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SoFi Credit Card review: A good deal for SoFi customers

A solid choice for SoFi loan customers, but people looking for broader rewards redemption should look elsewhere.

 /  11 min
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Snapshot

3.1

Bankrate rating
Info
Rating: 3.1 stars out of 5

Bottom line

The SoFi Credit Card has a substantial rewards rate, but this elevated rate only applies when redeeming points as a statement credit or with SoFi loan, banking or investment products.

Image of SoFi Credit Card

SoFi Credit Card
*

  • Rewards value
    Rating: 3 stars out of 5
    3 / 5
    APR
    Rating: 3 stars out of 5
    3 / 5
    Rewards flexibility
    Rating: 4 stars out of 5
    4 / 5
    Features
    Rating: 2 stars out of 5
    2 / 5
Good to Excellent (670 – 850)
Info
Recommended Credit

N/A

Intro offer

Info

2% cash-back

Rewards rate

Info

Annual fee

Regular APR

On This Page

SoFi Credit Card Overview

Fantastic features like unlimited cash back may make the SoFi Credit Card seem like a top flat-rate rewards credit card, and this will ring true for SoFi customers, but there are several caveats that hinder the card’s potential value. The SoFi Credit Card (issued by The Bank of Missouri) will make the most sense if you’re already a loyal SoFi customer. That’s because you can only redeem your points at full value for SoFi investment, banking and money management account contributions.

If you want to pocket your cash back or redeem for gift cards, then you should probably go with another cash back credit card.

  • Credit Card Cash Back

    Rewards

    • Unlimited 2 percent cash back on purchases when redeemed toward investing, saving or paying down an eligible loan with SoFi.*

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Rewards

    Welcome offer

    • Earn up to 3 percent cash back rewards for a year when you set up direct deposit with SoFi.

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • Annual Fee: None
    • Regular APR: 20.24 percent to 29.99 percent (variable)
    • Balance transfer fee: Either $10 or 5 percent of each transfer, whichever is greater.
    • Cash advance fee: Either $10 or 5 percent of each advance, whichever is greater.
    • Late payment fee: Up to $41
    • Returned payment fee: None

    Expert Appraisal: Good
    See our expert analysis

  • Congrats

    Other cardholder perks

    • SoFi Membership
    • Mastercard World Elite perks
    • Cellphone protection

    Expert Appraisal: Good
    See our expert analysis

SoFi Credit Card Pros and cons

Pros

  • Checkmark

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

  • Checkmark

    Does not charge an annual fee or foreign transaction fees, making it a cost-effective cash back card.

  • Checkmark

    Carries Mastercard World Elite benefits, including cellphone protection and savings with Lyft, DoorDash and more.

Cons

  • Must have a SoFi Checking and Savings, loan or Investment account to retain the full value of rewards.

  • No intro APR offers and a high balance transfer fee mean this card is not for reducing debt or avoiding interest.

  • Unimpressive welcome offer is outpaced by competing cards.

Why you might want the SoFi Credit Card

SoFi members or anyone who wants to make SoFi their primary banking partner can make the most of the SoFi credit card and should consider applying. It has generous rewards rates for SoFi members who redeem cash back into their other accounts, is relatively low-cost and provides exclusive perks for account and app activity.

Low cost: Ideal card to skip common fees

The SoFi credit card doesn’t charge an annual fee and boasts a fairly low APR, depending on creditworthiness. It also won’t charge foreign transaction fees or returned payment fees. As far as cash back cards go, it’s on par with most competitors, so this alone shouldn’t convince you to apply, but it helps to make a case for this card as a low-cost option for SoFi customers who can maximize the rewards it offers.

Rewards: Connect cash back with SoFi accounts

SoFi customers with banking, investment or loan accounts can seamlessly redeem credit card rewards into any of these accounts. You won’t need to worry about direct deposits into an external account or reward valuations for alternative redemption methods — primarily because the value for redemptions other than into SoFi accounts is comparatively dismal. Although this can be quite limiting for most cardholders, if you’re a SoFi customer, it can make the card a great addition to your banking and investment strategy.

The chance to redeem your credit card rewards into a SoFi investment account is exciting if you’re looking for new ways to maximize your credit card rewards. Having a SoFi investment account can make the SoFi card a lucrative choice to consolidate all of the money circulating in your credit card and banking strategy.

Perks: SoFi member rewards provide added value

SoFi members can earn SoFi points for participating in account and app activities. Specific actions, like daily logins, accrue points you can redeem for additional cash back into your SoFi checking or savings account, into fractional shares in your SoFi investment account, as payments to your SoFi loan accounts or as a statement credit on your SoFi credit card.

These are unique perks on a credit card and may appeal to some cardholders, but particularly to SoFi members who have accounts with the bank. You can earn SoFi points for several actions across your accounts and banking activity, so it’ll be beneficial to lean into all of SoFi offers if you apply for this card. 

Why you might want a different cash back card

If you don’t have SoFi banking, investment or loan account, it’s worth applying for a different cash back card. You won’t get maximum rewards value from this card if you can’t redeem your rewards with other SoFi products.

Rewards: Unsuitable for non-SoFi members

Unless you have a SoFi banking, investment or loan account, you won’t be able to maximize your rewards. In fact, many other cash back cards would provide you with more value. The SoFi Credit Card earns cash back at a solid rate of 2 percent, but you can only make the most of these points with redemptions for SoFi’s products or statement credits. You should consider more flexible cards if you want to redeem points for gift cards, travel or cash back.

This card is best for users with good to excellent credit. Users who meet the minimum credit requirements for this card have several more flexible options that reward them generously for all purchases and redemptions. For instance, most 2 percent flat-rate cash back cards will be more flexible than the SoFi Credit Card and won’t gate your rewards rate behind loyalty requirements. With a card like the Wells Fargo Active Cash® Card, you’ll earn 2 percent cash rewards back on  purchases regardless of how you redeem your rewards.

Welcome offer: Lacks first-year value

You can earn an extra unlimited 1 percent on top of your card’s ongoing 2 percent rewards rate when you set up direct deposit with a SoFi Checking or Savings account. This offer is relatively untraditional and lackluster compared to what other cards offer. It requires high first-year spending to keep pace with the value of most traditional welcome offers and invites you to shuffle your banking strategy, which not everyone is comfortable doing.

You can find a generous welcome offer on any respectable cash back card requiring good credit. For instance, cards with $200 to $300 welcome offers are available for users at the same credit level this card requires. Although these are one-off lump-sum payments that won’t bring recurring value to your wallet, they’re nothing to shrug at.

Other cards may reward $200 or more with spending requirements ranging between $500 and $1,500 dollars from card purchases during your first three months. This bonus also stacks with the rewards you’ll earn from regular card spending. A card like the Wells Fargo Active Cash card will reward you with a $200 cash reward bonus when you spend $500 in purchases in the first three months with the card and an additional $10 cash rewards earned from spending the $500. With the same $500 spent, the Sofi Credit Card will reward you $5 from the card’s extra 1 percent for setting up direct deposit and $10 from your ongoing rewards rate. The Wells Fargo Active Cash is more rewarding with this example.

However, if you plan to spend at least $20,000 in your first year, the SoFi Credit Card’s extra 1 percent back on unlimited spending in your first year will start to eclipse a $200 welcome offer. For cardholders who plan to spend beyond $20,000, the SoFi Credit Card can be highly rewarding if you’re comfortable making SoFi your primary banking partner.

How the SoFi Credit Card compares to other cash back cards

The SoFi Credit Card is one of the best new credit cards for paying off loans, but it might not be the best starter card since it requires good to excellent credit (a credit score of 670 or higher). If you have student loans, the SoFi card may be a more accessible option for graduates since you could have already built a decent credit foundation. However, the SoFi card also limits how cardholders can redeem their points. If you prefer a card with more redemption options, consider one of the cards below.

Image of SoFi Credit Card

SoFi Credit Card

Annual fee

$0

Intro offer

N/A

Rewards rate

2% cash-back
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Citi Double Cash® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Citi's secure site

Annual fee

$0

Intro offer

$200 cash back
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Chase Freedom Unlimited®

Chase Freedom Unlimited®

Annual fee

$0

Intro offer

Earn a $200 bonus
Info

Rewards rate

1.5% - 5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info

Who is the SoFi Credit Card right for?

You can only make the most of the card if you’re a loyal SoFi Customer.

Bankrate’s Take — Is the SoFi Credit Card worth it?

If you’re already a SoFi customer paying down a loan or investing into an eligible account, the SoFi Credit Card could be a solid option, as the cash back on all purchases you can earn toward those accounts is a valuable opportunity.

However, if you aren’t a SoFi customer and don’t plan to be, you’ll be better off with a more flexible cash back card. Several rewarding cash back and rewards cards enable you to maximize point values for numerous redemptions. When it comes to credit card rewards, sometimes flexibility is a card’s most valuable asset. 

The information about the SoFi Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

How we rated this card

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We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review:

Written by
Brendan Dyer
Associate Editor, Credit Cards

Brendan Dyer holds a Master of Fine Arts in Journalism from Western Connecticut State University and worked previously as a content editor for Regional News Network, a hyper-local TV news station contracted by Verizon FiOS1 News. As a national service volunteer, Brendan exercised a passion for helping underserved communities and demographics through direct, community service. He constantly seeks to apply his expertise as a journalist to the field of personal finance with the goal of helping people navigate the complexities of the credit card industry.

Edited by Senior Editor, Credit Cards
Reviewed by Former Editor, credit cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.