SoFi Credit Card Review: 2% Back, When You Redeem the Right Way

The card's high flat rate applies when you redeem rewards into a SoFi Money or Invest account or put it toward the balance on a SoFi loan. But if you want a statement credit instead, rewards are worth only half as much.
May 5, 2022

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Our Take


NerdWallet rating 
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.

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SoFi Credit Card
SoFi Credit Card
Annual fee
Regular APR
13.24%-25.24% Variable APR
Intro APR
Rec. credit score
690-850 (Good - Excellent)


NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

Frequently asked questions
Does SoFi have a credit card?

Yes, SoFi offers one credit card, the SoFi Credit Card. It’s a no-annual-fee card that earns cash-back rewards.

What is the SoFi Credit Card?

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.

How many credit cards should I have?

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.

What credit card is best?

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.