SoFi Credit Card’s New Crypto Reward Option Beats Others to the Punch

Other crypto-earning credit cards have waitlists, but haven't yet shipped out cards to qualified applicants.
Sara Rathner
By Sara Rathner 
Edited by Kenley Young

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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. And as of November 2023, the card's reward structure has changed. See NerdWallet's review for current information.

The SoFi Unlimited 2% Credit Card has introduced one more way to redeem your cash-back rewards: as cryptocurrency.

In adding this capability, the card pulls ahead of both the forthcoming Gemini Credit Card and BlockFi Bitcoin Rewards credit card, both of which have a waitlist for now.

The $0-annual-fee SoFi Unlimited 2% 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 Unlimited 2% Credit Card. Also, residents of Hawaii, Nevada and West Virginia can’t redeem rewards toward digital currency.

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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