SoFi just dropped a new charge card called the SoFi Smart Card, and it's got a head-turning 5% cashback on groceries! Sounds amazing, right? Well, hold your horses. There's a catch. To even get the card, you need to be a SoFi Plus member, which now costs $10 a month. That's effectively a $120 annual fee just to play the game.

So, the big question is: Do you spend enough on groceries to make that $120 fee worthwhile? You'd need to spend $2400 a year just to break even. Also, it's unclear what kind of rewards you get on all of your other purchases with this card. If you're already deep in the SoFi ecosystem and spend a ton on groceries, this might be worth a look. But for most award travelers, there are other grocery rewards cards on the market that offer a simpler path to maximizing your earnings. Keep in mind this card is separate from the original SoFi credit card that offers a flat 2% (or 2.2% with direct deposit) back on all purchases.