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.
Sara Rathner
By Sara Rathner 
Edited by Kenley Young

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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.


  • No annual fee

  • Cell phone insurance

  • Flexible rewards redemption


  • No intro APR

  • Best rewards limited to certain customers

Jump to: Detailed review
SoFi Credit Card
SoFi Credit Card
Annual fee
Regular APR
17.49%-29.49% Variable APR
Intro APR
Rec. credit score
690-850 (Good - Excellent)
  • Annual fee


  • Rewards rate


  • 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


  • Ongoing APR

    APR: 17.49%-29.49%, Variable

    Cash Advance APR: 31.49%, Variable

  • Balance transfer fee

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

  • Foreign transaction fee


More details from SoFi
  • 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.
  • 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.

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee


Annual fee


Annual fee


Regular APR

18.49%-28.49% Variable APR

Regular APR

16.49%-27.49% Variable APR

Regular APR

19.49%-28.24% Variable APR

Intro APR

0% intro APR on Balance Transfers for 18 months

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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Detailed review: SoFi Credit Card

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.

SoFi Credit Card: Basics

Card type: Cash back.

Annual fee: $0.

Sign-up bonus: 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).

Rewards: Earn 2 points per $1 spent on eligible purchases (3 points in the first year, if you set up direct deposit).

Redemption options:

  • Redeem at a value of 1 cent per point as cash deposited into your SoFi Checking and Savings account, as whole or fractional shares credited to a SoFi Invest 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 17.49%-29.49% Variable.

Foreign transaction fee: None.

Additional benefits:

  • 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 and perks

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 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.

🤓Nerdy Tip

For the first year, you can earn 3 points back instead of 2 points, as long as you set up direct deposit into a SoFi checking or savings 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 DoorDash.

Drawbacks and considerations

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. 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: Earn a 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.

Alternate pick: Sign-Up Bonus

Alternate Pick: Sign-Up Bonus
Capital One Quicksilver Credit Card
NerdWallet rating 
Capital One Quicksilver Cash Rewards Credit Card
1.5% Cash Back

Earn 1.5% cash back on all purchases, plus a sign-up bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening The annual fee is $0.

Read our review

How to decide if it's right for you

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.


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

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.