The SoFi Credit Card is a good credit card for SoFi customers who have a
good or excellent credit score of 700 or higher and want to put their rewards toward SoFi payments, deposits, or statement credits. The card has a
$0 annual fee and rewards you with the equivalent of 2% cash back.
If you don’t plan to pay your card’s bill in full every month, however, the
SoFi Unlimited 2% Credit Card is not for you. Its high regular APR will quickly erode your savings from rewards if you carry a balance from month to month. Below, you can learn more about what I like and don’t like about the SoFi Card, so you can make an informed decision about applying.
What I Like About the SoFi Credit Card
No annual fee
The SoFi Credit Card annual fee is
$0. As a result, this card is
$26.75 per year cheaper than the average credit card offer, according to our database of 1,500+ cards.
There are hundreds of no annual fee credit cards available right now, so this feature isn’t all that special. But it’s better than paying yearly, all else being equal, and it may allow you to keep your account open for longer.
3% cash back on SoFi Travel purchases
You can now get 3 points per $1 spent, equal to 3% back, on trips booked on the SoFi Travel portal. This is about three times as much as you’d earn with the average card. You can book flights, hotels, and rental cars and even get special member deals via SoFi Travel.
2% cash back on all other purchases
The SoFi Mastercard normally rewards cardholders with
2 points per $1 spent on all purchases. Those points are worth 2% cash back no matter how they are redeemed.
Earning at least 2% cash back on every purchase you make is fantastic. The average rewards card only gives you about half as much. But the SoFi Card isn’t the only credit card offering 2%+ back on every purchase right now. Some of the
best 2% cash back credit cards even have initial bonuses worth hundreds of dollars.
Up to $1,000 in cell phone protection
If you pay your cell phone bill with the
SoFi Unlimited 2% Credit Card, you’re eligible for coverage against damage and theft. You can file up to two claims per year, get reimbursed up to $800 for a single claim, and get up to a maximum of $1,000 in coverage per year. You’ll also have to pay a $50 deductible for each claim.
No foreign transaction fee, plus other perks
Using the SoFi Credit Card while traveling abroad or shopping online from foreign merchants will not cost you extra. You will also enjoy a range of World Elite Mastercard benefits, including a travel concierge, if you get the SoFi Credit Card.
What I Don’t Like About the SoFi Credit Card
No initial bonus
The SoFi Card currently doesn’t offer a lump sum of rewards to new cardholders who hit an initial spending threshold. If you’re in the market for such a sign-up incentive, check out
our picks for the best credit card bonuses.
High interest rate
The SoFi Credit Card interest rate is
18.99% to 29.49% (V). The exact rate depends on each applicant’s overall creditworthiness, but it’s going to be high no matter what. It’s just a matter of how high. For context, the average credit card offer has an APR of
22.76%.
Limited redemption options
You can use the points you earn with this card to pay off or add money to SoFi accounts. For example, you can use the points to make a SoFi loan payment, get a statement credit on your SoFi credit card account or contribute to a SoFi savings account. But no other options are available. Many other credit cards offer far more choices.
Requires good credit or better for approval
The SoFi Credit Card’s credit score requirement is 700+, as applicants need at least good credit to qualify. You can
check your latest credit score for free here on WalletHub to assess your chances.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
