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SoFi Credit Card review

Last updated:  

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

$0

Annual fee

12.99% to 24.99%

Purchase APR (variable)

670

Recommended credit score

Details

Product NameSoFi Credit Card
Card typeMastercard
Annual fee$0
Purchase APR12.99% to 24.99% variable
Balance transfer APRN/A
Foreign transaction feeNone

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 Debt.com, CreditCards.com 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. This card also lacks balance transfer capabilities, though SoFi mentions this feature might become available in the future.

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.
    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.

No balance transfer offer. As of this writing, SoFi isn’t offering an intro APR on balance transfers. In fact, SoFi has disabled balance transfers entirely during the card’s initial launch.

How to apply for the SoFi Credit CardYou can’t currently apply for a SoFi Credit Card. However, we 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
Chase Freedom Flex℠
$200 after spending $500 in the first 3 months, plus 5% cash back at grocery stores on up to $12,000 in the first year
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
$0
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Blue Cash Everyday® Card from American Express
$150 after spending $1,000 in the first 3 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
$0
Get 3% cash back on groceries on up to $6,000 annually (then 1%) with no annual fee. This is a simple and effective rewards card. Rates & fees
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
$95
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
Citi® Double Cash Card
N/A
Up to 2% cash back on purchases (1% when you buy plus 1% as you pay)
$0
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, plus 5% cash back at grocery stores on up to $12,000 in the first year
5% cash back on travel purchased through Chase, 5% on Lyft, 3% on dining and drugstores and 1.5% on all other purchases
$0
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.
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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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