New SoFi Credit Card Earns Up to 2% Cash Back If Applied to SoFi Accounts

Sara Rathner
By Sara Rathner 
Edited by Kenley Young

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Terms on the SoFi Unlimited 2% Credit Card have changed, so this page is out of date. For current information, see NerdWallet's review of the SoFi Unlimited 2% Credit Card.

Personal finance company SoFi has introduced its first credit card, a cash-back card that aims to incentivize saving, investing or paying down a loan.

The $0-annual-fee SoFi Unlimited 2% Credit Card earns 2% unlimited cash back on eligible purchases when redeemed toward investing, saving or paying down an eligible loan with SoFi. For a year, you can earn 3% back if you set up direct deposit with SoFi.

Here's what to know about it.

How the SoFi Unlimited 2% Credit Card works

The SoFi Unlimited 2% Credit Card, issued by Bank of Missouri, technically earns points, which are worth a penny each. You'll get 1 SoFi Rewards Point per $1 spent, and those points can be redeemed in one of the following ways:

  • Toward promotional offers on SoFi’s point redemption site (at a value of one cent each).

  • As cash deposited into a SoFi account or applied to a loan through SoFi.

If you choose the second option, SoFi adds an additional SoFi Reward Point to each point you redeem, effectively giving the card a 2% cash back rate (3% in the first year). So if you redeem, say, 100 points as a $1 cash deposit into your SoFi Money account, SoFi will give you another 100 points and your deposit becomes $2.

Other benefits

Interest rate reduction

Make 12 on-time credit card payments and your interest rate will be reduced 1%. You must continue to pay on time for the lower interest rate to continue. 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.. (NOTE: As of August 2023, this benefit is no longer available.)

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, Shoprunner and Boxed.

Is the SoFi Unlimited 2% Credit Card a good deal?

Potentially, yes. The number of $0-annual-fee credit cards that earn 2% back on all purchases is fairly small.

But to earn the card's highest rewards rate, you must be willing to redeem your rewards into specific accounts with SoFi. In this way, the SoFi Unlimited 2% Credit 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.

If you're looking for a 2% cash-back rate without any of these redemption-related hoops, the Citi Double Cash® Card is a strong contender — though it, too, has its own quirk. It earns 2% cash back, but you get it in stages: 1% back when you make a purchase, then 1% back when you pay it off.

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