SoFi Credit Card review: Rewards for SoFi customers

The SoFi Unlimited Credit Card * offers the best value for new and existing SoFi customers who want the option to redeem rewards into other SoFi banking and investment accounts, but has little upside for anyone else.

About the SoFi Credit Card

The SoFi Credit Card is a cash-back credit card that has a rewards program where the value of the points earned are higher when redeemed toward SoFi banking, loan and investment products.

The SoFi Credit Card offers 3% cash back when booking trips through SoFi Travel and 2% cash back on all other purchases.

Points are worth 1 cent each when redeemed as a statement credit, for cash into SoFi money accounts, SoFi investment accounts or SoFi checking or savings accounts, or toward any outstanding balance on a SoFi student loan refinance or SoFi personal loan account.

Where the SoFi card stands out among cash-back cards is the ability to also redeem rewards for cryptocurrency through a SoFi investment account.

What is SoFi?

SoFi is a nationally chartered bank known for its lending products. Founded in 2011, the company got its start offering student loan refinancing and eventually added more products and services, including personal loans and mortgages, investment and banking services, insurance and, more recently, the SoFi Credit Card.

SoFi Credit Card basics

• Annual fee: $0.
• Welcome bonus: None.
• Rewards: Earn 3% cash back when booking trips through SoFi Travel and 2% cash back on all other purchases.
• APR: 20.24% to 29.99% variable APR on purchases and balance transfers.
• Foreign transaction fees: $0.
• Other perks and benefits: SoFi membership, Cell phone protection, Mastercard ID theft protection, World Elite Mastercard® benefits including a free annual membership to Shoprunner, $5 monthly credits towards Lyft and a 3-month free trial of DashPass.
• Does the issuer offer a pre-approval tool? Yes.
• Recommended credit score: Good to excellent.

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SoFi Credit Card details

SoFi Credit Card rewards

Cardholders will earn 3% cash back when booking trips through SoFi Travel and 2% cash back on all other purchases.

SoFi points are redeemable through your online account. Point redemption is where it pays to have banking and investment accounts with SoFi as points are redeemable at a value of 1 cent per point for the following redemptions:

• Statement credits.
• Shares or fractional shares credited to a SoFi Invest account.
• Cash deposited into a SoFi checking or savings account.
• Payment applied to a SoFi student loan refinance loan balance.
• Payment applied to a SoFi personal loan balance.

SoFi Credit Card rewards potential

Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card.

Based on those numbers, a household that charges all purchases to the SoFi Credit Card while earning the 2% cash back rate would earn $501.74 in rewards on $25,087 in purchases. You can calculate your own rewards potential based on your spending habits by multiplying projected expenses by 2% (or 0.02).

And, if you use the SoFi Credit Card to book a trip through SoFi Travel (powered by Expedia), you will earn an elevated rewards rate of 3% cash back. This means if you book a $7,000 trip through SoFi Travel, you would earn $210 in rewards. You can calculate your own rewards potential on trips booked through SoFi Travel by multiplying the trip’s total cost by 3% (or 0.03).

Additional SoFi perks

Approval for the SoFi credit card or one of its other financial products comes with a SoFi membership. As a SoFi member, you can access additional benefits beyond what’s offered with the card. Some of those benefits include:

• No-cost financial planning.
• Rate discounts on eligible SoFi loan products.
• 15% off estate planning through a partnership with Trust & Will.
• Exclusive SoFi events and experiences.
• Access to a members-only Facebook group.
• Entrance into the SoFi Member Lounge at SoFi Stadium in Los Angeles.
• Student loan advice hotline.
• Career coaching and tools.
• Unemployment protection.

SoFi Credit Card APR

The SoFi card has a 20.24% to 29.99% variable APR on purchases and balance transfers. The card doesn’t come with 0% intro APR offers for purchases or balance transfers.

SoFi Credit Card pros

• High rewards rate for SoFi members: Rewards hold the best value when redeemed into another SoFi account.
• No annual fee: The SoFi card doesn’t carry an annual fee.
• No foreign transaction fees: SoFi doesn’t charge fees for card purchases originating outside of the U.S.

SoFi Credit Card cons

• Low rewards rate value outside of SoFi: You must redeem rewards into a SoFi account for the best value. Otherwise, points are worth 0.5 cents instead of 1 cent each.
• No intro APR offer: The card doesn’t offer a 0% intro APR on purchases or balance transfers.
• Rewards do not stack: Cash back rewards do not stack on top of other rewards associated with the SoFi Credit Card or SoFi Plus.

How the SoFi Credit Card compares to other rewards cards

SoFi Credit Card vs. Citi Double Cash® Card *

The Citi Double Cash® Card * earns 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.

The Citi Double Cash Card offers much more flexibility than the SoFi card. Rewards come in the form of ThankYou points. You can redeem ThankYou points in multiple ways, including statement credits, paper checks, direct deposit or transferring them to one of Citi’s travel partners.

The Citi Double Cash Card also offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 18.49% to 28.49%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first four months. After that, the fee will be 5% of each transfer (minimum $5). Like the SoFi Credit Card, the Citi Double Cash Card has no annual fee.

SoFi Credit Card vs. Chase Freedom Unlimited® *

If you spend considerable money in certain categories, the Chase Freedom Unlimited® * may be a better fit. The card earns 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstore purchases and 1.5% cash back on all other purchases.

This no-annual-fee card is also a great pick if you plan to pair it with a premium Chase Ultimate Rewards card, allowing you to pool points for more value. Plus, new cardholders can earn 1.5% back on everything bought in the first year on up to $20,000 in spending, which is worth up to $300.

The Freedom Unlimited card also comes with a 0% intro APR for the first 15 months on purchases and balance transfers, then a variable APR of 19.74% to 28.49%. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days. After that, a fee of either $5 or 5% of each transfer applies.

If cash back isn’t your thing, a solid travel rewards card like the Bank of America® Travel Rewards credit card * may be a better option. This no-annual-fee card earns an unlimited 1.5 points per $1 on purchases. You can also earn a decent welcome bonus of 25,000 points after spending $1,000 on purchases in the first 90 days of account opening.

Cardholders can redeem points for statement credits to cover travel or dining purchases, including flights, hotels, vacation rentals, rental cars, baggage fees and restaurants. The Bank of America Travel Rewards card also comes with a 0% intro APR for 15 billing cycles for purchases and any balance transfers made in the first 60 days, followed by a 18.49% to 28.49% variable APR. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.

Should you get the SoFi Credit Card?

The SoFi Credit Card is a great option for new and existing SoFi members who want to redeem rewards towards other SoFi accounts. While you’re probably not going to earn enough points to pay off SoFi loans, redeeming rewards to pay down loan balances can make a nice dent, depending on your spending habits. You can also boost your bank or investment account using rewards. For someone who uses SoFi to manage all of their finances, it’s the perfect cash-back card.

It’s not a great card if you don’t want or have an existing relationship with SoFi or aren’t planning to apply for a loan or open other SoFi accounts. Know that there are other cash-back credit cards that earn more valuable rewards redeemable in ways that suit your preferences.

SoFi Credit Card summary

Frequently asked questions (FAQs)