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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.
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$100
Welcome offer
Up to 2%
Cash back
$0
Annual fee
12.99% to 24.99%
Purchase APR (variable)
Details
| 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 |
| Recommended minimum credit score | 670 |
| Issuer | Mastercard |
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. 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.
- Click 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
★★★★★
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 |
Citi® Double Cash Card
★★★★★
| Go to site |
|---|
|
Minimum credit score 670 |
|
Annual fee $0 |
|
Purchase APR 13.99% to 23.99% variable |
|
Balance transfer APR 0% intro for the first 18 months (then 13.99% to 23.99% variable) |
|
Rewards Up to 2% cash back on purchases (1% when you buy plus 1% as you pay) |
|
Welcome offer N/A |
Chase Freedom Unlimited®
★★★★★
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 14.99% to 23.74% variable |
|
Rewards 5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases |
|
Welcome offer
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores (not including Target® or Walmart®) on up to $12,000 in the first yeares) on up to $12,000 spent in the first year
|
Compare even more credit cards
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.
