SoFi Credit Card Review

The SoFi Credit Card is loaded with features designed to provide exceptional value and peace of mind.

The SoFi Credit Card is one of the best and most straightforward options available for U.S. consumers with good credit. This card is built on a simple and highly rewarding premise: earn an unlimited 2% cash back on all of your purchases.

Forget about tracking complicated spending categories or activating bonus offers. The SoFi Credit Card delivers a consistent, high rate of return on everything you buy. It’s also packed with premium benefits that are rarely found on a no-annual-fee card, including valuable cell phone protection and no foreign transaction fees. If you want a reliable and rewarding card for all your spending needs, the SoFi Credit Card is a top-tier choice.

CREDIT CARD

SoFi Unlimited 2%

No annual fee Mastercard World Elite

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An Impressive Collection of Cardholder Benefits

• Unlimited 2% Cash Back: This is the core of the card’s value. You earn a solid 2% cash back on all eligible purchases, with no caps and no categories to worry about. To get this rate, you simply redeem your rewards into a free SoFi account.
• A Huge 3% Cash Back Introductory Offer: Get an incredible start to your earnings. For a limited time, when you set up direct deposit with a SoFi Checking and Savings account, your cash back rate is boosted to an amazing 3% for a full year.
• $0 Annual Fee: You get this premium rewards structure and all the card’s benefits without ever having to pay an annual fee.
• No Foreign Transaction Fees: This is a fantastic perk for travelers. You can use your SoFi Credit Card for purchases anywhere in the world without being charged the typical 3% fee that many other cash back cards have.
• World Elite Mastercard® Benefits: This is where the card truly shines beyond its rewards. As a World Elite Mastercard, it comes with a suite of benefits usually reserved for cards with high annual fees:
  • Cellphone Insurance: This is an incredibly valuable protection. Pay your monthly cell phone bill with your card and you get up to $1,000 in coverage if your phone is stolen or damaged.
  • Lyft Credits: Receive a $5 Lyft credit each month after you take three rides.
  • DoorDash Membership: Get a complimentary DashPass membership for several months, which offers $0 delivery fees on eligible orders.
  • ShopRunner Membership: Enjoy free 2-day shipping and free returns at over 100 popular online stores.
• Easy Redemption: Your rewards are simple to access. You can have them automatically deposited into a SoFi account to save, invest, or pay down a loan.

Who Can Apply: Eligibility Criteria

This card is a great all-around choice for U.S. residents with a solid credit history.

• Credit Score: A good to excellent credit score is recommended (typically a FICO score of 670 or higher).
• Age and Residency: You must be at least 18 years old and a U.S. resident with a valid U.S. address.
• Identification: A valid Social Security Number is required for the application.

How to Apply: A Simple, Straightforward Process

Applying for the SoFi Credit Card is an easy online process.

1. Visit the SoFi Website or Download the App: You can start your application in minutes. SoFi often has a pre-qualification tool that lets you check your eligibility with no impact on your credit score.
2. Complete the Application: Fill out the secure online application with your personal and financial information.
3. Receive a Quick Decision: You will often receive a decision from SoFi very quickly.
4. Open a SoFi Account to Maximize Rewards: To ensure you get the full 2% cash back, it’s a great idea to also open a free SoFi Checking and Savings account, which is where your rewards can be deposited.

Frequently Asked Questions

• How do I make sure I get the full 2% cash back?
  It’s simple. When you redeem your rewards, just choose to have them deposited into any SoFi account (like SoFi Checking and Savings or SoFi Invest). If you choose to redeem them as a statement credit on your card bill, you will only get 1% back.
• Is the cell phone insurance really free?
  Yes. As long as you pay your monthly cell phone bill with your SoFi Credit Card, you are automatically covered. There is no extra fee for this benefit. You would only have to pay a small deductible if you file a claim.
• Is this a good card for a big purchase I want to pay off over time?
  Not ideally. A key feature that the SoFi Credit Card does not have is a 0% introductory APR offer. This means that if you carry a balance from one month to the next, you will be charged interest from the start. It is best for people who plan to pay their balance in full each month.
• How does the 3% cash back offer work?
  It’s a special promotion to welcome you to the SoFi ecosystem. When you are approved for the card and also set up a direct deposit from your employer to a SoFi Checking and Savings account, SoFi increases your rewards rate from 2% to 3% on all purchases for one year.

CREDIT CARD

SoFi Unlimited 2%

No annual fee Mastercard World Elite

APPLY NOW You will be redirected