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Redeeming rewards into a SoFi crypto account is no longer an option, a company representative confirmed to NerdWallet in January 2023. See our roundup of best crypto credit cards for alternatives.
The $0-annual-fee SoFi Credit Card earns 2 SoFi Rewards points per $1 spent on all purchases. For a year, you can earn 3 points per $1 when you set up direct deposit with SoFi. Points are worth one cent each (effectively a 2-3% cash-back rate) when redeemed for:
Savings by depositing rewards as cash into a SoFi account.
Investing by redeeming rewards toward fractional or whole shares in a SoFi Invest account.
Cryptocurrency by having digital currency credited to your SoFi Crypto account. You’ll be charged no commission or transaction fees when you redeem rewards this way. (Note that you must have both a SoFi Invest and SoFi Crypto account to redeem points into digital currency.)
Paying down an eligible loan, including a SoFi Student Loan or SoFi Personal Loan.
You can also redeem points for a statement credit at a value of half a cent each (effectively 1% cash back).
There are some limitations to note. Currently, only Bitcoin and Ethereum are available as cryptocurrency redemption options for the SoFi Credit Card. Also, residents of Hawaii, Nevada and West Virginia can’t redeem rewards toward digital currency.