credit privileges. We may also
limit the number of Transactions approved in a single day.
Authorized Users
Definitions:
"Authorized User" means any person you ask us to issue a SoFi Credit Card to on your Account
and to whom we issue a SoFi Credit Card. In addition, if you give the SoFi Credit Card or
credentials to any person, that person is treated as an "Authorized User".
You can ask us to add one or more Authorized Users to your Account. Authorized Users must be
above 15 years of age. We may require certain information about them before issuing a SoFi
Credit Card to an Authorized User. If we approve your request, use of your Account by the
Authorized User will be subject to the terms of this Agreement. You will be responsible for use
of your SoFi Credit Card by any Authorized Users and by anyone they allow to use your SoFi
Credit Card, even if you did not want, or did not agree to, that use.
You must:
Obtain permission from each Authorized User before naming him or her as an
Authorized User on your Account;
Make a copy of this Agreement available to each Authorized User;
Pay us for all charges incurred by each Authorized User; and
Notify us to remove an Authorized User from your Account.
We reserve the right to limit and Authorized User's ability to use the SoFi Credit Card, including
without limitation, the right to remove an Authorized User from the Account and terminate their
SoFi Credit Card. If we remove an Authorized User, we also reserve the right to close your
Account, open a new Account, and issue you a new SoFi Credit Card.
Your Responsibility for Authorized Users
In connection with any Authorized Users, you are responsible for:
Transactions made by the Authorized User through your Account;
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Transactions made by an Authorized User even if the post-date shown on your
Account Statement for that Transaction occurs after the date you ask us to remove
the Authorized User from your Account;
Transactions made by others if an Authorized User allows them to use your SoFi
Credit Card; and
Fees and charges resulting from Transactions made by an Authorized User or
others if an Authorized User allows them to use your Account.
You agree to give us certain personal information about each Authorized User. You must let
each Authorized User know that you'll give us and to SoFi that information and you must have
his or her permission to disclose the information to us and to SoFi. You represent to us that you
have permission from each Authorized User to allow us to share information about him or her as
allowed by applicable law. This includes information we may get from you, the Authorized User
and others. It also includes information about their Transactions on the Account.
What Can Authorized Users Do?
Report lost or stolen SoFi Credit Cards;
Request copies of Account Statements;
Initiate billing disputes;
Make payments;
Request refund checks; and
Obtain Account information such as Transaction history.
Account Information Rights for Authorized Users
You allow us to discuss your Account with an Authorized User. This includes giving him or her
access to your Account information and history. You also agree that an Authorized User may use
and receive information about the Account the same way you do. An Authorized User can't add
other Authorized Users, adjust the credit limit or close the Account.
Credit Reporting
We report information about this Account to Consumer Reporting Agencies in the Authorized
User's name that may appear on their credit report. This could include information about:
Late Payments;
Overlimit Amounts;
Returned Payments; and
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Other violations of this Agreement.
You must let each Authorized User know that we report Account information in his or her name.
Removing Authorized Users
If you want to remove an Authorized User from your Account, you must contact Customer
Service and request their removal. You also must immediately destroy all SoFi Credit Cards in
their possession and cancel any transactions that they may have set up on your Account before
their removal. You will be responsible for transactions that they set up before they were removed
even if these amounts do not appear on your Account until later. Authorized Users may remove
themselves from your Account upon request.
Account Default
You will be in default under this Agreement if you:
Fail to pay any Minimum Payment on or before the applicable Payment Date;
Materially breach any of the terms of this Agreement;
File or become the subject of a bankruptcy or insolvency proceeding;
Give us any false, incomplete or misleading information;
Become legally incapacitated or die; or
Are in default under the terms of any other agreement you have with us, SoFi or
any of its affiliates;
What is the Effect of Being in Default?
If you are in default, we may. subject to any notice of default and right to cure or other limitation
of applicable law, take any of the following actions:
Continue charging you interest on your outstanding Balance;
Lower your credit limit;
Decline or otherwise limit your ability to make Transactions;
Report information about your Account to the credit reporting bureaus;
Require you to immediately pay all or any portion of your total outstanding
Balance (this action may also be taken upon death);
Begin collections activities and require you to pay for associated costs; or
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Suspend or close your Account;
Suspending or Closing Your Account
By You. You can close your Account anytime by contacting us by phone at 1-844-945-7634 or
by mail by writing to SoFi Credit Card, 2750 East Cottonwood Pkwy, Suite 300, Salt Lake City,
UT 84121. If you choose to close your Account and subsequently change your mind, you may
reopen your Account within thirty (30) days of the date you requested that the Account be
closed.
By Us. We may suspend or close your Account, or suspend or cancel any feature on your
Account, at any time and for any reason. We may cancel your current SoFi Credit Card and issue
you a substitute SoFi Credit Card at any time. We may also offer credit to you on different terms
or adjust the amount of credit available to you at any time, with or without cause, subject to
applicable law. We may terminate further transactions on your Account without notice if you
change your address to a jurisdiction in which we do not make credit available at that time.
Effect of Closing Your Account
When your Account is closed, you must:
Return or destroy all SoFi Credit Cards;
Stop using your Account to make payments and cancel any such payments that may
be automatic or recurring; and
Continue to pay at least the Minimum Payment each month until the total outstanding
Balance of your Account, including any amounts which post after the Account's
closure, has been paid in full.
The terms of this Agreement will continue to apply to any outstanding Balance that
you owe us. Account cancellation may adversely affect your credit history.
Obtaining Your Credit Report
We may obtain credit reports and other information about you from credit bureaus and other
sources that provide consumer financial information from time to time in connection with
servicing or collecting your Account, and to provide other services to you such as credit
monitoring information. You consent to permitting us to use this information in connection with:
Renewal of your Account;
Credit line increases or decreases;
Administration or review of your Account, collection and any other servicing;
All other credit-related purposes connected with this Agreement;
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Offers for other cards, loans, financial services, insurance products and other
services; and
Other uses permitted by law.
We may verify your age, social security number, residence and other identifying information as
permitted by applicable law.
Reporting Information to Credit Bureaus
You agree that we may report information about your Account to the credit bureaus. The
information we provide may appear on your credit report. This can include information about:
Late Payments;
Overlimit Amounts;
Returned Payments; and
Other violations of this Agreement.
If you believe that we have reported incorrect information about your Account to a credit bureau,
you should contact us by phone at 1-844-945-7634, or you can write to us at SoFi Credit Card,
2750 East Cottonwood Pkwy, Suite 300, Salt Lake City, UT 84121. Please include your name,
the mailing address associated with your Account, the email address associated with your
Account, your telephone number and a description of the information you believe is incorrect
and why. We'll research it. If available, please include a copy of the credit bureau report in
question. We'll let you know if we agree or disagree with you. If we agree with you, we'll
contact each credit bureau we reported to and request a correction.
Contacting You
Notwithstanding any current or prior election to opt in or opt out of receiving telemarketing calls
or SMS messages (including text messages) from us, SoFi, or our or their agents, representatives,
or affiliates, or anyone calling on our or their behalf, you expressly consent to be contacted by us
and SoFi, our and their agents, representatives, affiliates, or anyone calling on our or their behalf
for any and all purposes arising out of or relating to your Account, at any telephone number, or
physical or email or electronic address you provide, or at which you may be reached. Telephone
numbers you provide include those you give to us, those from which you or others contact us with
regard to your Account, or which we obtain through other means. You agree we may contact you
in any way, including SMS messages (including text messages) calls using prerecorded messages
or artificial voice, and calls and messages delivered using automatic telephone dialing systems
(auto-dialer) or an automatic texting system. Automated messages may be played when the
telephone is answered, whether by you or someone else. In the event that an agent or representative
calls, they may also leave a message on your home answering machine, voice mail.
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You certify, warrant and represent that the telephone numbers that you have provided to us are
your contact numbers. You represent that you are permitted to receive calls at each of the telephone
numbers you have provided to us. You agree to promptly alert us whenever you stop using a
particular telephone number. We, SoFi our and their agents, representatives, and affiliates, and
anyone else calling on our behalf may use such means of communication described in this section
even if you will incur costs to receive such phone messages, text messages, or other
communications.
Consent to Receive Electronic Disclosures
When you applied for your Account or accepted an offer and verified your eligibility for an
Account, you agreed to receive electronic notices and disclosures in connection with your Account.
To the extent not prohibited by law, we may send notices concerning the availability of Account
Statements and other notices and disclosures to you at the electronic mail address that you provided
in your Application, any updated electronic mail address that you provide to us in writing, or
through your online Account or the SoFi mobile app or other electronic means we designate or
otherwise, as mutually agreed. If you subsequently choose to receive notices and disclosures by
postal mail rather than electronically, then you agree to provide us with an updated postal address
in a timely manner to allow us to comply with any applicable requirements of law.
Any written or electronic notice or communication we send to you will be effective when made
available to you online or through the SoFi Mobile App, when sent to the email address
associated with your Account, or, if you have withdrawn your consent to receive electronic
communications, when mailed to the address associated with your Account. We consider an
electronic notice sent as soon as we email it, unless we receive notification that the email was
undeliverable, and we consider a notice sent as soon as we mail it.
Changes to Account Information
You must notify us promptly of any change to your name, mailing or email address, your mobile
or home telephone number, place of employment or other information provided in your
Application, or otherwise provided to us from time to time, including porting a landline telephone
number to a cellular number or VoIP, by writing to us at SoFi Credit Card, 2750 East Cottonwood
Pkwy, Suite 300, Salt Lake City, UT 84121 or by calling us at 1-844-945-7634 to get instructions.
If you don't, or if we ask you to verify your Account information and you cannot, we may
suspend or close your Account. We may rely on your email address or mailing address and
contact telephone numbers as they appear on our records. We may use any email address that
you provided for any and all Account communications we send to you, unless you notify us of
any changes. We may also, in our sole discretion, update your mailing address if we receive a
notification of change from the U.S. Postal Service.
Information Sharing
You agree to let the Bank and SoFi share information about you and your Account as allowed by
law. This includes information we get from you and others. Our respective privacy notices,
which are delivered to you upon Account opening and are available on the SoFi Website at
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www.sofi.com describe the circumstances under which the Bank or SoFi can share your personal
information.
Governing Law
This Agreement, and any claim, dispute or controversy (whether in contract, tort, or otherwise)
at any time arising from or relating to this Agreement, are governed by and construed in
accordance with applicable federal law and, to the extent not preempted by federal law, the
laws of the State of Missouri (without regard to internal principles of conflict of laws), except
that the arbitration provision is governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq.
The legality, enforceability, and interpretation of this Agreement and the amounts contracted
for, charged, and reserved under this Agreement will be governed by such laws. We extend
credit pursuant to Section 408.145 of the Missouri Revised Statutes. You agree that this
extension of credit is made, executed and delivered in Missouri and that we make all credit
decisions, open all accounts and issue all proceeds from, impose all fees and charges in, and
receive all payments in our offices in Missouri. To the extent not preempted by federal law or
subject to Missouri law, for purposes of state law compliance, we have elected Section 12-
103(a)(1) of the Interest and Usury statute and the Revolving Credit Accounts statute in
Maryland.
Delay in Enforcing Our Rights
The failure by us to enforce at any time any of the provisions of this Agreement, to exercise any
election or option provided in this Agreement, to require at any time your performance of any of
the provisions of this Agreement, or to enforce our rights under applicable law will not in any
way be construed as a waiver of such provisions, election, option, performance or rights.
Severability
This Agreement is the complete and final expression of the agreement between us and you with
respect to your Account. This Agreement may not be contradicted by any alleged oral agreement.
Subject to the special rule in the Arbitration section, if any provision of this Agreement is found
to be invalid or otherwise unenforceable, or declared invalid or otherwise unenforceable by order
of a court, change in applicable law, or regulatory authority, that provision will continue to be
enforceable to the extent permitted by law, and the remainder of that provision will no longer be
considered part of this Agreement. All other provisions of this Agreement will remain in full
force and effect.
Assignment
We may sell, assign, or transfer all or any portion of your Account or the receivables generated
in your Account to a third party without notice to, or consent from, you. We may also assign any
or all of our rights and obligations under this Agreement to a third party without notice to, or
consent from you. You may not sell, assign or transfer any of your rights or obligations under
this Agreement. Any attempted sale, transfer, or assignment by you will be null and void.
Service Providers
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We may use SoFi Credit Corp. LLC or other entity service providers in connection with
servicing your Account. In doing so, we may permit one or more of our service providers to
exercise any of our rights, rely on any consents or permissions that you have granted to us, and
enforce any of your obligations on our behalf.
Intellectual Property Rights
All intellectual property rights, including all patents, trade secrets, copyrights, trademarks, and
moral rights, in the SoFi Credit Card are owned by SoFi. All text, graphics, software,
photographs and other images, videos, sound, trademarks, and logos are owned by SoFi. Nothing
in this Agreement gives you any rights in respect of any intellectual property owned by SoFi, its
licensors, or third parties, and you acknowledge that you do not acquire any ownership rights by
using your Account.
Force Majeure
From time to time, our services might be unavailable due to circumstances beyond our control
(such as fires, floods, natural disasters, system failures or other unpredictable events). When this
happens, you might not be able to use your SoFi Credit Card or obtain information about your
Account. We're not responsible or liable if this happens.
Lost or Stolen SoFi Credit Cards, Account Numbers
You must try to prevent the unauthorized use of your Account, SoFi Credit Card, and Account
number. You must call us if any SoFi Credit Card is lost or stolen. You must also call us if you
think someone has used or may use these without permission.
YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED (ELECTRONICALLY OR
OTHERWISE) AN EXACT, COMPLETELY FILLED-IN, LEGIBLE COPY OF THIS
AGREEMENT, HAVE READ IT AND AGREE TO ITS TERMS.
NOTICE TO THE ACCOUNT HOLDER:
(1) DO NOT SIGN THIS AGREEMENT BEFORE YOU READ IT OR IF IT
CONTAINS ANY BLANK SPACES;
(2) YOU ARE ENTITLED TO AN EXACT, COMPLETELY FILLED IN COPY OF
THE AGREEMENT YOU SIGN; AND
(3) YOU HAVE THE RIGHT TO PAY, IN ADVANCE, THE FULL AMOUNT DUE.
State Disclosures
CA Residents. Interest is compounded on unpaid amounts.
MD Residents. You have the right under Section 12-510 of the Commercial Law Code to
receive an answer to your written inquiry regarding the status of your account.
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MO Residents. Oral agreements or commitments to loan money, extend credit or to
forbear from enforcing repayment of a debt including promises to extend or renew such
debt are not enforceable. To protect you (borrower) and us (creditor) from
misunderstanding or disappointment, any agreements we reach covering such matters are
contained in this writing, which is the complete and exclusive statement of the agreement
between us, except as we may later agree in writing to modify it.
NH Residents. This Agreement provides for reasonable attorneys' fees to be awarded to
us in an action against you involving this Agreement. Reasonable attorney's fees will be
awarded to you if you prevail in any action, suit or proceeding brought by us, or an action
brought by you. If you successfully assert a partial defense or set-off, recoupment or
counterclaim to an action brought by us, the court may withhold from us the entire
amount or such portion of the attorney fees as the court considers equitable.
NJ Residents. Because certain provisions of this agreement are subject to applicable law,
they may be void, unenforceable or inapplicable in some jurisdictions. None of these
provisions, however, is void, unenforceable or inapplicable in New Jersey.
WI Residents. No provision of a marital property agreement, a unilateral statement under
section 766.59 or a court decree under section 786.70 adversely affects the interest of the
creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the
agreement, statement or decree or has actual knowledge of the adverse provision when the
obligation to the creditor is incurred.
Cardholder Applicant Information
Your name and address, our name and address, and the date on any Application or any other
document or record you sign in connection with your Account are incorporated herein and made a
part of this Agreement and represent your name and address, our name and address, and the date
on this Agreement. An electronic record of your request for or acceptance of an Account or the
consummation of a sales transaction under this Agreement can represent your signature on this
Agreement.
[CREDITOR /s/ THE BANK OF MISSOURI, ST. ROBERT, MO]
Rev. Date: [INSERT DATE]
Agreement and Benefit Changes
Changes to this Agreement. We may change this Agreement for any reason and at any time,
subject to applicable law. This means that we can change rates and fees that apply to your
Account. It also means we can add, replace or remove provisions of this Agreement. If required
by applicable law, we'll give you notice of the changes. If you have the right to reject a change,
we'll notify you and tell you how to reject. If we notify you of a change, we may do SO on your
Account Statement or send you a separate written notice, either of which may be sent
electronically if permitted by applicable law.
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Changing Benefits. Any benefit, reward, service or feature offered may change or be
discontinued at any time for any reason. Separate terms and conditions will describe any
exceptions.
Arbitration
This section is an arbitration provision and contains important information that affects your legal
rights. Please read it carefully.
Unless you are a "covered borrower," as defined under the Military Lending Act, 10 U.S. C. §
987, as amended, and except as otherwise stated below, any Claim (as defined below) will be
resolved by binding arbitration pursuant to (a) this Arbitration Provision and (b) the Code of
Procedure of the national arbitration organization to which the Claim is referred (as in effect
when the Claim is filed). Claims will be referred to either Judicial Arbitration and Mediation
Services ("JAMS") or the American Arbitration Association ("AAA"), as selected by the party
electing to use arbitration. Streamlined arbitration procedures will be used if available. If a
selection by us of one of these organizations is unacceptable to you, you have the right, within 30
days after you receive notice of our election, to select the other organization listed to serve as
arbitration administrator. For purposes of this Arbitration Provision, "Claim" means any claim,
dispute, or controversy (whether in contract, tort, or otherwise), past, present, or future,
(collectively, "Claims") as further described below. If for any reason a selected organization
cannot, will not or ceases to serve as an arbitration administrator, you or we may substitute
another widely recognized arbitration organization that uses a similar code of procedure and is
mutually acceptable to the parties.
Right to Reject Arbitration
You may reject this Arbitration Provision. If you do so, neither you nor we will have the right to
engage in arbitration. Rejecting this Arbitration Provision will have no effect on any of the other
provisions in this Agreement. To reject this Arbitration Provision, you must send us your written
rejection within 60 days after we open your Account, or 60 days after any change in terms that
affects this Arbitration Provision, to SoFi Credit Card, 2750 East Cottonwood Pkwy, Suite 300,
Salt Lake City, UT 84121 ATTN: Consumer Credit Arbitration. In your letter, you must give us
the following information: name, address and Account number. The right to reject granted here
applies solely to this Arbitration Provision, and not to any other provision of this Agreement, or
to any other agreement with us. In the event of a dispute over whether you have provided a
timely rejection notice, you must provide proof of delivery. Neither party may elect to arbitrate
an individual Claim brought in small claims court (or your state's equivalent court, if any).
However, if a Claim that is brought in small claims court is transferred or appealed to a different
court, either party may elect arbitration.
SIGNIFICANCE OF ARBITRATION; LIMITATIONS AND RESTRICTIONS
IF YOU OR WE CHOOSE TO RESOLVE A CLAIM BY BINDING ARBITRATION,
NEITHER YOU NOR WE WILL HAVE THE RIGHT TO: (I) HAVE A COURT OR
JURY DECIDE THE CLAIM BEING ARBITRATED; (II) ENGAGE IN
PRE-ARBITRATION DISCOVERY (THAT IS, THE RIGHT TO OBTAIN
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INFORMATION FROM THE OTHER PARTY) TO THE SAME EXTENT THAT YOU
OR WE COULD IN COURT; (III) PARTICIPATE AS A REPRESENTATIVE OR
MEMBER OF ANY CLASS OF CLAIMANTS IN A CLASS ACTION, IN COURT, OR
IN ARBITRATION RELATING TO ANY CLAIM SUBJECT TO ARBITRATION; OR
(IV) JOIN OR CONSOLIDATE CLAIMS OTHER THAN YOUR OWN OR OUR OWN.
OTHER RIGHTS AVAILABLE IN COURT MAY NOT BE AVAILABLE IN
ARBITRATION. Except as set forth below, the arbitrator's decision will be final and binding.
Only a court may decide the validity of items (iii) and (iv) above. If a court holds that items (iii)
or (iv) are limited, invalid or unenforceable, then this entire Arbitration Provision will be null
and void. You or we can appeal any such holding. If a court holds that any other part(s) of this
Arbitration Provision (other than items (iii) and (iv)) are invalid, then the remaining parts of this
Arbitration Provision will remain in force. An arbitrator will decide all other issues pertaining to
arbitrability, validity, interpretation and enforceability of this Arbitration Provision. The decision
of an arbitrator is as enforceable as any court order and may be subject to very limited review by
a court. An arbitrator may decide a Claim upon the submission of documents alone, or a party
may request a telephonic hearing if permitted by applicable rules. The exchange of non-
privileged information relevant to the Claim, between the parties, is permitted and encouraged.
Either party may submit relevant information, documents or exhibits to the arbitrator for
consideration in deciding a Claim.
Broad Meaning of "Claims"
The term "Claims" in this Arbitration Provision is to be given the broadest possible meaning and
includes (by way of example and without limitation) Claims arising from or relating to: (i) the
application for or issuance of your Account; (ii) use, terms, change in terms or addition of terms,
closing or collection of your Account or this Agreement; (iii) advertisements, promotions or oral
or written statements related to your Account, including any Claims regarding information
obtained by us from, or reported by us to, credit reporting agencies or others; (iv) Claims
between you and our parent corporations, wholly or majority owned subsidiaries, affiliates,
predecessors, successors, assigns, agents, independent contractors, employees, officers, directors
or representatives arising from your Account or this Agreement; and (v) Claims regarding the
validity, enforceability or scope of this Arbitration Provision or this Agreement.
Arbitration Procedure and Costs
For a copy of relevant codes of procedure, to file a Claim or for other information about JAMS
and AAA, write them, visit their web site, or call them at: (i) for JAMS, 1920 Main Street,
Suite 300, Irvine, CA 92614 or info@jamsadr.com, http://www.jamsadr.com, 1-800-352-5267;
or (ii) for AAA, 1633 Broadway, 10th Floor, New York, NY 10019 or websitemail@adr.org,
http://www.adr.org, 1-800-778-7879. If either party fails to submit to arbitration following a
proper demand to do so, that party will bear the costs and expenses, including reasonable
attorneys' fees, incurred by the party compelling arbitration. Any physical arbitration hearing
that you attend will be held in the federal judicial district where you live at the time the Claim is
filed. The party initiating the arbitration will pay the filing fee. You may seek a waiver of the
initial filing fee or any other fees incurred in arbitration. If you seek, but do not qualify for, a
waiver, we will consider any written request by you for us to pay or reimburse you for all or part
of such fees. Each party will pay for its respective attorneys', experts' and witness fees,
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regardless of which party prevails in the arbitration. A party may recover any or all expenses
from another party if the arbitrator, applying applicable law, SO determines. Allocation of fees
and costs relating to appeals in arbitration will be handled in the same manner. For an
explanation and schedule of the fees that apply to an arbitration proceeding with JAMS, please
visit http://www.jamsadr.com/rules-streamlined-arbitration;for AAA, visit
http://www.adr.org/consumer arbitration. The appropriate fee schedule in effect from time to
time is hereby incorporated by reference into this Arbitration Provision. The cost of arbitration
may be higher or lower than the cost of bringing your Claim in court, depending upon the nature
of your Claim and how the arbitration proceeds. Having more than one Claim and holding
face-to-face hearings can increase the cost of arbitration. Again, neither you nor we will be
permitted to arbitrate claims on a class-wide (that is, on other than an individual) basis. An
arbitration proceeding can decide only your or our Claims. You cannot join other parties (or
consolidate Claims) except with respect to persons who use your Account.
Governing Law for Arbitration
This Arbitration Provision is made pursuant to a transaction involving interstate commerce and
will be governed by the Federal Arbitration Act ("FAA"), 9 U.S.C. 1 et seq., as amended,
notwithstanding any other governing law provision in this Agreement. The arbitrator will apply
applicable substantive law consistent with the FAA and applicable statutes of limitations and will
honor claims of privilege recognized at law. Judgment upon any arbitration award may be
entered and enforced, including without limitation by garnishment, attachment, foreclosure or
other post-judgment remedies, in any court having jurisdiction. The arbitrator's decision will be
final and binding, except for any right of appeal provided by the FAA, in which case any party
can appeal the award to a three-arbitrator panel administered by the selected arbitration
administrator. The panel will reconsider de novo (that is, without deference to the ruling of the
original arbitration) any aspect of the initial award requested by the appealing party.
Continued Effect of Arbitration Provision
This Arbitration Provision will continue to govern any Claims that may arise without regard to
any termination or cancellation of your Account. If any portion of this Arbitration Provision
(other than the provisions prohibiting class-wide arbitration, joinder or consolidation) is deemed
invalid or unenforceable under the FAA, it will not invalidate the remaining portions of this
Arbitration Provision. If a conflict or inconsistency arises between the code of procedures of the
selected arbitration administrator and this Arbitration Provision, this Arbitration Provision will
control.
Your Billing Rights: Keep This Document for Future Use
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What to Do if You Find a Mistake on Your Statement
If you think there is an error on your Account Statement, write to us at SoFi Credit Card, 2750
East Cottonwood Pkwy, Suite 300, Salt Lake City, UT 84121
You may also contact us through the mobile app or on the web at www.sofi.com
In your letter, give us the following information:
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Account Information: Your name and account number;
Dollar Amount: The dollar amount of the suspected error; and
Description of Problem: If you think there is an error on your bill, describe what
you believe is wrong and why you believe it is a mistake.
You must contact us:
Within 60 days after the error appeared on your Account Statement; and
At least 3 business days before an automated payment is scheduled, if you want to
stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing or electronically. You may call us, but if
you do, we are not required to investigate any potential errors and you may have to pay the
amount in question.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
1.
Within 30 days of receiving your letter, we must tell you that we received your
letter. We will also tell you if we have already corrected the error; and
2.
Within 90 days of receiving your letter, we must either correct the error or explain
to you why we believe the bill is correct.
While we investigate whether or not there has been an error:
We cannot try to collect the amount in question or report you as delinquent on
that amount;
The charge in question may remain on your summary, and we may continue to
charge you interest on that amount;
While you do not have to pay the amount in question, you are responsible for the
remainder of your Balance; and
We can apply any unpaid amount against your Credit Limit.
After we finish our investigation, one of two things will happen:
If we made a mistake: You will not have to pay the amount in question or any
interest or other fees related to that amount.
If we do not believe there was a mistake: You will have to pay the amount in
question, along with applicable interest and fees. We will send you a statement of
the amount you owe and the date payment is due. We may then report you as
delinquent if you do not pay the amount we think you owe.
If you receive our explanation but still believe your bill is wrong, you must write to us within ten
(10) days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent
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without also reporting that you are questioning your bill. We must tell you the name of anyone to
whom we reported you as delinquent, and we must let those organizations know when the matter
has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you
question even if your bill is correct.
Your Rights if You are Dissatisfied with Your Purchases
If you are dissatisfied with the goods or services that you have purchased with your SoFi Credit
Card, and you have tried in good faith to correct the problem with the merchant, you may have
the right not to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
The purchase must have been made in your home state or within 100 miles of
your current mailing address, and the purchase must have been more than $50.
Neither of these are necessary if your purchase was based on an advertisement,
we mailed to you, or if we own the company that sold you the goods or services;
You must have used your SoFi Credit Card for the purchase. Purchases made with
cash advances from an ATM do not qualify;
You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still dissatisfied with the purchase, contact us by
phone at 1-844-945-7634, or by mail at SoFi Credit Card, 2750 East Cottonwood Pkwy, Suite
300, Salt Lake City, UT 84121.
While we investigate, the same rules apply to the disputed amount as discussed above. After we
finish our investigation, we will tell you our decision. At that point, if we think you owe an
amount and you do not pay, we may report you as delinquent.
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