The bottom line: The incentive to apply your rewards toward money goals is helpful, but other cash-back cards are potentially more flexible and valuable.
Quick FactsView rates and fees
Pros & Cons
- No annual fee
- Cell phone insurance
- Flexible rewards redemption
- No intro APR
- Best rewards limited to certain customers
Alternate Pick: Sign-Up Bonus
Compare to Other Cards
12.99% - 24.99% Variable APR
13.99%-23.99% Variable APR
11.99% - 22.99% Variable APR
0% intro APR on Balance Transfers for 18 months
0% intro APR for 14 months on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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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, cryptocurrency, 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.
SoFi Credit Card: Basics
Card type: Cash back.
Annual fee: $0.
Sign-up bonus: Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card (See Terms).
Rewards: Earn 2 points per $1 spent on eligible purchases.
Redeem at a value of 1 cent per point as cash deposited into your SoFi Money account, as whole or fractional shares credited to a SoFi Invest account, as digital currency credited to your SoFi Crypto account, or as cash applied to the outstanding balance on a SoFi Student loans, SoFi Refinance or SoFi Personal Loan.
Redeem at a value of 0.5 cent per point toward a statement credit.
Interest rate: The ongoing APR is 12.99% - 24.99% Variable.
Foreign transaction fee: None.
Make 12 on-time payments and the APR decreases 1%.
Instant digital access upon approval. You can add the card to an eligible digital wallet and begin using it right away without having to wait for the physical card to arrive in the mail.
Benefits of the SoFi Credit Card
Rewards that incentivize working toward specific goals
The SoFi Credit Card gently nudges you toward financial actions that can help you meet money goals. Applying your cash back toward savings, investing, cryptocurrency 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.
A lower interest rate if you pay on time
If you make 12 on-time payments of at least the minimum amount due, the interest rate will be lowered by 1% assuming you keep making payments on time. This feature helpfully adds on one more incentive to meet money goals, because paying credit card bills on time can help you build a positive credit history.
World Elite Mastercard benefits
As a World Elite Mastercard, the SoFi Credit Card comes with additional perks like cell phone protection up to $1,000 and discounts at participating merchants including Lyft, ShopRunner and Boxed.
Drawbacks and alternatives
Lower rewards value for some redemptions
If a statement credit is what you crave, you’re not going to extract the biggest benefit out of this card. That’s because points are worth half as much, a paltry 0.5 cent each, when redeemed this way. For the ultimate flexibility of cash back with a high rewards rate, consider the Citi® Double Cash Card – 18 month BT offer. It earns 2% cash back on all purchases: 1% as you spend, 1% as you pay it back. And you can redeem rewards for a statement credit, direct deposit to a bank account, or a check. You can also convert rewards to Citi ThankYou points.
Geared toward SoFi loans only
You can redeem SoFi Credit Card rewards toward a SoFi student loan only. If you have federal student loans or a private loan from another lender and you want to apply credit card rewards to those balances, the Sallie Mae Accelerate credit card is an option. The $0-annual-fee card earns 1.25% cash back, and for the first 12 months, you’ll earn double that (2.5%) on up to $20,000 in spending. Redeem those rewards toward any federal or private student loan and get a 25% bonus on your redemption.
Mediocre sign-up bonus
There are some $0-annual-fee cards that earn a more modest 1.5% cash back, but with the welcome addition of a more generous sign-up bonus. Depending on your annual spending, the card earning 1.5% back may come out ahead. The Capital One Quicksilver Cash Rewards Credit Card, for example, offers this appealing sign-up bonus: One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.
If you'd like to learn about alternative card options, you can consult NerdWallet's list of best credit cards to have.
Should you get the SoFi Credit Card?
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 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.
on SoFi's website
Frequently asked questions
Yes, SoFi offers one credit card, the SoFi Credit Card. It’s a no-annual-fee card that earns cash-back rewards.
The SoFi Credit Card earns 2% cash back on all purchases. You can redeem rewards toward your balance on a SoFi student, refinance or personal loan. You can also deposit rewards into a SoFi Money or Invest account. If you opt to redeem for a statement credit, your points will be worth half as much.
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.
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.