SoFi Credit Card Review

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The SoFi Credit Card is a no-annual-fee, cash-back card from popular lending and investment platform SoFi. The card is available by invitation only for SoFi members, but non-invited members can request to join a waiting list. The card is expected to be available to the general public by early 2021. It’s best feature–2% cash-back when you redeem rewards in specific ways–rivals the top cards in this category.

SoFi Credit Card

Overall Rating
4.4
SoFi Credit Card
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 12.99% - 24.99% variable
Annual Fee $0
Rewards Earning Rate Earn 2% unlimited cash back towards your financial goals. Earn 1% cash back on all eligible purchases—and when you redeem it to pay down eligible debt, save, or invest with SoFi, we'll throw in an extra 1% toward your goal, for a total of 2%.
Foreign transaction fee (%) 0%
Ratings Breakdown
for Interest
2.0
for Fees
3.3
for Rewards
4.0
for Credit
3.7

Who Is This Credit Card Best For?

  • Avatar for Deal Seeker Persona
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    Deal Seeker
  • Avatar for Savvy Saver Persona
    Prioritizes sticking to their budget while buying what they want and need See more cards
    Savvy Saver

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.

What We Like
  • Solid bonus rewards rate

  • APR reduction for good payment behavior

What We Don't Like
  • Must redeem with SoFi for the bonus earnings rate

  • No welcome bonus or 0% APR offer

Pros Explained

  • 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.

Cons Explained

  • 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. 
  • No welcome bonus or APR offer: There’s no big, enticing offer for new cardholders like many other cash-back cards offer, which are often worth $150 or more. Also, SoFi cardholders start at the regular purchase APR from day one, whereas some other cards may provide 0% interest on purchases or balance transfers for a year or more.

Earning Points & Rewards

You’ll earn 1% cash-back in the form of SoFi Rewards points when you make an eligible purchase, and an additional 1% that SoFi matches when you redeem your rewards for cash deposited to various SoFi accounts. 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.

Redeeming Rewards

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 1% or 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

Customer Experience

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.

Security Features 

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.

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CURRENT CARD
SoFi Credit Card
overall rating
4.4
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 12.99% - 24.99% variable
Annual Fee $0
Rewards Earning Rate Earn 2% unlimited cash back towards your financial goals. Earn 1% cash back on all eligible purchases—and when you redeem it to pay down eligible debt, save, or invest with SoFi, we'll throw in an extra 1% toward your goal, for a total of 2%.
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. SoFi. "Earn 2% Unlimited Cash Back: SoFi Credit Card." Accessed Nov. 19, 2020.

  2. Mastercard. "SoFi World Elite Mastercard." Page 6. Accessed Nov. 19, 2020.