SoFi Credit Card vs. Venmo Credit Card: Solid Cash Back Cards with Crypto Rewards Options

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Good for Flat Cash Back
Editor’s Score: (N/A)
SoFi Credit Card
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SoFi Credit Card
Editor’s Score: (N/A)
Rewards rate:

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

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Good for Bonus Rewards
Editor’s Score: (N/A)
Venmo Credit Card
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Venmo Credit Card
Editor’s Score: (N/A)
Rewards rate:

Earn up to 3% on your eligible top spend category. Earn up to 2% on your second eligible top spend category. Earn 1% on all other eligible purchases and on Venmo person-to-person transactions.

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  • Intro offer:
    $200
  • Annual fee:
    $0
  • Regular APR:
    13.74% to 25.74% APR
  • Recommended credit score:
    670-850 (Good to Excellent)
  • Rewards rate:

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

  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    15.24% – 24.24% Variable APR
  • Recommended credit score:
    670-850 (Good to Excellent)
  • Rewards rate:

    Earn up to 3% on your eligible top spend category. Earn up to 2% on your second eligible top spend category. Earn 1% on all other eligible purchases and on Venmo person-to-person transactions.

Pros and Cons
Pros and Cons
Pros
  • 2% unlimited rewards on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi
  • Flexible redemption options including debt repayment, checking and savings deposits, crypto, or other investments
  • No annual fee
Cons
  • No bonus rewards categories to maximize
  • Get only 1% back when you redeem for statement credits
  • No welcome offer
  • Potential for high APR if you carry a balance
Pros and Cons
Pros
  • No need to choose categories; earn rewards automatically based on your spending habits
  • No annual fee
  • Cash rewards are automatically added to your Venmo account at the end of each statement period
Cons
  • 3% fee to use your card for person-to-person payments in the Venmo app
  • No intro offer
  • Rewards limited to cash redemptions
Additional Card Details
Additional Card Details
  • Lower your APR by 1% after 12 monthly on-time 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 good for free two-day shipping at select retailers (valued at $79)
  • No foreign transaction fees
Additional Card Details
  • 3% cash back in your top spend category, among: transportation, travel, grocery, entertainment, dining & nightlife, bills & utilities, health and beauty, and gas
  • 2% cash back in your second top spend category
  • 1% cash back on all other eligible purchases and on person-to-person transactions
  • Venmo account must be open for at least 30 days and in good standing before you can apply
  • Choose your card color from five different options
  • Apply Venmo payments that you receive from friends directly to your credit card bill, or to your Venmo account which can later be used to pay your credit card
  • No annual fee
  • No foreign transaction fees
  • APR of either 15.24%, 21.24%, or 24.24%
NextAdvisor’s Take

SoFi and Venmo both offer cash back credit cards to earn rewards that you can redeem for cryptocurrency or cash back. But your choice will boil down to how you want to earn and redeem rewards. If you’re willing to create a strategy to maximize your cash back, Venmo’s credit card can help you earn more on your everyday spending. But if you want to earn an unlimited 2% cash back without tracking your top spending categories, the SoFi card can help you earn rewards on all purchases.

Both the SoFi Credit Card and the Venmo Credit Card offer great cash back rewards and unique redemption options — including the opportunity to redeem your rewards for cryptocurrency

But they do have some distinct differences. To start, the SoFi Credit Card is a flat-rate cash back card that offers unlimited 2% cash back on all purchases (as long as you redeem into an eligible SoFi account). On the other hand, the Venmo Credit Card has tiered bonus categories, with 3% back on your top spending category, 2% on your second top spending category, and 1% on all other purchases.

Here’s what else you need to know about the benefits and different uses of these cash back credit cards to pick the right one for your wallet: 

Side-by-Side Comparison 

SoFi Credit Card Venmo Credit Card 
Annual Fee $0$0
Rewards • Earn 3% cash back rewards for a year when you set up direct deposit with SoFi.
• 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. Plus, redeem points toward crypto
• 3% on your top spending category
• 2% on your second top spending category
• 1% on all other eligible purchases and Venmo person-to-person transactions 
Other Benefits • Cell phone protection up to $1,000
• 3 free months of DashPass membership 
• Lower your APR by 1% after 12 monthly on-time payments of at least the minimum payment due
• World Elite Mastercard benefits, including 24/7 concierge service
• Discounts on select memberships and retailers 
• Travel protections
• Visa Luxury Hotel Collection 
• Rental car discounts 
• Visa Signature benefits including 24/7 concierge service

Rewards Comparison

There are no spending caps when earning cash back rewards for either card, but your earnings depend on the type of cash back card you prefer. 

If you spend a lot within a few different spending categories, you can earn 3% on your top spending category with the Venmo card and 2% on your second top spending category, and 1% on all other eligible purchases and Venmo person-to-person transactions. Here’s a list of the eligible categories that count toward your top spending: 

  • Transportation 
  • Travel 
  • Grocery 
  • Entertainment 
  • Dining and nightlife
  • Bills and utilities 
  • Health and beauty 
  • Gas 

If you’re looking for simpler rewards, though, the SoFi card’s 2% back on everything is tough to beat. Just be careful about how you redeem your rewards to ensure you get the full value. 

Rewards Redemptions

Both cards have a few different redemption options to help you maximize the rewards you earn. You can redeem your Venmo cash back as a statement credit, and apply it to peer-to-peer transactions. Rewards go directly to your Venmo app, and can be either used to pay off your credit card directly, or transferred out of your account with your existing Venmo account balance. With the SoFi card, you’ll only get the full 2% cash back return on your spending when you redeem rewards toward an eligible SoFi account, which includes SoFi checking, savings, and investment accounts, or payments toward student loans or personal loans with SoFi. You’ll have the option to redeem your SoFi rewards for a credit on your account, but you’ll only get 1% back on each purchase.

These cards are also unique from many cash back cards because you can redeem your rewards for cryptocurrency. 

You can use Venmo’s crypto auto-purchase feature to buy bitcoin, litecoin, bitcoin cash, and ethereum using your your Venmo balance each month. When you toggle on the feature in the app, Venmo will automatically buy crypto on your behalf without transaction fees, however, you’ll pay a fee if you sell your cryptocurrency. In order to redeem your cash back for cryptocurrency, you must have at least $1 in cash back rewards.

You can still receive the full 2% cash back with your SoFi card when you redeem rewards into a SoFi Invest crypto account, too. You can redeem cash rewards for bitcoin or ethereum, but you must have a minimum balance of 500 points (or cash back) in order to redeem. 

Benefits Comparison

Both cards come with a few added benefits, but most of their value is from the cash rewards you’ll earn.

The SoFi Credit Card is a World Elite Mastercard, which includes cell phone protection for up to $1,000; discounts on select brands such as Doordash, Fandango, Lyft, and Shoprunner; as well as travel benefits like Mastercard luxury hotel and resorts access, 24/7 concierge service, and global emergency assistance. 

Depending on your creditworthiness, you may get approved for a Visa Signature version of the Venmo Credit Card, which comes with extra perks like access to the Visa Luxury Hotel Collection, rental car discounts, 24/7 concierge service, discounts with brands like Shipt and Skillshare, and more. Plus, when you open your Venmo Credit Card account, you’ll have the option to choose between five different color options.

APRs

The SoFi Credit Card has a regular APR of 13.74% to 25.74%, whereas the Venmo Credit Card has a slightly higher regular APR of 15.24% to 24.24%. Neither card has an introductory 0% APR offer on new purchases or balance transfers. SoFi does offer the chance to reduce your APR by 1% after you make 12 on-time payments of at least the minimum due, but you can avoid accruing any interest at all by paying your balance in full and on time each month. 

Fees 

The SoFi Credit Card and Venmo Credit Card don’t charge annual fees or foreign transaction fees. SoFi charges a fee of up to $39 for late or returned payments, while Venmo has a returned payment fee of up to $29, a late payment fee of $40, and a 3% fee to use your card for peer-to-peer transactions in the Venmo app. 

Deciding Between the SoFi Credit Card and the Venmo Credit Card 

If you’re debating between the SoFi and Venmo credit cards — whether for their competitive cash back rates or unique crypto redemption options — think about how you plan to earn and redeem rewards. 

For example, do you prefer the straightforward flat cash back the SoFi card offers, or would you prefer the chance to earn a bit more by tracking your bonus categories with the Venmo card? Are you focused on building your cryptocurrency portfolio with your credit card or looking to earn cash back while still learning about how cryptocurrency works before investing?

Another thing to consider is whether you already have an account with either platform. If you already invest or bank with SoFi, it can be easy to redeem your rewards into an existing account or open another account type — like a SoFi Invest or SoFi Invest crypto account — for the cash you earn. On the other hand, if you already use Venmo for peer-to-peer payments or have explored cryptocurrency on the platform, it could be easier to integrate your card into your existing Venmo account.

Ultimately, the choice comes down to how you prefer to earn cash rewards and whether you’re more comfortable using SoFi or Venmo’s platform to manage your card and rewards. If you generally spend a lot within eligible Venmo bonus categories and you already have the Venmo app on your phone, that might be a better option. But if you prefer flat cash back and don’t have a problem redeeming your rewards into a SoFi account to earn the full 2% value, the SoFi credit card can go a long way to maximize your spending. 

And if you’re considering either card for the crypto rewards options, make sure you understand the risks of investing in crypto before you redeem. Cryptocurrency is highly volatile, so you could be giving up the guaranteed value of points rewards or cash back in favor of a speculative investment. Of course, you could also use any cash back card to earn rewards on your spending, then put the cash you earn toward your crypto balance — which may give you more flexibility in the exchange you choose and coins you buy.