SoFi Credit Card
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What is soFi?

SoFi is an online personal finance company that offers banking, lending, and investment services. Founded in 2011 and based in San Francisco, SoFi has gained popularity for its student loan refinancing and personal loans.

In 2017, Sofi entered the credit card market with the launch of the Sofi Credit Card. It competes with other cashback rewards cards like the Chase Freedom or Citi Double Cash.

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This credit card aims to differentiate itself by offering benefits tailored towards SoFi members. Cardholders earn unlimited 2% cashback on all purchases, with no caps. The card targets younger, tech-savvy consumers who want a straightforward cashback card with modern, mobile-first features.

SoFi Card Specs


The SoFi Credit Card has an annual fee of $0. This makes it one of the few rewards cards with no annual fee, making it very affordable long-term. It has no foreign transaction fees, so it’s a good card to use when traveling internationally.

You won’t have to worry about extra charges on purchases made abroad. Balance transfers are also free for the first 12 months, then 3% after that.

This intro 0% period makes it easy to transfer and consolidate high-interest debt from other cards. Cash advances have a fee of 5% or $10, whichever is greater. This is quite high, so cash advances should be avoided if possible.

It’s better to use the card for purchases and pay it off each month. Overall, the fee structure is very competitive. With no annual fee and foreign transaction fees, the card is inexpensive to keep long-term. The only high fee is for cash advances, which are rarely needed for typical credit card users.


The standard variable APR for purchases is 20.24% to 29.99%, based on your creditworthiness. Read more here.

Rewards & Redemption

The SoFi Credit Card offers unlimited 2% cash back on all purchases. There are no bonus categories to keep track of or caps on how much cash back you can earn.

This straightforward cash back structure makes the Sofi Credit Card easy to maximize. Cash back earned can be redeemed at any time in any amount to your Sofi Money account or redeemed for gift cards. Redemptions start at just $25.

With no expiration on earned rewards, you can let your cash back accumulate for larger redemptions over time. Or frequently redeem smaller amounts for statement credits. Based on average spending, cardholders can expect to earn around $500 or more in cash back per year. That provides solid value for a no annual fee cash back card. The value you get will depend on your spending habits.

SoFi Reewards

Welcome Offer

Last updated 05/07/2024

Open a SoFi Checking and Savings account and earn up to a $300 cash bonus when you set up direct deposit, and pay no account fees.

“In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Read full terms and conditions here.

Perks & Benefits

The SoFi Credit Card comes with some nice perks and benefits that can provide real value to cardholders.

Travel and Purchase Protections

Trip Cancellation/Interruption Insurance – Covers up to $5,000 per person and $10,000 per trip for pre-paid, non-refundable travel expenses if your trip is canceled or cut short by sickness, severe weather, and other covered situations.

  • Baggage Delay Insurance: Reimburses you for essential purchases like toiletries and clothing up to $100 per day if your bag is delayed more than 6 hours
  • Rental Car Insurance: Provides coverage for damage due to collision or theft up to the actual cash value of most rental cars when you use your card to pay for the rental
  • Purchase Protection: 120 days of coverage against damage or theft up to $1,000 per claim and $50,000 per account.

Other Benefits

  • No foreign transaction fees
  • Extended warranty protection
  • Return protection: Reimburses you for eligible items returned within 90 days of purchase up to $250 per item and $1,000 annual maximum.

The perks and benefits can provide real value for Sofi cardholders, especially for those who travel frequently or make big ticket purchases. The travel protections, concierge service and purchase protections help make this card more attractive compared to some other basic cash back cards.

Who Should Get This Card?

The SoFi Credit Card is best for people who want a simple cash back rewards card with no annual fee.

Here’s a breakdown of who can benefit most from this card:

Seeking Cashback Rewards The 2% unlimited cash back rate makes this card a solid choice for anyone looking to earn cash back on their daily spending. The flat 2% rate applies to all purchases, so you don’t have to worry about earning different rates on different categories. This is great for people who want a straightforward cash back program.

This card is ideal for anyone who wants to avoid paying a high annual cost just to have a rewards card. The no annual fee makes this accessible even for light or moderate spenders.

Building Credit with the SoFi Credit Card

The Sofi Credit Card doesn’t require an excellent credit score for approval. So it can be a good option for people trying to build their credit history. Responsible use of the card can help improve your credit over time. Just make sure to pay the balance off each month.

Sofi Members People who already use SoFi loans or financial services will benefit most from the Sofi Credit Card.

Existing members get perks like a higher initial cash back match offer. SoFi account holders may also appreciate the convenience of having multiple financial products in one place.

The SoFi Credit Card offers a solid cash back program without too many bells and whistles. If you want simple and straightforward rewards redemption, this card delivers good value. Just make sure you pay off the balance each month.

The Bottom Line

Overall, the SoFi Credit Card is a solid option for those looking for a card with no annual fee and decent rewards on dining and travel. The 2x points on dining, travel, gas stations, and EV charging stations make this a good choice for frequent travelers or those who dine out regularly.

The points can be redeemed for cash back or transferred to airline/hotel partners for potentially more value. While the card doesn’t offer too many luxury perks, the lack of foreign transaction fees is nice for travelers.

The included cell phone protection is also a useful benefit. One downside is that the card requires excellent credit, so it won’t be accessible to everyone. There are other cards with similar rewards structures and lower credit requirements.

However, for those who qualify and want a simple card for earning flexible travel rewards, the SoFi Credit Card is a solid contender. With no annual fee, it’s easy to keep long-term. Overall, it’s a recommendable option in the travel credit card space.


You’ll need good to excellent credit – usually a score of 690 or higher – to qualify for the Sofi Credit Card. SoFi does focus on lending to borrowers with strong credit histories.

The Sofi Credit Card can be worth it for the right consumer. The no annual fee, 2% cash back on all purchases, and valuable perks like cell phone protection make it a compelling option. Just be sure you can maximize the 2% cash back category.

Yes, Sofi does a hard inquiry on your credit when you apply for pre-approval for their credit card. Hard inquires can temporarily lower your credit score. However, Sofi will also provide you with the odds you’ll be approved before completing the full application.

Disclosure: This post may contain affiliate links, meaning we receive a commission for purchases made through these links, at no cost to you.

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