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SoFi is best known for its student loan refinancing and free investing app. But this online financial platform now has an exciting cash rewards credit card. The SoFi Credit Card earns unlimited 2% cash back and has some enticing benefits.

SoFi Credit Card review
This SoFi Credit Card review can help you determine if this is the next card for you. Credit: SoFi

No Annual Fee

The SoFi Credit Card doesn’t charge an annual fee or a foreign transaction fee, making it an international travel option. It’s also a Mastercard World Elite credit card issued by The Bank of Missouri.

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).

2% Cash Back

One of the best reasons to consider the SoFi Credit Card is its ability to earn unlimited 2% cash back. Cardholders earn unlimited 2% cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi.

Most flat-rate rewards cards award up to 1.5% back, which is impressive, but 2% is (obviously) better.

Related: The Best Cash Back Credit Cards

Redemption Options

Each point is worth up to 1 cent each when redeemed for cash-type rewards. There are several ways to redeem the purchase rewards:

  • Deposit into a SoFi Money Cash Account
  • Invest with a SoFi Invest Account
  • Apply towards a SoFi Student Loan Refinance
  • Apply towards a SoFi Personal Loan
  • SoFi Credit Card statement credit
  • Apply towards promotional rewards offered under the SoFi Rewards Program

Cardholders will get the best redemption value when saving, investing, or paying off debt with the purchase rewards. Each point is worth 1 cent each ($0.01) for these redemption options.

Each point is only worth a half-cent ($0.005) for a credit card statement credit.

While any cardholder can earn an unlimited 2% back, applying the rewards balance to a SoFi account is the best option as a “SoFi loyalty bonus.”

There isn’t a redemption minimum for any award option.

Additional Card Benefits

There are several built-in card benefits in addition to the ability to earn unlimited 2% cash back.

1% APR Reduction

After making 12 monthly on-time payments, the purchase APR lowers 1%.

Spending and Budgeting Tools

This card offer spending and budgeting tools that can help cardholders avoid overspending. Cardholders can receive a notification when they are close to reaching their monthly spending limit.

Mastercard World Elite Benefits

This APR reduction benefit is unique to the SoFi Credit Card. The remaining extra card benefits are provided as a Mastercard World Elite benefit.

  • Cell phone protection (insurance coverage up to $1,000)
  • $10 Lyft credit monthly when you take five rides per month and pay with your card
  • 5% cash back rewards for future purchases on Boxed
  • ShopRunner membership (unlimited 2-day shipping and free return shipping)
  • Mastercard ID Theft Protection

Minimum Credit Score

Applicants with good to excellent credit may qualify for the SoFi Credit Card. Those with a credit score of at least 680 can have the best approval odds.

The high 600s are typically the starting point for the “good credit score” range. A 740 credit score is the start of excellent credit.

Related Articles: Best Places to Get Free Credit Score Checks Without Affecting Your Credit

Positives and Negatives


  • Earn unlimited 2% cash back on eligible purchases
  • Several cash redemption options
  • No annual fee
  • No foreign transaction fee
  • Cell phone insurance (up to $1,000)
  • Up to $10 monthly Lyft credit


  • Need other SoFi accounts to get the best redemption value
  • Cash statement credits have the lowest redemption value

Who Should Try for the SoFi Credit Card?

Existing SoFi members repaying a SoFi Student Loan Refinance or a SoFi Personal Loan can benefit the most from this SoFi Credit Card. Directly redeeming the purchase rewards as an extra loan payment can help people get out of debt faster and save on interest.

Those who use SoFi Invest or the SoFi Money cash management account can use their credit card rewards to earn passive income and benefits.

People wanting a traditional cash back credit card but don’t use the other SoFi products won’t maximize this card, despite earning 2% back. The points are worth 50% less when requesting a cash statement credit, which is a downside for those wanting an upfront discount. Instead, they might consider cards like the Citi® Double Cash Card, the Chase Freedom Flex℠, or even the Capital One Venture Rewards Credit Card.

SoFi Credit Card Review Summary

The ability to earn unlimited 2% cash back makes the SoFi Credit Card one of the first flat-rate cash back credit cards to consider. This card is most valuable when applying the cash rewards to a qualifying SoFi loan or passive income product.

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Chase Sapphire Preferred® Card

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
  • Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x 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, 60,000 points are worth $750 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 03/31/22.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.

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