Short for Social Finance, SoFi is an online bank and personal finance company whose operations date back to 2011. It provides services such as mortgages, credit cards, and personal loans, as well as student loan and auto loan refinancing. It is accessible to its account holders through both mobile devices and desktop computers.
Can use rewards to save, invest, or pay off debt
Unlimited 2% cash back when you redeem points in certain ways
High balance transfer and cash advance fees
- Can use rewards to save, invest, or pay off debt: You can redeem your rewards into your SoFi Checking and Savings account to save, SoFi Invest account to invest, or SoFi student loan or SoFi personal loan accounts to pay down debt. Using your rewards for these redemption options, instead of spending them in other ways, can help you improve your financial situation.
- Unlimited 2% cash back when you redeem points in certain ways: The SoFi credit card offers 2% unlimited cash back on eligible purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. The higher redemption rate matches some of the more popular no-annual-fee cash back credit cards available today.
- High balance transfer and cash advance fees: This card charges higher balance transfer fees and cash advance fees (at $10 or 5% of each transaction, whichever is greater) than some competitive credit cards charge. Additionally, SoFi is only currently accepting balance transfers from recipients of promotional offers. Those considering using this card for a cash advance or balance transfer may find better options elsewhere.
Who This Card Is Best For
The SoFi credit card may be a good fit for you if you want to use your credit card rewards to better your financial situation and not be tempted to use them for other purposes. The credit card rewards program gives you the 2% equivalent cash back reward rate only if you redeem your rewards into a SoFi Checking and Savings account, purchase investments via SoFi Invest, or use them to pay down the balance of your SoFi student loan or SoFi personal loan.
People who want more flexibility and true cash back, without having to redeem their rewards into a SoFi account, may be better off with another credit card that offers a similar redemption value.
Rewards Earning Details
Though this card is described as earning cash back, technically you earn points: 2 points per dollar spent with your card. If you don’t make the minimum payment for a billing cycle by the payment due date, you will not earn points for purchases posted to your account during that billing cycle.
You forfeit your points if your credit card account is canceled for any reason. Additionally, SoFi may cancel some or all of your points if the company decides you have violated the terms of its rewards program.
Rewards Redemption Details
You can redeem your points for the following options:
- Promotional offers listed on the redeem points page
- Cash deposited into your SoFi Checking and Savings account
- Shares credited to your SoFi Invest account
- Cash applied to the balance of your SoFi student loan or SoFi personal loan
Technically, your points are worth $0.01 each. However, because purchases receive 2 points per $1 spent, this effectively means the card earns 2% cash back as long as you redeem your points using the four methods listed above.
If you decide to redeem your points for a statement credit instead, each point is only worth $0.005 cents.
You can’t redeem points if your account is past due or your SoFi credit card account is canceled.
How to Maximize Your Rewards
This card’s rewards program is straightforward, so it isn’t difficult to maximize your rewards. Put all eligible purchases on the card to maximize the points you earn. Then, redeem your points to deposit cash in your SoFi Checking and Savings account, get shares credited to your SoFi Invest account, or apply cash to your SoFi student loan or personal loan balance and get the additional point per point redeemed.
- Cell phone protection: The credit card comes with up to $1,000 in complimentary cell phone insurance coverage.
- Concierge services
- Free ShopRunner membership for unlimited free two-day shipping and free return shipping at select online stores
- Special promotional offers at Fandango, Lyft, and DoorDash
The SoFi credit card is issued by the Bank of Missouri, which was not ranked in J.D. Power’s 2022 U.S. Credit Card Satisfaction Study. SoFi has 24/7 customer support available by phone for cardholders.
This credit card offers Mastercard ID Theft Protection. You also get access to emergency card replacement through your Mastercard benefits.
Fees to Watch out For
This card does not charge foreign transaction fees, which is a nice feature if you travel outside the U.S. But if you make a balance transfer or take a cash advance, you’ll face fees of $10 or 5% of each transaction, whichever is greater. Note, however, that SoFi is only accepting balance transfers from recipients of promotional offers at this time.
The SoFi credit card makes it easy to use your credit card rewards responsibly, as long as you have other SoFi accounts, such as SoFi Checking and Savings, SoFi Invest, SoFi student loans, or SoFi personal loans.
The 2% cash back earning rate is decent for a no-annual-fee credit card, but having to stay in the SoFi ecosystem to get it may frustrate some cardholders. If you aren’t a big fan of keeping everything with SoFi, you may want to consider other cash back credit cards that offer a similar rewards rate.
Frequently Asked Questions
What Credit Score Do I Need for a SoFi Credit Card?
SoFi requires credit card applicants to have a credit score in the good range (so no lower than 670).
Does SoFi Do a Soft or Hard Credit Pull?
SoFi runs a soft credit pull on all applicants who apply for their credit cards.
What Bank Issues the SoFi Credit Card?
The Bank of Missouri issues the SoFi credit card.
What Is the High Limit for the SoFi Credit Card?
The highest limits reported by SoFi credit card account holders are in the $25,000 range.