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SoFi Credit Card Review

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Michael Graw
Michael Graw
May. 03, 20214 min read

SoFi summary

SoFi is a San Francisco-based bank founded in 2011 that offers investment accounts, checking/savings accounts, personal loans, mortgages, student loans, and now a credit card. The SoFi Credit Card carries no annual fee. You can earn 2% cash back on everyday purchases when you redeem into a SoFi savings account, investment account, or loan.

Pros

  • No annual fee
  • Up to 2% cash back on purchases
  • Integrated with other SoFi accounts

Cons

  • 1% cash back when redeeming for statement credit
  • Hard credit check required to apply
SoFiat a glance
4.6

Editorial score

Fees

No annual fee, has other fees

4.0

Eligibility (credit score)

Doesn't cover bad credit

4.0

Security

FDIC insured, offers multiple security features

5.0

Customer service

24/7 service with multiple communication options

5.0

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features

5.0

SoFi SoFi Apply Now

Overview

The SoFi credit card is a cash rewards Mastercard with no annual fee. You can get 2% cash back on everyday purchases when you redeem rewards towards a SoFi Money account, a SoFi Invest account, or a SoFi loan. SoFi also offers a $100 cash bonus when you open and fund a SoFi Money and a SoFi Invest account within 30 days of being approved for the credit card.

SoFi offers interest rates range from 12.99% – 24.99% APR for individuals with excellent credit. If you make 12 consecutive on-time payments, your interest rate will automatically be reduced by 1% APR.

Suitable for?

The SoFi Credit Card is ideal for anyone looking for a credit card, both for existing SoFi members and those looking for a new bank.  You can claim 2% cash back when redeeming rewards in a SoFi Invest or SoFi Money account, or towards a SoFi loan. In addition, you can manage your credit card transactions from the SoFi mobile app, which also enables you to manage other SoFi products.

The SoFi Credit Card is also suitable for anyone looking for a new bank. If you get approved for the SoFi Credit Card, and then open a SoFi Invest, and a SoFi Money account at the same time, they offer a $100 cash bonus.

Interest Rates and Fees

The SoFi Credit Card does not have an annual fee and there are no foreign transaction fees. Interest rates range from 12.99% – 24.99% APR depending on your credit history. You can reduce your interest rate by 1% APR by making 12 consecutive on-time payments.

Annual FeeNone
Interest Rate (APR)12.99% – 24.99%
Foreign Transaction FeeNone

Rewards & Cashback

The SoFi Credit Card offers 2 points for every $1 you spend. If you redeem these points into a SoFi Money account, a SoFi Invest account, or towards a SoFi loan, then every point is worth one cent. So, you get a cash back rate of 2%.

If you redeem points as statement credit for your SoFi credit card account, every point is worth 0.5 cents. This is equal to a cash back rate of 1%.

SoFi also offers a $100 bonus when you open a credit card account and then open and fund a SoFi Money and a SoFi Invest account within 30 days of being approved. You must deposit at least $100 in each account to qualify. See pricing terms & conditions. See rewards details

The Application Process

You can apply for a SoFi Credit Card online. You must verify your mobile phone number and email. You must also submit your social security number for a hard credit check, which can impact your credit score. SoFi can approve your application online in minutes and mail your card within 7-10 business days.

Help & Support

SoFi offers 24/7 phone support for credit card accounts. The SoFi website also has a detailed FAQs page that offers detailed information about how to use the card.

Phone (24/7): (855) 456-7634

Security

The SoFi Credit Card comes with Mastercard ID Theft Services, which includes identity fraud monitoring and resolution. SoFi also protects your online account with two-factor authentication and you can opt-in to automatic text and email alerts when suspicious purchases are detected.

FAQ

Can I use the SoFi credit card abroad?

Yes, you can use the SoFi Credit Card internationally and there are no foreign transaction fees.

Can I use the SoFi credit card with Apple Pay?

The SoFi Credit Card is compatible with Apple Pay, Google Pay, and Samsung Pay.

Conclusion

The SoFi Credit Card offers no annual fee and up to 2% cash back when you redeem to a SoFi Invest or SoFi Money account or towards a SoFi loan. You can also get a $100 welcome bonus when you open and fund a SoFi Invest and a SoFi Money account after being approved. The SoFi Credit Card is integrated into the SoFi mobile app, so you can easily manage all of your accounts from one place.

Methodology

This review used information from the SoFi website and the SoFi Credit Card terms and conditions sheet.

Michael Graw
Written byMichael Graw

Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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