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SoFi Credit Card review

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A promising flat cashback card from a team of cash management gurus

  • Get this card if you’re looking for a flat-rate cashback card with one of the highest rates on the market.
  • Pick something else if you’re interested in earning more cashback through planned-out category spending.
  • We think you’ll need a good credit score of 670 or higher.

Up to 2%

Cash back


Annual fee

12.99% to 24.99%

Purchase APR (variable)


Recommended credit score


Product NameSoFi Credit Card
Card typeMastercard
Annual fee$0
Purchase APR12.99% to 24.99% variable
Balance transfer APR12.99% to 24.99% variable
Balance transfer fee$10 or 5% of the transaction, whichever is greater
Cash advance rate26.99% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Foreign transaction feeNone
Interest free periodUp to 25 days
Late payment feeUp to $39
Returned payment feeUp to $39

Expert review

Steven Dashiell

Review by

Steven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on, and Lifehacker.

Expert review

Earlier this year fintech company SoFi announced it’d be releasing a credit card, though no card details were offered at the time. After a few rumors in June, we finally have final details from the SoFi app on the SoFi Credit Card.

The SoFi Credit Card is a flat-rate cashback card earning 2% back on all purchases, with no annual fee for use. The card is also a Mastercard World Elite card, meaning you’ll enjoy all of the benefits that come with the elite program, such as statement credits on select retailers, concierge service, travel services and cell phone protection. This card also sports no foreign transaction fees and a variable APR of 12.99% to 24.99%.

You won’t find a signup bonus on this card, though that merely puts it on equal footing with the current leading 2% cashback card on the market, the Citi Double Cash.

If this info holds, we could very well have an excellent new addition to the cashback card market. We’ll keep you updated on the final details as they become available.

What is SoFi?

SoFi is a financial management company that offers a variety of financial services through their site and smartphone app. Loans, credit score monitoring, investment advice and career coaching are just a few of the programs offered to their members.

Card benefits

  • Unlimited 2% cash back on all purchases.
    You’ll earn 1% cash back when you make purchases, and another 1% when you redeem it to save, invest, or pay down an eligible SoFi loan.

    At an unlimited 2% cash back, this card immediately competes with one of the most popular cashback cards on the market, the Citi® Double Cash Card. This is great news for consumers – 2% cash back is rare, and options were traditionally limited for those who preferred quality flat cashback cards to category cashback cards.

  • No annual fee.
    SoFi isn’t charging an annual fee to use this card. This makes sense considering the card doesn’t offer a signup bonus.
  • MasterCard World Elite perks.
    These credit cards come packed with benefits that are 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.

What to watch out for

No signup bonus. SoFi’s credit card doesn’t give you a signup incentive check the card out. This isn’t a deal breaker given the everyday value of the card, but you’ll need to look elsewhere if you’re hoping for an early boost to your wallet after you apply.

How to apply for the SoFi Credit Card

You can’t currently apply for a SoFi Credit Card without an email invitation. However, you can join a waitlist to apply from the SoFi website. We also know you’ll be able to apply through the SoFi app when the card is officially released.

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.

Compare cashback credit cards

Name Product Welcome offer Rewards Annual fee Filter values
Blue Cash Preferred® Card from American Express
$250 after spending $1,000 in the first 3 months
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on all other purchases
Perfect for families: Get up to 6% on everyday purchases and a welcome offer worth $250. This heavy-hitter rewards card has uncontested value. Rates & fees
Blue Cash Everyday® Card from American Express
20% at up to $200 back in the first 6 months, plus $100 after spending $1,000 in the same timeframe
20% at up to $200 back in the first 6 months, 2% at US gas stations and select US department stores, 3% at US supermarkets on up to $6,000 per year, then 1% after that and on all other purchases
This everyday cashback card is ideal for Black Friday and holiday shopping with 20% back at up to $200 back in the first 6 months. Rates & fees
Chase Freedom Flex℠
$200 after spending $500 in the first 3 months
5% back in rotating categories up to $1,500 combined each activated quarter (then 1%), 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Citi® Double Cash Card
Up to 2% cash back on purchases (1% when you buy plus 1% as you pay)
Earn up to 2% on every purchase with no annual fee. This is the highest flat-rate cashback card on the market.
Chase Freedom Unlimited®
$200 after spending $500 in the first 3 months
5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases
This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.

Compare up to 4 providers

Bottom line

We’re keeping a close eye on the SoFi Credit Card. 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. Barring last-minute changes before its official launch, the SoFi Credit Card might find a spot on our top cashback card picks.

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