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SoFi Credit Card

  • Our Rating 3.5/5 Read the review
  • APR16.74% to 28.74% Variable
  • Annual Fee$0 Worth it?

    Earn 3 percent cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2 percent unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi

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.

Use Rewards to Save, Invest or Pay Off Debt

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.

3.5/5 Rating How our ratings work

The main benefit of the SoFi Credit Card is its flat 2% cash-back rate for every purchase made. Cash back is earned as points that can be redeemed at a value of one cent each when deposited into either your SoFi Checking and Savings account, SoFi Invest account, or to pay down a SoFi loan. Otherwise, points are only worth half as much. While the SoFi Credit Card is available to those who are not banking or investment customers, you’ll only earn a modest 1% cash-back rate for every dollar spent with the card.

Pros

  • Elevated rewards (but with a caveat)
  • No annual fee
  • Cellphone insurance

Cons

  • Must have other SoFi products in order to maximize rewards
  • No intro APR offer

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 and invest. 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.

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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.

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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
  • 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%.

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 30 different cryptocurrencies, though fees may apply with these trades. SoFi Invest even 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.

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.

Frequently Asked Questions

What is the benefit of the SoFi Credit Card?

The main benefit of the SoFi Credit Card is its flat 2% cash-back rate for every purchase made. Cash back is earned as points that can be redeemed at a value of one cent each when deposited into either your SoFi Checking and Savings account, SoFi Invest account, or to pay down a SoFi loan. Otherwise, points are only worth half as much. While the SoFi Credit Card is available to those who are not banking or investment customers, you’ll only earn a modest 1% cash-back rate for every dollar spent with the card.

 Can you use a SoFi Credit Card anywhere?

Yes, you can use the SoFi Credit Card everywhere Mastercard is accepted. Mastercard is accepted by roughly 37 million merchants worldwide and 10.7 million domestically, according to a 2020 Nilson Report. Because the SoFi Credit Card does not charge foregin transaction fees, you can use your card throughout Europe, Asia, South America, and anywhere else that accepts Mastercard — without worrying about paying a currency conversion fee.

 What credit score does the SoFi Credit Card require?

You’ll generally need a “good” to “very good” credit score when applying for the SoFi Credit Card. Since this card is a World Elite Mastercard, higher-than-average scores will be needed for approval.

BL

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.