The SoFi Credit Card, issued by the Bank of Missouri, is a good fit for SoFi customers who want to earn cash back and don’t mind the extra step of sending their cash-back balance to their SoFi account to get the best rewards redemption rate.
If you feel that sending your rewards to your SoFi financial products is a better way to use credit card rewards than getting a gift card or statement credit, it could be worth a spot in your wallet.
Solid bonus rewards rate
APR reduction for good payment behavior
Must redeem with SoFi for the bonus earnings rate
Mediocre bonus and no intro APR offer
- Solid bonus rewards rate: Most cash-back cards that offer flat-rate rewards usually provide 1% to 1.5% back on all purchases. Not many competitors can rival the 2% you’ll earn when you redeem rewards on SoFi’s platform.
- APR reduction for good payment behavior: SoFI will reduce your interest rate by 1% if you can make 12 consecutive on-time payments. Plus, if you’re approved to start out on the lower end of the APR range, it’s already much lower than the average credit card APR.
- Must redeem with SoFi for the bonus earnings rate: Redeeming your rewards with SoFi may not be an issue if you actively invest or borrow with the company, but it could be a deterrent for those who’d prefer more redemption flexibility.
- Mediocre bonus and no intro APR offer: The bonus for new cardholders this card offers is just OK. It doesn't quite measure up to the bonuses other cash-back cards are offering, which are often worth $150 or more. Also, SoFi cardholders don't get a short-term break on interest costs. If you carry a balance, you'll pay the regular purchase APR, whereas some other cards may provide 0% interest on purchases or balance transfers for a year or more.
Bonus for New Cardholders
If you open the SoFi Credit Card and add $50 each to a SoFi Money and a SoFi Invest account, you'll get $100 back in your pocket. It's an unusual bonus that essentially incentivizes squirreling away money, which is nice and aligns with the rewards program tied to this card, but it doesn't measure up to what other cash-back rewards cards are advertising right now. Many give new cardholders $150-$200 back in rewards for meeting a spending requirement.
Oh, and you'll also need to already have or open those additional SoFi accounts to earn this bonus.
Earning Points & Rewards
You’ll earn 2% unlimited cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi. SoFi automatically adds your cash-back rewards to your SoFi Member Rewards program balance, which you can check when you log in to your SoFi account.
The potential to earn 2% back on every purchase is a rarity among cash back cards, as most cards offer rates of 2% more only on certain categories that have yearly spending limits.
The SoFi Member Rewards program is free for any SoFi account holder. In addition to spending with your SoFi credit card, there are other ways to earn points, including logging in to the SoFi mobile app, signing up for SoFi’s Relay Credit Score Monitoring service, setting up automatic billing from a SoFi Money account, and other activities.
You can redeem your points as a deposit into a SoFi Money Account, to buy shares with SoFi Invest, or to pay down a balance on a SoFi loan. If you go any of those routes, SoFi will match the points you deposit. The base value of each point you earn is 1 cent, but because SoFi offers a match, your effective rate is 2%. So, if you deposit 1,000 points to your SoFi Money account, the deposit would be worth $20 after SoFi matches your deposit. Rewards you deposit to your SoFi Invest account can be used to purchase whole or fractional shares.
You can redeem your rewards as a statement credit, too, but SoFi won’t match your redemption. So, redeeming 1,000 points for a statement credit would be worth $10 instead of $20.
The baseline value you should get out of one reward point is 1 cent; this is the standard for cash-back cards. Because SoFi matches your points when you send them to a SoFi account, we recommend redeeming this way instead of cashing them in for a statement credit.
How to Get the Most Out of This Card
Use the SoFi Credit Card for everyday purchases and then redeem points toward one of your SoFi accounts to activate the 2% rewards rate. Also, set up your account to make automatic payments when your bill is due. Automating payments makes it easier to achieve 12 consecutive on-time payments and earn the 1% interest-rate reduction.
Though a lower APR is a good perk, try to pay what you owe in full each month because the interest you pay from carrying a balance may exceed what you earn in cash back.
Pair the SoFi Credit Card with another rewards card that earns higher bonus points in other categories of spending that you tend to do. Some cards offer up to 5% back on certain purchases, like dining out or groceries, that your SoFi card would give you 2% for.
SoFi Credit Card’s Excellent Perks
The SoFi Credit Card has one stand-out perk that goes beyond what most cash-back cards offer.
- Cellphone coverage: When you pay your phone bill with your card, you’ll get up to $1,000 of cellphone insurance coverage for every 12-month period (up to $800 per claim and a $50 deductible).
SoFi Credit Card’s Other Benefits
- 0.125% rate discounts on other SoFi lending products
- Free shipping through ShopRunner membership
- Concierge for booking event tickets, travel, and other services
- Sports, music, and event ticket presales, plus VIP access at some events
- Credits on Lyft rides
- Discounts with Boxed, Postmates, and Fandango
- Travel and emergency hotline
You’ll manage your credit-card account through the SoFi app, which you’re likely familiar with if you’re already a SoFi customer. SoFi’s main customer support line is available Monday through Thursday from 5 a.m. to 7 p.m. Pacific, and Friday through Sunday from 5 a.m. to 5 p.m. Pacific. There’s also a dedicated Twitter handle for customer services, @SoFiSupport, and an online help center that covers key questions.
The SoFi Credit Card offers standard security features like Mastercard’s zero liability for fraudulent purchases. You’ll also get Mastercard ID Theft Protection at no extra cost, which monitors your credit file, alerts you to any suspicious activity, and provides assistance if you have an issue with identity theft.
SoFi Credit Card’s Fees
The SoFi Credit Card has no annual fee. There is no foreign transaction fee, which is not always the case among similar cash-back cards. Late and other fees are on par with most cards.