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Up to 2%
Cash back
$0
Annual fee
12.99% to 24.99%
Purchase APR (variable)
670
Recommended credit score
Product Name | SoFi Credit Card |
---|---|
Card type | Mastercard |
Annual fee | $0 |
Purchase APR | 12.99% to 24.99% variable |
Balance transfer APR | 12.99% to 24.99% variable |
Balance transfer fee | $10 or 5% of the transaction, whichever is greater |
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 |
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 Debt.com, CreditCards.com and Lifehacker.
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.
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.
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 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.
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.
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.
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.