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Cash back credit cards can be very helpful and easy to use when trying to earn rewards. Also, some cash back cards don’t have an annual fee to worry about (even better if there is no foreign transaction fee). The SoFi Credit Card is a cash back card that is a bit different as cardholders can use their rewards to save, to pay off some debt, or even to invest. Additionally, cell phone protection and even Lyft credits are also included.
SoFi Credit Card Guide
Let’s get into it. With the SoFi Credit Card, you can earn unlimited 2% cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi.
Plus, you can earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card (See Terms).
Additionally, when you make 12 on-time payments, SoFi will lower your APR by 1%.
The issuing bank is The Bank of Missouri and the network is Mastercard (World Elite tier card). Cardholders can enjoy Mastercard perks, including cell phone protection, Mastercard ID Theft Protection, and even Lyft credits (more on this below).
Plus, as mentioned above, there are no annual fees or foreign transaction fees to worry about.
How SoFi Credit Card Rewards Work
With the SoFi Credit Card, cardholders are rewarded with points based on their spending. From there, SoFi Rewards Points can be redeemed for a statement credit to the following:
- SoFi Credit Card Account
- Cash deposited into your SoFi Money Account
- Shares credited to your SoFi Invest Account
- Cash to be applied to your SoFi Student Loan Refinance or SoFi Personal Loan outstanding balance
- Promotional rewards offered under the SoFi Rewards Program
Note that points earned with the SoFi Credit Card are automatically added to any other Rewards Points earned through the SoFi Member Rewards Program.
Applicants with a good to excellent credit score may qualify for the SoFi Credit Card.
As mentioned previously, the SoFi Credit Card comes with a few additional perks related to being a Mastercard.
Cardholders can enjoy cell phone protection insurance coverage, up to $1,000 in yearly coverage. Note that you can submit up to 2 claims per year, $800 max per claim. To activate coverage, simply pay your cell phone bill with your card.
Additional security perks include free access to Mastercard ID Theft Protection (activation required). This benefit can help cardholders manage their credit file and get notifications for changes to their account including fraud, new credit inquiries, and new accounts opened.
When cardholders take 5 Lyft rides per calendar month and pay with their SoFi Credit Card, they can also get a monthly $10 Lyft credit.
Cardholders can learn more about the additional terms and conditions by visiting the Mastercard benefits portal.
In conclusion, the no annual or foreign transaction fee SoFi Credit Card can be an easy addition to your wallet. Plus, cardholders can get plenty of value from their card due to the ability to redeem rewards for saving and investing. Additionally, the $10 Lyft credit is also a welcome benefit, especially if you use the ridesharing app frequently. The additional Mastercard perks like cell phone and theft ID protection are also bonuses that can give cardholders peace of mind.
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Chase Sapphire Preferred® Card
- Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.