SoFi Credit Card

SoFi Credit Card

on SoFi's website

SoFi Credit Card

SoFi Credit Card

SoFi Credit Card

on SoFi's website

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Card details

  • Earn up to $200 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card (See Terms).

  • Earn 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2%* unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. Plus, redeem points toward crypto.

  • When you make 12 on-time payments, we’ll lower your APR by 1%.

  • No annual fee.

  • 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.

Rates, fees & offers

  • Annual fee

    $0

  • Rewards rate

    2%-3%

  • Bonus offer

    Earn up to $200 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card (See Terms).

  • Intro APR

    N/A

  • Ongoing APR

    APR: 13.24%-25.24%, Variable

    Cash Advance APR: 27.24%, Variable

  • Balance transfer fee

    The greater of $10 or 5% of each balance transfer

  • Foreign transaction fee

    None

Recommended credit score

Compare to other cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Learn more
Annual fee

$0

Annual fee

$99

Annual fee

$95

Regular APR

13.24%-25.24% Variable APR

Rates & Fees

Regular APR

16.24%, 20.24% or 25.24%, Variable APR

Rates & Fees

Regular APR

16.74%-23.74% Variable APR

Intro APR

N/A

Intro APR

0% intro APR for 15 months on balance transfers made within 45 days of account opening.

Intro APR

N/A

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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NerdWallet review

By Sara Rathner

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Rating details

4.7

Editor's overall rating

Pros and cons

Pros
  • No annual fee

  • Cell phone insurance

  • Flexible rewards redemption

Cons
  • No intro APR

  • Best rewards limited to certain customers

At first glance, the $0-annual-fee SoFi Credit Card is a straightforward credit card that earns 2% cash back on all eligible purchases — among the best rates you can find on cards in its class.

But it's designed a little differently from others promising similar rewards. Technically, you earn points worth 1 cent each, and to get to that 2% rate, you must redeem those points toward investing, saving or paying down an eligible loan with SoFi. Other redemption options aren't as valuable.

You don't have to be a SoFi customer to get the card, but it's certainly best suited for those who have other SoFi accounts, so they can redeem rewards at the highest value. If you're not interested in joining the SoFi ecosystem, there are other credit cards that earn 2% cash back on purchases, and with fewer hoops to jump through.

For more information, see NerdWallet's full review of this card.