SoFi Unlimited 2% Card: High Flat Rate, If You’re Invited
The Bottom Line
4.7
The incentive to apply your rewards toward money goals is helpful, but other cash-back cards are potentially more flexible and valuable.
Rates, fees and offers
Rates, fees and offers
Annual fee
$0
Rewards rate
2%
Bonus offer
N/A
Intro APR
10.99% intro APR on balance transfers for 6 months from date of first transfer, for transfers that post to your account by February 10, 2024. After the intro APR expires, your APR will be 28.24% Variable.
Ongoing APR
APR: 28.24%, Variable
Cash Advance APR: 29.99%, Variable
Balance transfer fee
The greater of $10 or 5% of each balance transfer
Foreign transaction fee
0%
More details from SoFi
More details from SoFi
- Earn unlimited 2% cash back rewards on every purchase.
- 10.99% intro APR on balance transfers for 6 months from date of first transfer, for transfers that post to your account by February 10, 2024. After the intro APR expires, your APR will be 28.24% Variable. 5% fee applies to all balance transfers (min $10).
- No annual fees and no foreign transaction fees.
- Cell phone protection (insurance coverage up to $1,000)**.
- Mastercard ID Theft Protection™**.
- $10 Lyft credit when you take 5 rides per month**.
- **Cell Phone Insurance Protection, Mastercard ID Theft Protection™, Lyft and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see your guide to benefits for details or call 1-800-MASTERCARD.
Pros and Cons
Pros
No annual fee
Cell phone insurance
Flexible rewards redemption
Cons
No intro APR
Best rewards limited to certain customers
Detailed Review
At first glance, the $0-annual-fee SoFi Unlimited 2% Credit Card is a straightforward credit card. It earns 2% cash back on all eligible purchases, and 3% back on travel booked through SoFi — among the best rates you can find on cards in its class.
But you need to receive an email invitation to be able to apply. You can also see if you’d pre-qualify by logging into your SoFi account. This could limit your ability to access the card.
Beyond that, it's designed a little differently from others promising similar rewards. You earn points worth 1 cent each, but you must redeem those points toward investing, saving or paying down an eligible loan with SoFi. You can also use them to book travel through SoFi, or apply them to your SoFi card account.
The card is best suited for those who have other SoFi accounts and thus lots of reward redemption options. If you're not interested in joining the SoFi ecosystem, there are other credit cards that earn 2% cash back on purchases.
According to a SoFi representative, some existing SoFi Unlimited 2% Credit Card cardholders are now charged a monthly fee. Those who are affected by this change were notified before Jan. 10, 2026. New applicants won’t be charged a monthly fee.
SoFi Unlimited 2% Credit Card: Basics
Card type: Cash back.
Annual fee: $0.
Welcome bonus: Varies.
Rewards:
Earn 2% cash back on all purchases.
Earn 3% cash back on trips booked through SoFi Travel.
Redemption options:
Redeem at a value of 1 cent per point into:
SoFi checking or savings accounts.
SoFi Money accounts.
SoFi investment accounts.
SoFi personal loans.
SoFi private student loans or student loan refinance.
SoFi credit card accounts.
SoFi Travel purchases.
Interest rate: 10.99% intro APR on balance transfers for 6 months from date of first transfer, for transfers that post to your account by February 10, 2024. After the intro APR expires, your APR will be 28.24% Variable.
Foreign transaction fee: None.
Compare to Other Cards
Benefits and Perks
Rewards that incentivize working toward specific goals
The SoFi Unlimited 2% Credit Card gently nudges you toward financial actions that can help you meet money goals. Applying your cash back toward savings, investing or debt repayment is a way to make earned rewards work even harder for you. But as you use the card, keep in mind that it takes $1,250 of spending to rack up $25 in cash back, assuming you deposit that cash back in a way that yields the full penny-per-point value. Point being, the rewards are nice, but they’re not going to wipe out a large debt.
The card resembles the Fidelity® Rewards Visa Signature® Card, which also advertises a 2% cash-back rate on all purchases — as long as you deposit those rewards into an eligible Fidelity account.
In addition to the SoFi Unlimited 2% Credit Card, SoFi also offers other credit cards. But only one — the SoFi Everyday Cash Rewards Card — is available without an invitation.
World Elite Mastercard benefits
As a World Elite Mastercard, the SoFi Unlimited 2% Credit Card comes with additional perks like cell phone protection up to $1,000 and discounts at participating merchants including Lyft and Instacart.
Drawbacks and Considerations
Invitation required
The SoFi Unlimited 2% Credit Card isn't open to everyone. At the moment, it's available only by email invitation. If you're a SoFi customer who's interested in the card, you can log into your SoFi account and see whether you pre-qualify.
Redemption restrictions
If you're already a SoFi customer, the SoFi Unlimited 2% Credit Card offers several ways to use your rewards. Notably, however, you can't opt for a deposit into other (non-SoFi) bank accounts or request a paper check, as is often the case with other cash-back credit cards.
Mediocre welome bonus
There are other $0-annual-fee cards that earn similar rewards and offer welcome bonuses:
The Citi Double Cash® Card: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
The Wells Fargo Active Cash® Card: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
If you'd like to learn about alternative card options, you can consult NerdWallet's list of best credit cards to have.
How To Decide If It's Right For You
If you already have one or more eligible SoFi accounts and want to dedicate your cash-back rewards to financial goals like loan repayment or investing, the SoFi Unlimited 2% Credit Card can be a helpful addition to your wallet. But if your accounts are through other banks and you'd prefer to use your rewards in other ways, this card wouldn't be a good fit.
2% Cash Back
Earn 2% cash back on all purchases, plus a sign-up bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. The annual fee is $0.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
Does SoFi have a credit card?
Does SoFi have a credit card?
Yes, SoFi offers one credit card, the SoFi Unlimited 2% Credit Card. It’s a no-annual-fee card that earns cash-back rewards.
What is the SoFi Credit Card?
What is the SoFi Credit Card?
The SoFi Unlimited 2% Credit Card earns 2% cash back on all purchases. You can redeem rewards toward investing, saving or paying down an eligible loan with SoFi. You can also use them to book travel through SoFi, or apply them to your SoFi card account.
How many credit cards should I have?
How many credit cards should I have?
There is no “right” number, just the number that works for you. What’s important is that you can manage the cards you carry, which means you pay your credit card bills on time each month. Some people prefer the simplicity of just one card, while others prefer carrying multiple cards so they can earn additional rewards or have a backup payment method.
What credit card is best?
What credit card is best?
When shopping around for a credit card, look into what the card costs (annual fee, other fees, interest rate) compared with the value of any rewards the card earns, like cash back or points you can redeem toward travel. The cards you may qualify for can also depend on your credit score and other personal financial factors.
About the author
Sara Rathner
Senior Writer/Spokesperson
