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BestMoney.com

SoFi Credit Card Review

Reviews 7,404
SoFi
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SoFi
SoFi
Excellent
Reviews 7,404
Michael Graw
Oct. 06, 2022
2 min read
Michael Graw
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

  • Multiple reward options
  • No annual fee

Cons

  • Doesn't offer intro APR
  • Requires good/excellent credit

SoFi at a glance

4.6
Editorial score

Fees

No annual fee, has other fees
4.0

APR

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 3% cash back for a year when you set up direct deposit with SoFi, 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% (variable) 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 3% cash back for a year when you set up direct deposit with SoFi, and 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% (variable) 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% (variable)
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, 3% cash back for a year when you set up direct deposit with SoFi, and 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 by
Michael 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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Trustpilot reviews
See what some customers are saying about SoFi
SoFi
Excellent
Reviews 7,404
on
Excellent
82%
Great
6%
Average
3%
Poor
2%
Bad
7%
consumer-image
jillian sudol
16 hours ago
A true online experience
A true online experience. Very informative and quick. So glad we chose Sofi for our personal loan. Loan process is quick and we received our funds with in 4days.
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karen novinger
a day ago
Simple Process
Very easy process to receive my loan.
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amy cincotta
a day ago
Loan Process
This is my second loan and both times SoFi has made the process so easy.
J
jermin
a day ago
The representative was very helpful
The representative was very helpful. Excellence service.
C
carole voran
a day ago
Excellent loan process
By far the easiest, most uncomplicated loan process I’ve ever experienced. Quick approval and funding! Amazing service!
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frank dalessio
a day ago
Previous experience informed new…
Previous experience informed new processing and allowed fast pre approval
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robert goode
2 days ago
It was east to get the loan done and…
It was east to get the loan done and fast no Hassel
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jeanette bujosa
2 days ago
Easy Peasy
Easy to apply and use.
j
joan marcelli
4 days ago
Even tho I never talked to a person the…
Even tho I never talked to a person the whole procedure was quick and hassle free. I really do appreciate your company.
D
david hajel
4 days ago
This is the second time I have worked with…
This is the second time I have worked with SOFI and both experiences have been fantastic. Will continue to use them in the future!!
J
jonetta depp
4 days ago
Wonderful Experience
Everyone was very helpful along the loan application process and it was a very easy website to use to apply!
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jose de anda
5 days ago
Amazing process no issues at all
Amazing process no issues at all. Very straight fwd. No delays, Thanks
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jeff mcveigh
5 days ago
super easy process
super easy process and very helpful customer service people.
R
robin schacherer
5 days ago
I have been locked out of my account…
I have been locked out of my account for 4 days due to technical. I am done with them please don't use. I have been hacked and now this. No one returned a phone call. The worst!
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ali zeinoddin
5 days ago
Everything was very clear
Everything was very clear, easy, and fast. The problem I ended up communicating regarding my loan were very nice an knowledgeable.
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yafet quashie
5 days ago
Entire process is as easy as 1 2 3
Entire process is as easy as 123....seriously. Steps are clear and customer service is exceptional.
C
chiana
5 days ago
Integrity & Honesty
The honesty, the communication, the follow-up. SoFi delivers. I’m able to pay off all my credit card debt with one loan and one fixed rate, one monthly payment. It’s amazing. Bo was a great customer service rep!
K
kelli sedwick
6 days ago
Sofi is not it
I had issues with my payment going through after years of successful payments. The Sofi customer service agent, Gustavo, was not helpful and frankly a jerk. He blamed my bank and accepted no responsibility nor offered any solutions. I am shopping competitor loans right now. Don't waste your time.
B
byron
5 days ago
Communication and attention
Communication and attention
J
jen
5 days ago
My experience with Sofi
The people at Sofi are super nice and friendly. I like how they dont make you upload millions of documents in the loan application and how you can do the whole application online. It's easy and my account gets funded within a few days. Would reccomend Sofi to everyone. My number 1 choice when choosing a loan.
E
eva
6 days ago
Everyone was very helpful.
Everyone was very helpful.
D
dennis
6 days ago
very simple process
It was a very simple process. We had a glitch at one point, but with customer service, it was resolved very quickly.
T
todd erickson
6 days ago
Overall
Overall, the online process went well. Some of the additional step were a bit harder to find and respond timely.
S
s b short
6 days ago
Efficient and easy-to-follow workflow
The workflow is very structured and easy to follow. It only took a few moments to apply for something that would normally have been a lot more stressful. I am amazed that I only had to enter each piece of information (like email) one time - most online or on-phone experiences don't pass these simeple tidbits of information from one milestone to the next. But SoFi's process was very straight-forward and fast.
D
debra diaz
7 days ago
Simple to accomplish
It was easy and fast. The website clearly stated what was needed and was easy to upload. The loan notification came quickly, as did the funds transferred into my account.
C
consumer
7 days ago
Fast and easy approval
Fast and easy approval. Hopefully direct deposit funding is as fast as my approval.
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shannan wilcox
7 days ago
The whole process was simple and quick!
I really liked the ease of being able to do everything online!
R
randall lambirth
7 days ago
Best Loan Experience Ever!
The title says it all! I procured a personal loan in less than 15 minutes and it was funded within 2-3 days. The entire process was seamless and so easy being all online with no problem in understanding any instructions. So stress-free the way SoFi has their website setup - so user-friendly. I can’t say enough good things about SoFi. 100% trouble free.
B
bettye j demps
8 days ago
Online process very simple and precise
Online process very simple and precise
M
matt
8 days ago
Everything was a breeze from start to…
Everything was a breeze from start to finish! It was a very simple and fast process. I highly recommend SoFi! I will be sending other folks there way for sure!
T
tricia maras
8 days ago
Very easy process and even with…
Very easy process and even with glitches in app, customer service was excellent!!
S
steve miller
8 days ago
You have made my situation so easy to…
You have made my situation so easy to handle
c
customer
9 days ago
It was very efficient and easy to in…
It was very efficient and easy to understand instructions
S
salina dominguez
9 days ago
My decision to apply for a a personal liN
My decision to apply for a loan was to consolidate some bills. The process was relatively easy and quick and easy to understand. Also, using the app made everything easier, especially when having to upload some information.
c
customer
8 days ago
Easy to use
Easy to use, especially, as a current customer. Thank you.
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lanny cross
9 days ago
Refused to pay referral bonus
They spend a lot of time promoting their referral bonus but refuse to pay the referral bonus. I've spent hours trying to explain the mistake that they've made, but they won't listen. Too frustrating to do business with this company.
W
wayne peal
9 days ago
The process was quick and easy and I…
The process was quick and easy and I would recommend SoFi to anyone.
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john hamzawsky
10 days ago
Easy online application
Easy online application, corelated information fed to the software making the online application simple, comprehensive and short. The response was fast and I got the loan I applied for the next morning. Great to deal with SoFi, I have dealt with several financial institutions, so far this one has been the best.
K
kimberly shea
11 days ago
Easy and Quick for Efficiency
Very easy to apply and understand next steps, once approved. They are great at walking me through what will happen.
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kristine horton
11 days ago
Sofi made applying and going through…
Sofi made applying and going through the loan process very easy.
E
edison gore
11 days ago
The place to go for a loan
The quickest and most painless loan I have ever gotten. If only real estate transactions were this easy! The entire process from start to finish took less than an hour.
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timothy burkhart
11 days ago
Easy Loan Process
Easy to complete online information. Reasonable time on response.
S
steven jones
11 days ago
Super easy application process
Super easy application process. Agent called me shortly after pushing the buttion on line. We reviewed the documents they would need to review. A few hours later I was approved, docs signed online and the loan funded. All in one day.
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chirag ghadoliya
13 days ago
Very useful
I had used Sofi before and paid off the loan earlier without penalty. The process was seamless and fast. Website was informative and easy to navigate.
K
kita
13 days ago
Try sofi or investment
Sofi is very cool and easy to use and plus they have smart investing
R
robert
13 days ago
Everything went smoothly.
Everything went smoothly.
A
allen bartels
13 days ago
The overall process was very quick and…
The overall process was very quick and easy. Did include a call to a representative and even that was quick as experienced no hold time and had knowledgeable rep. Loved the options presented and ability to pick the option that worked the best for our finances.
G
gerald boyer jr
13 days ago
Was great experience and easy
Was great experience and easy
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lloyd e. bunn
13 days ago
Easy refinancing
I found it real easy to refinance my loan using the app, it only took me about 5 minutes
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stewart ferguson
13 days ago
Easy quick and transparent !!!!
Easy quick and transparent !!!!
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consumer
14 days ago
Do not go through sofi!!!!!
Do not go through sofi!!!!! A better one to go through is Lending club. Sofi charges interest upfront. So no matter if for some reason u get to pay your loan off early, you are still stuck paying 100% interest!!!! I had to be fine with that part because i was desperate. Plus they screwed me over for getting one more pymt in because i paid off a way they said entitled one extra payment when one of their people swore to me that wouldnt happen. Then after i paid off i wanted all my info erased from their co and they said ABSOLUTELY NOT. One woman went nuts on me because i asked to get me out of their system. And i know they can erase my info because Lending club erased me after i paid off. Capital one did, a lot of companies just forget you once youre done paying off. This company is AWFUL!!! Look for others!! Do not do business with them!!
B
bonnie
14 days ago
It was quick easy and no games were…
It was quick easy and no games were played. I got a great interest rate and had my money within a day.
C
cathy
14 days ago
it was an easy site
it was an easy site to get thru and the process was pretty simple & quick
r
rich
14 days ago
super easy and simplistic
super easy and simplistic. entire process is so fast had money wired to account in 24 hours. 10/10 would recommend
G
greater morning star, bc
14 days ago
I can't beleve I was approved
Everything that was advertise happened as explained.
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sharon flynn
14 days ago
The speed for which the loan was…
The speed for which the loan was processed. This is my second loan from Sofi. They impressed me after getting the first loan 7 years ago which is paid off. My dealings with other personal loan companies was not a good experience.
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pete amomonpon
15 days ago
Personal Loan
The entire application process was absolutely convenient and worries free along with the excellent service overall. I would definitely recommend SoFi on any financial need.
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alex hollings
15 days ago
The app was easy to fill out
The app was easy to fill out, the funds came quickly!
M
michael lewandowski
15 days ago
I was checking out different debt consolidation companies
I was checking out different debt consolidation companies and was frustrated on what they were telling me. SoFi from the start made feel better about what I was doing I created the debt I must be responsible for it. SoFi has made me feel better about accomplishing what I wanted and also showed me how it was affordable for me. Now I see the light at the end of the tunnel and the light is bigger and brighter then I was expecting. Thank you SoFi
D
dennis ward
16 days ago
The process was very simple and SoFi did not harass and hound me at all.
The process was very simple and SoFi didn’t harass me at all. The kept me informed of what they needed from me and I provided what was requested. Once the information was provided they did their part and proceeded the needed information.
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ronnie bush
15 days ago
The SoFi staff was very helpful and…
The SoFi staff was very helpful and professional during the process. They listened to my concerns and guided me through the process. This is my third time applying for a personal loan and each time they made it easy for me.
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joy daves
15 days ago
Well done
The process to apply was set-up very well. The approval and the money was sent much faster than the expected. I highly recommend this company!
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cory kennedy blazinrebel
15 days ago
The process was easy
The process was easy, prompt, and exceeded my expectations. I couldn’t imagine using a different service!
C
collette joseph
16 days ago
Great professionalism.
My application was completed and dealt with in a timely and professional manner.
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carl alessandro
17 days ago
I've used SOFI 3 times
I've used SOFI 3 times , twice for my the refinance of my children's college loans and just recently for a personal loan, the ease of applying and how quickly the approval process is outstanding, choice of rates and plans helps to tailor to the best loan for your situation, this is the future
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mercedes soderberg
18 days ago
super easy process.
super easy process. I had a loan before and I love the sofi experience
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yolanda ramìrez càrdenas
18 days ago
I very easy and us very satisfaction
I very easy and us very satisfaction
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tim kates
18 days ago
Easy application
Easy application, quick response about approval or not. Fast deposit into account.
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ajleighcharter.net
18 days ago
Easy
Easy, quick and convenient. Thank you
J
jaime teruel
18 days ago
Fast and efficient though request for…
Fast and efficient though request for documentation was sometimes repetitive
G
guillermo yanes
18 days ago
Everything was easy and fast
Everything was easy and fast. The information was sent it and the whole process was great step by step,
M
md arif
18 days ago
Excellent Service!
Excellent application process. Very straightforward and streamlined. Great service!
R
rodney vanous
18 days ago
Fast funding
I applied late in the evening and it was funded the next day!!!
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sona bassene
18 days ago
I had a very pleasant and seamless…
I had a very pleasant and seamless experience with SoFi loan application as well as opening a checking account. Highly recommend.
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theshaniam
18 days ago
I liked the ease of the application…
I liked the ease of the application process and being able to tailor my loan to fit my exact needs. My only concern is that I received notification that my loan has been funded but cannot find any indicators letting me know when to expect the money in my account. That would be helpful but overall it was a pleasant experience.
M
marybeth
18 days ago
The quick funding process
The quick funding process. We accepted the offer and within 24 hours, our loan was funded and the funds were released.
R
ron flinner
18 days ago
Easy process
Easy process! Great people!!
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michael jordan
18 days ago
Quick and professional services fastest…
Quick and professional services fastest I've ever used to fill out loan paperwork and get it processed it only took a few minutes.
S
susie
19 days ago
Good business
Easy application and great rates when everyone else is going up so high.
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jolene barrow
19 days ago
This whole process was quick and easy!
This whole process was quick and easy!
M
michael molineaux
19 days ago
Quick and Efficient
Quick and Efficient
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adam alfonso
19 days ago
Process was great
Process was great; I would have given 5 stars if the interest rate has been better.
D
daniel
19 days ago
Easy and Quick
Easy and Quick
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mary hubbard
19 days ago
Everything was done in a quick
Everything was done in a quick, orderly way with no time wasted. It was very simple even a child could follow this app.
H
holly g
19 days ago
Fast & Easy
This was the quickest, easiest process for a personal loan. Impressed. Thank you!
J
jenni
19 days ago
Was looking to consolidate some credit…
Was looking to consolidate some credit card debt was able to get it done in just a few days and at an amazing rate. Simple process and very easy to maneuver
P
paul
19 days ago
The process was too long with taking…
The process was too long with taking seven days for all to complete. With using Sofi prior and with never an issue and having an excellent credit rating, I could not understand why I was being asked a new request each day to show this or prove that. Even after signing the contract, I would check back in and there would another request for ID or some other form, and instead of asking all at once, it was spread out over several days asking for something else. Once I did complete all, I had to contact an online advisor to get all to the finish line as it seemed to be stuck processing wise. That person who assisted was professional and expedient to get all done. Despite all, I am a fan of Sofi as my prior two loans worked out great and with no issues. Thx.
A
ann
19 days ago
I love borrowing money from SOFI!!
I love borrowing money from SOFI!! I had an issue with the application online and after the fourth person I contacted the problem was taken care of. Everyone was super nice and patient with me.
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tasha latner
19 days ago
They were the best company that I've…
They were the best company that I've dealt with in my life I'll recommend them all of my associates and business partners they are the GOAT 🐐
D
derek
20 days ago
Simple, easy, and quick loan
It was easy and simple to apply, the automated verification was both cool and a time saver, and the funding came the next day.
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desmond hewitt
20 days ago
This bank should get negative stars
This bank should get negative stars. They froze my account and will not give me an explanation as to why it was frozen or when it will be resolved. It has been over 30 days since they have done this and still can not get one answer as to what the problem is. They’ve clearly received the money from the check they have in question and have had more than enough time to verify the validity of said check. Yet I can’t access my money. Customer service is lacking as you can’t ever reach anyone to assist you. Just told to call an 800 number and leave a voicemail. Leave a voicemail in 2023!! Do yourself a favor and DO NOT USE THIS BANK unless you just want your money held hostage for an indefinite amount of time.
M
michael
20 days ago
it was quick an easy
it was quick an easy, plus several options to choose from
S
steven rhoads
20 days ago
I appreciate the whole experience thus…
I appreciate the whole experience thus far. The ease of opening account(s) and the incentives to not only save money but how to achieve financial goals. I would recommend SoFi to anyone, and actually have been! I am not a fan of banks or the banking system, however, SoFi has made a believer out of me.
T
taylor
20 days ago
Super convenient and a great APR
Super convenient and a great APR, customer service answered me within a minute (twice lol), overall smooth experience.
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tiffany tucker
20 days ago
Easy funding when I needed it the most
SoFi made it easy to fund my loan with minimal difficulties. The money was deposited with 36 hours.
J
julie olters
20 days ago
Very easy and user-friendly process
Very easy and user-friendly process
D
david lópez
20 days ago
They closed my bank account around 2yrs…
They closed my bank account around 2yrs ago cause i was negative 47.00 for 45 days 45 days !!!! No calls or anything just closed my account and banned me for life like i was irresponsible frequently or something i am going thru hardship but man why close my account for a negative balance that i was tryna work on huh??? Not a good bank for loyal people even in hard times there has to be some forgiveness
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vincent arnuco
20 days ago
Consolidation
While all my current banks failed to assist me in my financial goals. SOFI made it possible to pursue these goals. Thank you
R
rainier
20 days ago
easy to work with.
easy to work with.
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john bush
20 days ago
Everything was quick and easy
Everything was quick and easy, highly recommend SoFi!