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SoFi Credit Card review

Earn 2% back when you redeem into eligible SoFi investment or money accounts — including cryptocurrency.

finder.com’s rating: 4 / 5

★★★★★

Get this card if you have a loan, a money account or an investment account with SoFi and you want to earn extra rewards with credit card purchases.

Pick something else if you don’t use other SoFi services or if you want a 0% intro APR period on purchases, balance transfers or both.

Apply with a good credit score of 670 or higher.

Kliment Dukovski

Last Updated May 7, 2021

2% cash back on eligible purchases when redeemed towards SoFi crypto, investing, saving, or paying down an eligible loan with SoFi

Rewards

Annual fee

12.99% to 24.99% variable

Purchase APR

670

Minimum Credit Score

Annual fee	$0
Welcome offer	$100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved
Rewards	2% cash back on eligible purchases when redeemed towards SoFi crypto, investing, saving, or paying down an eligible loan with SoFi
Purchase APR	12.99% to 24.99% variable
Balance transfer APR	12.99% to 24.99% variable
Minimum Credit Score	670
Issuer	Mastercard

Cash advance rate	26.99% variable
Cash advance fee	$10 or 5% of the cash advance amount, whichever is greater
Foreign transaction fee	None
Interest free period	Up to 25 days
Late payment fee	Up to $39
Returned payment fee	Up to $39
Security deposit	N/A
Rates & fees	Terms apply, see rates & fees

Review by

Kliment Dukovski

kliment.dukovski@findercrew.com

Kliment Dukovski is an investments writer who has written over 600 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.

Expert review

The SoFi Credit Card has no annual fee and earns 2x points on all purchases. The value of points, however, varies depending on what you redeem them for. Going straight for statement credit redemption gives you a meager 0.5 cent value per point, turning this into a 1% cashback value. This is subpar compared to other cashback cards where you earn 1.5% or 2% back when you redeem for a statement credit.

However, redeem your points into an eligible SoFi account — money account, investment account, crypto account or a personal loan — and your value jumps to 1 cent per point or 2% back. This is a much more valuable rewards rate matched only by a few other cards.

Previously the card didn’t offer any sort of welcome offer, but as of April 2021 the card now offers up to $100 when you open and fund a So-Fi Money and So-Fi Invest account after you’re approved for the card. This plays nicely with the card’s boosted rewards rate and helps provide a little incentive for going all-in on the So-Fi ecosystem. Plus, similar 2% cashback cards tend to lack a welcome offer, giving this card an edge over the competition in that regard.

Another notable feature is that the card you get is the highest Mastercard tier known as “World Elite.” It comes with some of the best Mastercard features, such as Lyft credits after you complete eligible rides, you get concierge service and a whole set of emergency services and protections including cell phone protection when you pay your phone bill with your SoFi Credit Card. This is not bad considering there’s no annual fee for the card, plus similar cards rarely give you the highest Mastercard tier.

On the downside, the card doesn’t offer a 0% intro APR period on purchases, balance transfers or both. Similar 2% cashback cards tend to come with a 0% intro APR period either on purchases or balance transfers, which cuts into the utility of the card.

Overall, the SoFi Credit Card can be an excellent choice for anyone who already uses SoFi’s financial services or intends to use them. But if you’re looking only to get the card from SoFi and nothing else, then you could find better options elsewhere.

How to apply for the SoFi Credit Card

The card was only available to SoFi users when it first launched, but it’s now open for anyone to apply.

Select Apply now.
Create an account and complete the application with details such as your address and income.
Submit your application.

SoFi will add your email to the card waitlist and notify you when you can apply for the card.

What credit score do I need?

SoFi hasn’t yet disclosed credit score requirements for the SoFi Credit Card. Given the generous cashback rate on the card, we assume you’ll need a good credit score of at least 670 to qualify.

SoFi Credit Card benefits

Unlimited cash back on all purchases. Earn 2 points for every dollar you spend with this card. However, the redemption value per point is different depending on what you redeem your points for. You can get a value of 1 cent per point — which means you get a cash back value — when you redeem into a SoFi money account, into a SoFi invest account, into a SoFi invest crypto account, to pay down a SoFi personal loan or refinance a student loan. Or your points can be worth half a cent — or 1% back — if you redeem for statement credit. The latter is way below competitor cashback cards, which often come with either 1.5% cash back or 2% back on all purchases when you redeem for statement credit.
Redeem for crypto. This is one of the first cards to let you redeem your points on cryptocurrency. To redeem your rewards on this currency though, you’ll need a SoFi invest account and SoFi crypto account, as well as a minimum of 500 points to start redeeming. You can choose to redeem your points into any of the 15+ cryptocurrencies available on the SoFi investment platform.
Welcome offer. You can earn up to $100 after card approval if you open and fund a So-Fi Money and So-Fi Invest account. While a fairly modest bonus, not many 2% cashback cards offer a welcome offer.
Pairs well with the SoFi mobile app. Use the SoFi mobile app to redeem your rewards into your SoFi accounts, or use the app to manage all of your SoFi accounts.
You can lower your APR. SoFi will reduce your APR by 1% when you make 12 consecutive on-time payments. No other cashback card offers such a perk.
No annual fee. SoFi isn’t charging an annual fee to use this card.
MasterCard World Elite perks. Get benefits worth hundreds of dollars or more. Cell phone protection alone is worth up to $1,000 in yearly coverage, and you can earn monthly credits with several participating retailers. Learn more about MasterCard World Elite.
No foreign transaction fee. You won’t pay a fee to use this card abroad or online when you shop at foreign merchants.

SoFi Credit Card drawbacks

Subpar rewards when you redeem for a statement credit. Your SoFi points are worth half as much — or 1% back — when you redeem for statement credit. This is way lower than competitor cards where you can redeem your rewards for statement credit with a value of either 1.5% back or 2% back.
No 0% intro APR period. This is a common credit card feature, especially on purchases. But with this card, you won’t get a 0% intro APR period neither on purchases nor balance transfers.

Compare SoFi Credit Card to two similar cards

The SoFi Credit Card is an excellent cashback card but it may not be for everyone. Compare it with similar cashback cards to find the right one for your financial situation.

SoFi Credit Card

★★★★★

Finder Rating: 4 / 5

Terms apply, see rates & fees

Go to site
Minimum credit score 670
Annual fee $0
Purchase APR 12.99% to 24.99% variable
Balance transfer APR 12.99% to 24.99% variable
Rewards 2% cash back on eligible purchases when redeemed towards SoFi crypto, investing, saving, or paying down an eligible loan with SoFi
Welcome offer $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved

Chase Freedom Unlimited®

★★★★★

Finder Rating: 4.7 / 5

Terms apply, see rates & fees

Go to site
Minimum credit score 670
Annual fee $0
Purchase APR 0% intro for the first 15 months (then 14.99% to 23.74% variable)
Balance transfer APR 0% intro for the first 15 months (then 14.99% to 23.74% variable)
Rewards 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases, 5% on travel purchased through Chase Ultimate Rewards®, Unlimited 1.5% cash back on all other purchases
Welcome offer Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back

Compare even more credit cards

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Bottom line

The SoFi Credit Card is a solid rewards card for those who are already banking and trading with SoFi or are planning to do so. The high earning rate and competitive rates and fees are impressive by any flat cashback card standard, let alone for a newcomer to the credit card space.

But if you’re not convinced that this is the right card for your needs, compare other rewards cards until you find the perfect one.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. And make sure the provider you're interested in is available in your state.

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Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

Ask a question Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.