Credit on your Solid card: spend without selling your soUSD

What's new

Your Solid card now lets you choose how your purchases are paid. With Cash, you pay from your card balance. With Credit, you borrow against your soUSD, so your savings keep earning while you spend.

Credit is in early beta and is rolling out gradually.

Who can use Credit

Credit is available only to Wirex card holders. It is not available on Rain cards.

If you don't see Credit in your app, it means your account isn't eligible yet.

Cash: pay from your card balance

Cash works just like a debit card. Every purchase is paid from your card balance, which is the Spendable amount shown on the Solid card screen. Nothing is borrowed and there is nothing to repay. If you haven't changed anything, your card is on Cash.

On Cash, the card does not draw from your Solid Wallet or Savings. The total balance at the top of the app includes those, so it can be higher than what the card can spend. To spend money that sits in your Wallet, move it onto the card first. Card deposits must be at least $10: a smaller deposit goes to your Wallet instead and shows as Sent to Safe.

Credit: spend without selling your soUSD

With Credit, each card purchase is a small loan backed by your soUSD. Your soUSD stays in your account and keeps earning yield, and you repay the amount you borrowed whenever you want. There are no fixed payments and no penalties.

Here's how it works:

• Collateral: Credit currently works only with your USD yield balance (soUSD). More assets are coming soon.
• Credit limit: how much you can borrow depends on the value of your soUSD. The app shows how much you've borrowed out of your limit.
• Interest: you only pay interest on the amount you've borrowed. The current rate is shown in the app next to your borrowed amount.
• Cashback: you still earn cashback on purchases made with Credit, at the same rate as your tier.

How to switch between Cash and Credit

1. Open the Solid app and tap your card on the Wallet screen.
2. On the Solid card screen, find Spend mode and tap Change.
3. In Select spend mode, choose Cash or Credit.
4. Tap Change to Credit (or Change to Cash) to confirm.

The first time you open Credit, a short guide walks you through how it works. You can switch at any time, and the change applies to your next purchases. Your current mode is shown on your Wallet screen and on the Solid card screen.

See what you owe

When your card is on Credit, the Solid card screen shows a Borrowed bar with the amount you've borrowed, your credit limit and the current rate. Tap it to see how much you have available to borrow.

Repaying what you borrowed

1. Open the Solid card screen and tap the Borrowed bar.
2. Tap Repay.
3. Follow the steps to choose the amount and confirm.

You can repay part or all of what you owe at any time, with no fixed schedule.

Keep an eye on your credit usage

If your borrowed amount gets close to your credit limit, you'll see an At risk warning in the app. If you don't repay, part of your soUSD may be sold to cover the loan. To stay safe, repay regularly or keep your borrowed amount well below your limit.

Good to know

• Credit is in early beta. Features and limits may change as we improve it.
• Credit is available to Wirex card holders only.
• soUSD is the only accepted collateral today. More assets are coming soon.
• On Cash, the card spends its Spendable balance only, not your Wallet or Savings.
• Your feedback shapes what we build next. Tell us what you think through chat support.