How much overdraft does SoFi allow?
SoFi, also known as Social Finance, is a financial technology company that offers a range of financial products and services, including personal loans, student loans, mortgages, and credit cards. One of the key features of SoFi’s credit card is the overdraft protection it provides. But how much overdraft does SoFi allow? Let’s delve into this topic to find out more.
Understanding SoFi’s overdraft protection
SoFi’s overdraft protection is designed to help cardholders avoid unnecessary fees and financial strain when their account balance falls below zero. This feature allows you to overdraw your account up to a certain limit, provided you have the overdraft protection enabled on your account.
How much overdraft does SoFi allow?
The amount of overdraft SoFi allows varies depending on several factors, including your creditworthiness, account history, and the type of credit card you have. Generally, SoFi’s overdraft limit ranges from $100 to $1,000. However, this limit can be higher for some cardholders with excellent credit scores and a strong payment history.
Eligibility for overdraft protection
To be eligible for SoFi’s overdraft protection, you must meet the following criteria:
1. Have an active SoFi credit card account.
2. Maintain a good credit score.
3. Have a positive payment history with SoFi.
4. Not have any delinquencies or late payments on your account.
Enabling overdraft protection
Once you meet the eligibility criteria, you can enable overdraft protection on your SoFi credit card account. To do this, you can log in to your SoFi account and navigate to the settings section. From there, you can find the option to enable or disable overdraft protection and set your preferred overdraft limit.
Overdraft fees and terms
It’s important to note that SoFi charges a fee for overdraft protection. The fee is typically a percentage of the overdraft amount, and it can vary depending on your card type and your creditworthiness. SoFi may also charge additional fees if you exceed your overdraft limit or fail to repay the overdraft amount within a specified period.
Conclusion
In summary, SoFi allows its credit cardholders to overdraw their accounts up to a certain limit, which can range from $100 to $1,000. However, the actual overdraft limit depends on various factors, including creditworthiness and payment history. Before enabling overdraft protection, it’s crucial to understand the fees and terms associated with this feature to ensure you’re making an informed decision.
