Credit Cards

SoFi Credit Card Review 2022

Editorial IndependenciaWe want to help you make more informed decisions. Certain clearly marked links on this page may take you to a partner website and may earn us a referral fee. For more information, see How we make money. Sofi credit card Editor’s Score: (N/A)

Editor’s Score: (N/A)

Last updated April 18, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

Reward rate:

Earn unlimited 2% cash back on eligible purchases when you redeem it to invest, save, or pay off an eligible loan with SoFi.*

NextAdvisor’s Take

advantages

  • 2% flat rate rewards on all purchases
  • Flexible redemption options including paying off debt, checking and savings deposits, cryptocurrency, or other investments
  • No annual fee

Cons

  • There are no bonus reward categories to maximize
  • Earn just 1% cash back when you redeem for statement credits
  • No welcome offer
  • Potential for a high APR if you carry a balance

The bottom line

The SoFi Credit Card works much like other 2% flat cash back cards, but offers the best value if you already have another SoFi account. To get the full 2%, you’ll need to redeem your rewards for a SoFi checking, savings, investment, crypto or loan account balance. There’s no annual fee and you’ll get some extra perks through Mastercard, but there’s no welcome offer for new cardholders.

Additional card details

  • Reduce your APR by 1% after 12 on-time monthly payments of at least the minimum payment due
  • Cell phone protection up to $1,000
  • World Elite Mastercard benefits including discounts with Lyft, Hello Fresh, DoorDash and Fandango
  • ShopRunner membership valid for free two-day shipping at select retailers ($79 value)
  • No foreign transaction fees

Complete SoFi Credit Card Review

card type

The SoFi Credit Card is a cash back credit card. You will earn fixed rewards on every purchase, but you will only get the full redemption value when you redeem on your SoFi accounts (investment, crypto, checking or savings accounts) or make payments towards a SoFi loan.

Annual quota

This cash back credit card does not charge an annual fee.

Welcome Offer

The SoFi credit card does not have a welcome bonus of any kind, which puts it at a disadvantage compared to many other cash back credit cards.

introductory offer

This card does not have an introductory 0% APR offer for purchases or balance transfers.

rewards

The SoFi Credit Card offers a flat 2% cash back rate on all purchases, though your rewards rate is actually lower than if you redeem your cash back for credits on your credit card account.

You’ll get the full value of 2% when you redeem for cash in your SoFi Checking and Savings account, as fractional shares in your SoFi Invest account, cryptocurrency in your SoFi Invest crypto account, or as a payment to your SoFi personal or student loan Refinance account. However, if you redeem your rewards as statement credits on your card account, you’ll only get half the value for them, or essentially 1% cash back.

Fee

This card does not charge an annual fee, nor does it charge foreign transaction fees. You may also be charged a late payment fee or a returned payment fee of up to $39.

Other benefits

The SoFi credit card is a World Elite Mastercard with several useful benefits. This includes Mastercard identity theft protection, as well as cell phone protection worth up to $1,000, subject to a $50 deductible and a maximum of two claims per 12-month period.

Through Mastercard, you’ll also get discounts with Lyft, Hello Fresh, DoorDash, and Fandango, as well as a ShopRunner membership good for free two-day shipping at select retailers ($79 value). Other great benefits include three free months of DashPass membership, access to Priceless Experiences and Priceless Golf, and access to the 24/7 World Elite Concierge.

Benefits of the SoFi credit card

If you already use SoFi for banking or investing, the SoFi Card is an easy way to boost your account balances with savings on your regular spending. You’ll get the full 2% of the rewards value when you redeem them into your SoFi Money account, SoFi Invest account, or transfer your rewards to a SoFi checking or savings account. You also get the full 2% cash back when you redeem rewards to pay off the outstanding balance on your SoFi student refinance loan or SoFi personal loan.

And the SoFi card is one of the few credit cards that offers cryptocurrency redemptions. If you have a SoFi Crypto account, you can redeem your 2% cashback for Bitcoin or Ethereum.

Drawbacks of the SoFi credit card

There are some cons to consider before applying for this card.

First of all, there is no welcome offer of any kind. Many other cash back credit cards, including 2% flat cash back cards, offer welcome cash bonuses when you open your account.

This is also not a great option if you are looking for easy statement credit redemptions. If you choose to redeem rewards for a credit to your account, you’ll only get half the value you would otherwise get, making the card equivalent to a 1% cash back card.

If you’re considering the card for your crypto redemption option, also keep in mind the drawbacks of the crypto itself. Crypto is a notoriously volatile and risky investment option, so you could be giving up guaranteed value from other trades when you choose to put your rewards in Bitcoin or Ethereum.

How to use SoFi credit card

Due to its flat 2% rewards rate, the best way to use this card is for all your regular bills and expenses.

That said, make sure the purchases you charge to your card are within your usual budget. The high APR charged by this card can make carrying a balance very expensive. SoFi offers the opportunity to lower your APR by 1% after making at least 12 on-time payments of at least the minimum due. But if you really want to benefit from earning 2% cash back, pay your balance in full and on time every month.

Once you earn your rewards, max them out by redeeming them into an eligible SoFi account to get the full 2% cash back. If you have more than one eligible SoFi account, take some time to determine your most important financial goals and decide which one would be most beneficial. For example, you can put them in your savings account if you’re working to build an emergency fund, or you can choose to invest them if you’re more focused on long-term growth.

SoFi credit card compared to other cards

More information external link icon

Sofi credit card

Editor’s Score: (N/A)

Editor’s Score: (N/A)

Last updated April 18, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:
  • Annual quota:

    $0

  • ordinary APR:

    13.24% to 25.24% APR

  • Recommended Credit:

    670-850 (Good to Excellent)

  • Learn moreexternal link icon On our partner’s secure site View Rates & Charges, terms apply.

More information external link icon Wells Fargo Active Cash℠ Card

Wells Fargo Active Cash℠ Card

Editor’s Score: (4.6/5)

Editor’s Score: (4.6/5)

bounty rate: 5.0

welcome bonus: 4.5

annual fee: 5.0

other cost rates: 3.0

intro april: 5.0

other benefits: 3.5

simplicity: 5.0

April in progress: 3.0

Last updated April 18, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

More information external link icon BlockFi Rewards Visa® Signature Card

BlockFi Rewards Visa® Signature Card

Editor’s Score: (3.5/5)

Editor’s Score: (3.5/5)

annual fee: 5.0

welcome bonus: 3.0

bounty rate: 3.5

other benefits: 2.5

reward flexibility: 4.0

annual percentage rate: 3.0

other expenses fees: 3.5

Last updated April 18, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:
  • Annual quota:

    $0

  • ordinary APR:

    14.99% – 24.99% (variable)

  • Recommended Credit:

    670-850 (Good to Excellent)

  • Learn moreexternal link icon On our partner’s secure site View Rates & Charges, terms apply.

Is the SoFi Credit Card Right for You?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any association or advertising relationship.

If you already have a financial account with SoFi, the SoFi credit card might work well for your needs.

It could also be a good option if you are considering opening an account and want more tools to maximize your portfolio. For example, if you’re interested in crypto, you can invest in crypto through SoFi and use your credit card rewards to grow your portfolio over time without much risk (beyond the value you might lose with other redemption options). . And of course, you can always decide to switch and contribute your rewards to another investment or bank account later.

Just remember you’ll only get 2% cash back if you redeem your rewards for a SoFi-related redemption, and you’ll get half of that when you redeem for regular statement credits on your credit card bill.

However, many other rewards credit cards offer the same 2% cash back rate without as many restrictions on how you redeem your rewards. Some cards also offer generous sign-up bonuses right from the start, which can help you maximize your spending even more.

Frequently asked questions (FAQ)

Which bank issues the SoFi credit card?

The SoFi credit card is issued by the Bank of Missouri.

Is the SoFi credit card a Visa card?

The SoFi credit card is a world elite Mastercard.

What credit score do you need to qualify for the SoFi credit card?

The SoFi requires good or excellent credit, which means you’ll typically have the best chance of approval with a credit score of 670 or higher.

Does the SoFi credit card charge foreign transaction fees?

No, the SoFi Credit Card does not charge foreign transaction fees when you use it for purchases outside of the United States.

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