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HomeCredit CardsSoFi Credit Card Review: Get 2% Cash Back and Build Wealth

SoFi Credit Card Review: Get 2% Cash Back and Build Wealth

Use your rewards to improve your financial foundation.

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The SoFi Credit Card is a top-tier cash-back credit card that offers a high rewards rate and redemption options meant to help you eliminate debt and build wealth. The card also rewards you for on-time payments. 

What’s more, applying for this card won’t impact your credit score, which is a rarity in the credit card industry. So if you don’t qualify, there’s no harm done. Here’s what you need to know about the SoFi Credit Card to determine if it’s the right fit for you.

Offer Details

Secure application on issuer’s website.

Annual Fee: $0
Bonus: Earn up to $100
APR: Variable APR
Rewards Rate: 2% Cash Back on Eligible Purchases
Details: Full Review

See rates and fees

Offer Terms

Annual Fee: $0

APR: Variable APR based on creditworthiness. Make 12 monthly on-time payments of the minimum amount due or more to lower your APR by 1%.

Bonus: Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after SoFi Credit Card approval.

Rewards Rate: 2% cash-back on eligible purchases when you redeem your rewards to save, invest or pay down an eligible SoFi loan.

Who Should Use This Credit Card? People who appreciate a straightforward, hassle-free card, anyone interested in utilizing rewards to save, invest or pay off debt.

Why We Like It

Why We Like the SoFi Credit Card

The SoFi Credit Card incentivizes cardholders to use their cash-back to improve their financial standing. This is a relatively unique focus, and could be incredibly helpful to those interested in investing, saving or paying off debt.

We also like the $0 annual fee, lack of foreign transaction fees and the way this card pairs with other SoFi products like SoFi Money and SoFi Invest accounts.

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SoFi Credit Card Review

The SoFi Credit Card is unique in that it’s a top cash-back credit card that’s not offered by a major bank or credit union. SoFi started out as a student loan refinancing company but has since expanded to offering several financial products. 

The SoFi Credit Card is a 2% cash-back card that you can use to pay off debt, invest and even buy cryptocurrency like Bitcoin. It can also be a solid travel card option, even though it doesn’t offer points or miles. 

Here are some of the primary details you’ll need to know about the SoFi Credit Card and how it can help you improve your financial foundation.

Bonus

Unfortunately, the SoFi credit card doesn’t offer an immediate sign-up bonus. However, if you want to use the fintech company for more than just your credit card spending, you can earn a bonus if you open a SoFi Money account and a SoFi Invest account — more on those in a minute.

While it is disappointing that there’s no one-time bonus for new cardholders, that’s relatively common among 2% cash-back credit cards. It can still be a solid option for cardholders who are focused on the long game.

Rewards Rate

The flat-rate card offers 2% cash-back on eligible purchases when you redeem your rewards to save, invest or pay down an eligible SoFi loan.

Though technically, it’s 2 SoFi rewards points that you’re earning, and the value of each point depends on how you redeem them.

Having a high, flat rewards rate on every purchase you make can be a good option for people who don’t want to deal with keeping track of different bonus categories. The Mastercard credit card offers simplicity for those who prefer ease-of-use over maximizing rewards on every single transaction.

Annual Fee

The SoFi card doesn’t charge an annual fee, which is common for cash-back credit cards. This means you don’t have to run the numbers on how much it costs just to have the card in your wallet compared to how much value you can get from the card’s rewards program and other benefits. 

It also means that you can use the card completely free of charge as long as you pay your bill on time and in full every month.

Regular APR

The regular APR on the SoFi Credit Card varies based on your creditworthiness.

If you make 12 monthly on-time payments of the minimum amount due or more, the card issuer will lower your APR by 1%. That’s not much, but most card issuers won’t budge on your APR once it’s set, so it can provide some comfort.

Unfortunately, there’s no 0% APR promotion for new purchases or balance transfers. It’s not uncommon for other cash-back credit cards to offer an introductory 0% APR on purchases, balance transfers or both, so it’s wise to research all available offers if this perk is important to you.

Credit Score

The card issuer doesn’t list a minimum credit score to qualify for approval, but CardRatings says the recommended credit score should be in the good or excellent credit range for you to have good approval odds.

According to FICO, a good credit score starts at 670, but the higher your score, the better your chances of getting approved.

The good news is that you don’t need to risk a hard inquiry if you’re not sure what your approval odds are. When you apply, SoFi will only perform a soft credit inquiry, which won’t impact your credit score.

If you don’t qualify based on the soft inquiry, there will be no hard inquiry. However, if you do, the card issuer will perform a hard inquiry upon approval.

Redeeming Rewards

Like some other 2% cashback cards, the SoFi card has some caveats with its rewards rate.

More specifically, your points are only worth 1 cent apiece if you redeem your rewards to save, invest or pay down an eligible SoFi loan. That includes:

  • Deposits in a SoFi Money account
  • Fractional share purchases in your SoFi Invest account
  • Cryptocurrency purchases in your SoFi Active Invest account
  • Payments toward a SoFi personal loan or student refinance loan

If you decide to use your rewards to get a statement credit on your SoFi account, your rewards rate will be just 1%.

In terms of cryptocurrency, SoFi currently offers Bitcoin and Ethereum. Also, crypto redemptions aren’t available in Hawaii, Nevada or West Virginia. The minimum redemption on crypto is 500 points (or $5).  

If you’re not sure about getting SoFi Money or SoFi Invest just to maximize your rewards with the card, it might not be the best fit for you. But if you like the card issuer’s other financial products, it can be a good way to keep a lot of your financial management under one roof.

SoFi Credit Card Benefits

The SoFi Credit Card comes with a suite of perks for cardholders, including some that are standard for World Elite Mastercard credit cards. Here’s what you need to know about each benefit:

  • Cell phone protection: Use your SoFi account to pay your monthly phone bill, and your phone and all others on your plan will be protected. If an eligible phone is damaged or stolen, you’ll get up to $800 in coverage per claim and up to $1,000 per 12-month period on your card. There is, however, a $50 deductible and a limit of two claims per 12-month period.
  • Lyft benefit: A perk that comes standard with World Elite Mastercard credit cards, you’ll get a $5 credit with Lyft each month in which you take at least three rides with the ridesharing service.
  • Free ShopRunner: You’ll get a free annual membership to ShopRunner, which provides free two-day shipping at more than 100 online retailers. The membership typically costs $79 each year.
  • DoorDash trial: You’ll also get a three-month free trial to DoorDash DashPass, which offers $0 delivery fees and reduced service fees on food and grocery delivery orders of $12 or more. You can also get a $5 discount on two orders each month if you’re a DashPass subscriber.
  • Fandango credits: Fandango VIP members typically earn 125 points for each movie ticket they buy through the service. Once they’ve earned 500 points, they can get a $5 credit toward a future ticket or online purchase or rental. With your SoFi Credit Card, however, you’ll get double the points with each movie ticket purchase.

The card also comes with some other standard Mastercard benefits, such as ID theft protection, concierge service and more.

SoFi Credit Card Fees

The no-annual-fee card also doesn’t charge foreign transaction fees, making it a solid choice to take with you abroad. And because it’s a Mastercard, you likely won’t have too much trouble finding merchants that will accept the card.

That said, the card does have other fees to keep in mind.

Fortunately, you can avoid these fees by always paying on time — and ensuring that you have enough cash in your bank account to cover your payment — and also by avoiding balance transfers and cash advances.

Other SoFi Products

You’ll get the most out of the SoFi Credit Card’s unlimited cash-back if you also have SoFi Money, SoFi Invest or a SoFi personal or student refinance loan. Here’s a quick summary of what you’ll get with these offerings:

  • SoFi Money: SoFi Money is technically a cash management account, not a bank account. But you can use it as you would a checking account. There are no overdraft fees, you can get paid up to two days early, and you’ll earn a 0.25% APY on your balance. You’ll also have access to 55,000 fee-free ATMs. SoFi also partners with retailers to give you up to 15% cash-back when you use your debit card tied to the account.
  • SoFi Invest: SoFi Invest is an investment platform that allows you to trade stocks and exchange-traded funds free of commissions. You can even purchase fractional shares in your favorite stocks and ETFs starting at $5. You can also trade 20 different cryptocurrencies, though fees may apply with these trades. Finally, SoFi Invest offers automated investing with no management fee, along with a few individual retirement accounts.
  • Loans: SoFi offers various loan options, including personal loans, private student loans, student refinance loans, mortgage loans and auto refinance loans. Remember, though, that you can only redeem your SoFi Credit Card rewards for personal and student refinance loan payments.

Comparing the SoFi Credit Card to Other Cards

The SoFi Credit Card offers an enticing approach to credit card rewards by incentivizing cardholders to use their unlimited cash-back to improve their financial standing. 

However, it’s not the only card with excellent rewards and benefits. Depending on what you want in a credit card, here are a few others to compare.

Wells Fargo Active CashSM Card

Offer Details

Secure application on issuer’s website.

Annual Fee: $0
Bonus: Earn a $200 Bonus
APR: Variable APR After Low Intro APR Period
Rewards Rate: 2% Cash Back on Purchases
Details: Full Review

See Rates and Fees

Offer Terms

Annual Fee: $0

Intro APR: The card offers an introductory 0% APR for the first 15 months from account opening on purchases and qualifying balance transfers, then the regular APR is applied to balances. Balance transfers must be made within the first 15 months of membership to qualify for the introductory 0% APR and 3% balance transfer fee. After the promotional period, balance transfer fees increase to 5% (minimum of $5).

APR: After the intro low APR offer concludes, a variable APR will apply.

Rewards Rate: The card offers unlimited 2% cash rewards on purchases.

Sign-Up Bonus: New cardholders earn a one-time $200 cash rewards bonus after spending $1,000 in purchases in the first three months.

Who Should Use This Credit Card? People who prioritize simple cash-back rewards and do not want the hassle of tracking bonus spending categories.

Why We Like It

RWhy We Like the Wells Fargo Active Cash℠ Card

If you’re a fan of cash back for your everyday spending, then you need a 2% cash-back credit card to get rewarded for purchases outside of popular bonus categories like travel, grocery stores and gas stations. With the Wells Fargo Active Cash℠ Card (Rates and Fees), you earn 2% back for every dollar spent without the fuss of quarterly bonus categories. Additionally, it’s rare for a 2% cash-back card to feature a bonus offer for new cardholders.

Plus, the introductory 0% APR offer for the first 15 months of card ownership will be appealing to households planning on expensive projects like home remodeling or big ticket purchases like appliances and vehicle repair.

The Wells Fargo Active CashSM Card (Rates and Fees) has a lot going for it, which makes it a popular contender in the 2% scene.

For starters, the card offers unlimited 2% cash rewards without any caveats. You don’t have to pay your bill or redeem in a certain way to maximize your rewards. What’s more, you’ll earn a one-time $200 bonus when you spend $1,000 on the card within the first three months from account opening. That sign-up bonus is rare among 2% cards.

It’s also worth considering if you want an introductory 0% APR promotion. The card offers a 0% APR on both new purchases and balance transfers for 15 months. Qualifying balance transfers must be made within 120 days of account opening to qualify.

The card also has no annual fee but does charge foreign transaction fees. 

Chase Freedom FlexSM

Offer Details

Secure application on issuer’s website.

Annual Fee: $0
Bonus: $200
APR: Variable APR After Intro 0% APR Period
Rewards Rate: 1%-5% Cash Back
Details: Full Review

Terms and restrictions apply

Offer Terms

Annual Fee: $0

Intro APR: New cardholders can enjoy an introductory 0% APR on both purchases and balance transfers for the first 15 months. After the introductory period, a variable rate will apply. Balance transfers made within the first 60 days of account membership will be charged a balance transfer fee of either $5 or 3% of the amount of each transfer. After 60 days, that balance transfer fees increases to either $5 or 5% of the amount of each transfer, whichever is greater.

APR: Variable APR depending on credit worthiness. See terms for details.

Rewards Rate: Earn 5% cash back on up to $1,500 spent each quarter in rotating categories (when you activate), 5% back on travel booked through Chase Ultimate Rewards, 3% back on dining, including takeout and delivery, 3% back at drugstores and 1% back on everything else.

Sign-Up Bonus: Receive a $200 bonus after you spend $500 in the first three months.

Who Should Use This Credit Card? People who want to maximize cash-back rewards with the option to get more value with travel redemptions.

Why We Like It

Why We Like the Chase Freedom Flex® Card

We love that the Chase Freedom Flex card expands on an already lucrative offering from Chase. The original Chase Freedom card was already a solid choice for cash-back enthusiasts, and this one raises the bar.

The Freedom Flex also gives cardholders access to Chase Ultimate Rewards, which is arguably the most versatile credit card rewards platform available. You’ll get plenty of redemption options at good rates. Plus, if you have one of the program’s travel credit cards, you can transfer points from your Chase Freedom Flex to your travel card account and get even more value and flexibility with how you redeem.

If you’re looking for opportunities to maximize rewards on certain purchases, the Chase Freedom FlexSM card could be a solid choice. The card offers 5% cash back on up to $1,500 spent every three months in quarterly rotating categories when you activate. Some of the categories we saw in 2021 included gas stations, wholesale clubs, grocery stores, PayPal, Walmart and more.

The card also offers 5% back on travel booked through Chase, 3% back on dining, including restaurants, takeout and eligible delivery services, 3% back on drugstore purchases and 1% back on everything else.

The card offers a $200 bonus after you spend $500 in the first three months from account opening.

New cardmembers will also get a 0% APR on purchases and balance transfers for 15 months. The card has no annual fee but charges foreign transaction fees.

Capital One® SavorOne®  Cash Rewards Credit Card

Offer Details
capital one savorone card art

Secure application on issuer’s website.

Annual Fee: $0
Bonus: $200
APR: Variable APR After Intro 0% APR Period
Rewards Rate: 1%-3% Cash Back
Details: Full Review

Terms and restrictions apply

Offer Terms

Annual Fee: $0

Intro APR: An introductory 0% APR on new purchases for the first 15 months of account membership, variable APR after that. The Capital One® SavorOne® Cash Rewards Credit Card charges a 3% balance transfer fee for transferred balances during the 15-month promotion.

APR: Variable APR based on creditworthiness.

Rewards Rate: The card offers unlimited 3% cash back per dollar spent on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart and Target). It offers 1% back per dollar on all other purchases.

Sign-Up Bonus: New cardholders can earn a one-time $200 bonus after spending $500 with the card during the first three months of account opening.

Who Should Use This Credit Card? People who regularly spend on entertainment, dining and grocery stores, but do not want a credit card with an annual fee.

Why We Like It

Why We Like the Capital One® SavorOne® Cash Rewards Credit Card

Foodies and entertainment aficionados alike will find a lot of value with the Capital One® SavorOne® Cash Rewards Credit Card. After all, with no annual fee and a big $200 bonus to get started, there’s plenty to gain and little to lose by trying it out. When you carry a Capital One® SavorOne® Cash Rewards Credit Card, you’ll earn cash back rewards every time you swipe, dip, tap or click to checkout. As your cash back balance grows, your biggest question will be how to treat yourself when you cash out your rewards.

Plus, when you sign up as a new cardholder, you won’t pay any interest on purchases for the first 15 months. Once you reach that date, regular variable interest rates begin. Having more than a year interest-free can be a very useful benefit when you’re looking to make a large purchase or undertake a big project at home.

If you’re all about dining and entertainment, you may consider the Capital One® SavorOne® Cash Rewards Credit Card. The card offers unlimited 3% cash back on dining, entertainment and popular streaming services and at grocery stores. You’ll also get 1% back on all other eligible purchases.

Additionally, you’ll get a one-time $200 bonus when you spend $500 in the first three months, plus a 0% APR on purchases and balance transfers for 15 months (variable APR applies after based on creditworthiness). The card charges no annual fee, and it also doesn’t do foreign transaction fees (Capital One doesn’t charge foreign transaction fees on any of its credit cards).

Applying for the SoFi Credit Card

If you’re considering the SoFi Credit Card, you’ll start by providing your name and state of residence, as well as an email address and password, so you can create a SoFi account.

You’ll also need to share your Social Security number, home address, employment and income information and monthly housing costs.

You’ll then review the card’s terms and conditions and confirm you’ve read and understood them. Then you’ll submit your application.

The process takes just a few minutes, and you’ll typically get an instant response once you’ve submitted. Remember, if you’re denied, there will be no hard inquiry, so your credit score will go unscathed. But if you’re approved, the card issuer will run a hard inquiry to finalize the process.

Is the SoFi Credit Card Right for You?

The SoFi Credit Card offers cardholders a unique focus by incentivizing them to use their rewards to save, invest or pay off debt. The card has a solid rewards rate (unless you use your cash-back for statement credits) and several perks.

Also, having no annual fee and no foreign transaction fees is a nice touch. 

But one thing that some potential card users may bristle at is that if you want to maximize your rewards, the card can’t be your only SoFi account. To make the most of what this card has to offer, you’ll need a SoFi Money account or a SoFi Invest account as well.

That’s not the case with most other top cash-back rewards credit cards from Citi, Chase, American Express and other issuers. 

If you’re not certain you want to switch your investing or banking over to the fintech company, you may want to look elsewhere. However, if you’re fine with that trade-off, or you like using SoFi’s other products, the SoFi Credit Card can be well worth it.

As with any financial decision, it’s important that you take your time to compare all of your options to determine which is right for you. Compare cards based on their rewards, benefits, sign-up bonuses and even recommended credit score requirements to determine the best fit for you.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.