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SoFi Credit Card Review

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For those with SoFi financial accounts, the SoFi Credit Card is a great option. It boasts a solid 2% unlimited cash back rewards program and other perks that will appeal to many. At the same time, with no foreign transaction fee or annual fee, the SoFi Credit Card could make for an inexpensive and beneficial travel companion when used responsibly. You don't have to have other accounts through SoFi to have a SoFi Credit Card, but it may be worth considering to maximize your benefits. Read on to understand how.

SoFi Credit Card Key Features

The front side of the SoFi Credit Card
  • Annual Fee: None
  • Minimum Deposit: None
  • Foreign Transaction Fee: None
  • APR: 12.99% to 24.99% Variable APR
  • Penalty APR: None
  • Credit Needed: Good, Excellent
  • Credit Companies Reported To: Equifax, Experian, and TransUnion
  • Rewards: Earn 2 SoFi Rewards Points for every dollar ($1.00) spent on eligible purchases
    • Redeem at $0.005 for every point when you redeem for a statement credit to your SoFi Credit Card
    • Redeem at $0.01 for every point when you redeem for the following:
      • Digital currency credited to your SoFi Crypto Account
      • Fractional or whole shares credited to your SoFi Invest Account,
      • Cash deposited into your SoFi Money Account,
      • Cash applied to the outstanding balance of your SoFi Personal Loan or SoFi Student Loan Refinance Loan accounts
      • Promotional offers available on the "Redeem Points" page
      • Cell phone insurance protection of up to $1,000

Note on Crypto Redemption: To redeem your points into cryptocurrency, you will need a SoFi Invest and SoFi Crypto account. You also need a minimum balance of 500 points to redeem your points. At the moment, Bitcoin and Ethereum are the only cryptocurrency options available for redemption. Redeeming digital currency is not available for residents of Hawaii, Nevada, and West Virginia.

Apply Now for the SoFi Credit Card

Pros and Cons


  • No annual fee
  • No foreign transaction fee
  • Protection for cell phones with insurance coverage worth up to $1,000
  • Perks for frequent Lyft users


  • No introductory APR
  • Without SoFi financial accounts, you can’t earn maximum rewards
  • Points worth half as much when redeemed for a statement credit

Overview of SoFi Credit Card

With the novel concept of giving cardholders the option to redeem points into cryptocurrency, it's no wonder why the SoFi Credit Card is worthy of mention. The card also comes with no annual fee or foreign transaction fee, and other perks like unlimited 2% cash back on eligible purchases, and the chance to earn a lower APR over time.

Moreover, individuals who already have SoFi accounts will likely benefit the most from the SoFi Credit Card. This is because the 2% cash back rate is only attainable for those who can redeem their points into SoFi eligible accounts. Though this is a limitation for individuals who do not have SoFi accounts, those looking to invest and save can do so with SoFi Invest and SoFi Money accounts, and then redeem their rewards there.

All in all, the SoFi Credit Card is tailored for users who have (or want to have) additional SoFi accounts, because redeeming rewards into eligible SoFi accounts generates the highest return. If you’re solely looking for a credit card that offers competitive cash back rates, then there are alternatives. On the contrary, if you’re looking to save, invest, etc., then a credit card that helps you fund those endeavors in one convenient location may be worth it.

SoFi Credit Card Highlights

  • Earn 2% unlimited cash back on purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi.* Plus redeem points towards crypto
  • When you make 12 monthly on-time payments, SoFi will lower your APR by 1%.
  • No annual fee.
  • No foreign transaction fees
  • Cell phone protection (insurance coverage up to $1,000)1
  • Mastercard ID Theft Protection™ 1
  • $10 Lyft credit when you take 5 rides per month1
  • * See offer details:
  • See terms and conditions:
  • 1 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 the guide to benefits for details or call 1-800-MASTERCARD

Reasons for Getting a SoFi Credit Card

There are several pros to the SoFi Credit Card, especially when it is used in conjunction with other SoFi accounts such as SoFi Money and SoFi Invest.

No Annual or Foreign Transaction Fees

The SoFi Credit Card doesn’t have an annual fee as many similar cards do, so you don’t have to worry about earning enough cash back to cover the cost of the annual fee. It’s also a smart option for frequent travelers, as there are no foreign transaction fees which can add up and minimize the overall value offered by a card. It is common for other cards to charge 1% to 3% on foreign transactions.

Bonus for Opening and Funding SoFi Accounts

While it’s not necessary for you to be a SoFi customer to get the SoFi Credit Card, it certainly helps. The SoFi Credit Card works to encourage you to utilize SoFi’s whole line of financial products through incentives such as a $100 bonus upon opening and funding SoFi Money and SoFi Invest accounts after being approved for the credit card.

Up to 2% Unlimited Cash Back

The SoFi Credit Card’s cash back rewards program is another instance where it pays to have other SoFi financial accounts. Cardmembers can earn 2% unlimited cash back when it is redeemed through SoFi investing, saving or eligible loan accounts. If you have a SoFi student loan, for instance, your cash back can be redeemed toward it. However, do note that SoFi Student Loan Refinance redemption option is not currently available for New York residents.

This also includes SoFi Crypto accounts, a rarity in the credit card world where typically rewards are unable to be redeemed for cryptocurrency. There are a couple caveats, though; to redeem rewards for crypto, a user must 1) have both a SoFi Invest and SoFi Crypto account and 2) have a minimum balance of 500 points to redeem. At the moment, cryptocurrency redemption options are limited to Bitcoin and Ethereum. Also, some states do not allow the redemption of rewards toward cryptocurrency including Nevada, West Virginia and Hawaii.

Another perk to the SoFi Credit Card’s cash back system is that there aren’t any purchase category restrictions or caps for annual rewards. Besides cryptocurrency, there’s also no minimum for cash-out, so cardmembers can get their rewards with whatever amount they have available whenever they like.

Convenience for SoFi Account Holders

Individuals who already have SoFi investment, banking and other financial accounts will enjoy the convenience of managing all their money in one place. SoFi accounts can be accessed through their easy-to-use website and app.

Cell Phone Protection

Cell phone devotees will appreciate SoFi Credit Card's cell phone protection plan that offers insurance coverage of up to $1,000 for cardmembers.

Lyft Perks

Frequent users of Lyft will enjoy the SoFi Credit Card, as cardmembers can earn a $10 Lyft credit when they take five rides per month.

Mastercard ID Theft Protection

Mastercard ID Theft Protection monitors your account for possible instances of fraud and will alert you to suspicious activity with help from resolution specialists available.

Earn a Lower APR Over Time

The SoFi Credit Card rewards cardmembers who keep up with their payments. For those who consistently pay the minimum amount due (12 consecutive times) over the course of a year, the card’s interest rate will decrease 1% and will remain lowered as long as the card’s minimum payments continue to be made on time. This is a smart way to encourage on-time payments, which help establish creditworthiness while minimizing interest fees for cardmembers.

Reasons for Getting a Different Card

The SoFi Credit Card has many pros, particularly if cardmembers have other SoFi financial accounts, but there are some cons that may send you away to other credit card offers.

No Special Introductory APR

Many credit cards offer a lower introductory APR to attract potential cardmembers. These typically last from six months to a year before raising to the card’s regular APR. The SoFi Credit Card, on the other hand, does not offer a special introductory APR. Combined with the card’s lack of a welcome bonus for cardmembers who don’t open other SoFi accounts, this can make signing up for a SoFi Credit Card seem a little lackluster compared to similar cards.

SoFi Rewards Redemption Limited to SoFi Student Loans

Being able to redeem credit card rewards toward student loans may be a big draw for some, but SoFi Credit Card cardmembers can only redeem them toward student loans financed through SoFi. Those with federal student loans or private loans through different lenders will need to explore other credit cards that will allow you to redeem rewards toward them. New York residents are currently unable to redeem rewards to loans refinanced with SoFi.

Maximum Rewards Unattainable for Cardmembers Without Other SoFi Financial Accounts

Although SoFi offers a stellar 2% unlimited cash back for cardmembers, this only applies to those who redeem their rewards through their other SoFi financial accounts. Because of this, those without SoFi Invest, SoFi Money or other SoFi eligible accounts may want a different card that offers a more flexible rewards package.

The Bottom Line

For those who already have SoFi financial accounts or are open to enrolling in them, the SoFi Credit Card can be an excellent choice with its impressive unlimited cash back rate and other perks. For those with a preference for convenience, the SoFi Credit Card could be a catalyst for venturing into SoFi’s other financial products, enabling them to manage a great deal of their money in one place through the app or website. Those who are satisfied with their current financial institution, and not interested in opening anything more than a credit card may find alternate cards more desirable.

Apply Now for the SoFi Credit Card

Frequently Asked Questions

Does SoFi have a credit card?

Yes, the SoFi Credit Card, issued by The Bank of Missouri, is a World Elite Mastercard® that offers cash back and additional benefits while charging no annual fee or foreign transaction fees.

What is the SoFi Credit Card?

The SoFi Credit Card offers 2% unlimited cash back on eligible purchases, and its rewards structure incentivizes saving, investing, and paying down debt with SoFi eligible accounts. To maximize the value of rewards, cardholders can elect to redeem rewards to SoFi eligible accounts. Opting for statement credits instead would cut potential rewards in half.

Can I use a SoFi Credit Card anywhere?

You can use a SoFi Credit Card anywhere Mastercard® is accepted, which is most places that permit you to use a debit or credit card. However, some merchants set up exclusive deals with credit card networks and do not accept payments from out of network cards. So if a merchant does not accept Mastercard, you won’t be able to use your SoFi Credit Card there either.

Can I pre-qualify for a SoFi Credit Card?

At the moment, there is no pre-qualification application for the SoFi Credit Card, just the standard application process. If you are unsure about your approval odds, remember that a minimum credit score of 670 is needed and that there are other factors that will impact your approval.

Does SoFi Credit Card do a hard pull?

Applying for the SoFi Credit Card will not impact the applicant’s credit. However, if the applicant is approved, then a hard credit pull will take place. If the applicant is not approved, then there is no hit to their credit score.

What is the credit limit on a SoFi Credit Card?

SoFi does not disclose a minimum or maximum credit limit. The credit limit on your SoFi Credit Card is determined after you are approved for the credit card account, and it may be influenced by your credit history, income, and debt.

What is the credit score requirement for the SoFi Credit Card?

This card is recommended for those with a credit score of 670 and above, or those with Good to Excellent credit. Keep in mind that there are other factors such as your annual wages and salary, other annual income, debt, etc., that may also impact your eligibility.

What Bank issues the SoFi Credit Card?

The SoFi Credit Card is issued by The Bank of Missouri (TBOM).

What type of credit card is the SoFi Credit Card?

The SoFi Credit Card is a Mastercard®, and it is a part of the World Elite Mastercard tier of cards, offering more benefits than the Standard Mastercard and World Mastercard tiers.

Apply Now for the SoFi Credit Card

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