SoFi Credit Card Review: 2% Cash Back with Crypto Rewards Option

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SoFi Credit Card
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SoFi Credit Card
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SoFi Credit Card
Editor’s Score: (N/A)
  • 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.

NextAdvisor’s Take

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
The Bottom Line
The SoFi Credit Card works much like other 2% flat cash back cards, but offers the best value if you already have another SoFi account. To get the full 2%, you’ll need to redeem your rewards toward a SoFi checking, savings, investment, crypto, or loan account balance. There’s no annual fee and you’ll get a few added benefits via Mastercard, but there’s no welcome offer for new cardholders.

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

SoFi Credit Card Full Review

Card Type

The SoFi Credit Card is a cash back credit card. You’ll earn flat rewards on every purchase, but only get the full redemption value when you redeem into your SoFi accounts (investments, crypto, checking or savings accounts) or make payments toward a SoFi loan.

Annual Fee

This cash back credit card doesn’t charge an annual fee.

Welcome Offer

Earn up to $200 when you fund an Invest account as well as a checking and savings account after getting approved for the SoFi Credit Card.

Introductory Offer

This card does not have an introductory 0% APR offer for purchases or balance transfers.

Rewards

The SoFi Credit Card offers 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.

You’ll get the full 2% value when you redeem for cash into your SoFi Checking and Savings account, as fractional shares in your SoFi Invest account, cryptocurrency in your SoFi Invest crypto account, or as a payment to your SoFi Personal or Student Loan Refinance account. However, if you redeem your rewards as statement credits to your card account, you’ll only get half the value for them — or essentially 1% cash back.

Fees

This card doesn’t charge an annual fee, nor does it charge foreign transaction fees. You can also be charged a late fee or returned payment fee of up to $39.

Other Benefits

The SoFi Credit Card is a World Elite Mastercard with several useful benefits. This includes Mastercard ID theft protection as well as cell phone protection worth up to $1,000, subject to a $50 deductible and two claims maximum per 12-month period. 

Through Mastercard, you’ll also get discounts with Lyft, Hello Fresh, DoorDash, and Fandango, as well as a ShopRunner membership good for free two-day shipping at select retailers (valued at $79). Other major benefits include three free months of DashPass membership, access to Priceless Experiences and Priceless Golf and 24/7 World Elite Concierge access.

Benefits of SoFi Credit Card

If you already use SoFi to bank or invest, the SoFi card is a straightforward way to boost your account balances with savings on your regular spending. You’ll get the full 2% back in rewards value when you redeem into your SoFi Money Account, SoFi Invest Account, or if you transfer your rewards to a SoFi checking or savings account. You also get the full 2% cash back when you redeem rewards to pay down the outstanding balance of your SoFi student refinance loan or SoFi personal loan.

And the SoFi Card is one of only a few credit cards to offer cryptocurrency redemptions. If you have a SoFi Crypto Account, you can redeem your 2% cash back for Bitcoin or Ethereum.

Drawbacks of SoFi Credit Card

There are a few downsides to consider before you apply for this card. 

This isn’t a great option if you’re looking for straightforward statement credit redemptions. If you choose to redeem rewards for a credit on your account, you’ll only get half the value you would otherwise, making the card equivalent to a 1% cash back card.

If you’re considering the card for its crypto redemption option, also keep in mind the drawbacks of crypto itself. Crypto is a notoriously volatile and risky investment option, so you could be giving up guaranteed value from other redemptions when you choose to put your rewards toward Bitcoin or Ethereum

How to Use the SoFi Credit Card

Because of its flat, 2% rewards rate, the best way to use this card is for all your regular spending and bills. 

That said, make sure the purchases you charge to your card are within your regular budget. The high APR this card charges can make carrying a balance very costly. SoFi does offer the chance to reduce your APR by 1% after you make at least 12 on-time payments of at least the minimum due. But if you want to truly benefit from earning 2% cash back, pay your balance off in full and on time every single month.

Once you earn your rewards, maximize them by redeeming them into an eligible SoFi account so you get the full 2% cash back. If you have more than one eligible SoFi account, take some time to determine your most important financial goals and decide which would be most beneficial. For example, you may put them toward your savings account if you’re working to build an emergency fund, or you might choose to invest them if you’re more focused on long-term growth.

SoFi Credit Card Compared to Other Cards

Our Choice
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SoFi Credit Card

SoFi Credit Card

Editor’s Score: (N/A)
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Wells Fargo Active Cash® Card

Wells Fargo Active Cash® Card

Editor’s Score: (4.6/5)
  • Intro offer:
    $200 cash rewards
  • Annual fee:
    $0
  • Regular APR:
    17.99%, 22.99%, or 27.99% Variable APR
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Wells Fargo’s secure site See Rates & Fees.
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BlockFi Rewards Visa® Signature Card

BlockFi Rewards Visa® Signature Card

Editor’s Score: (3.5/5)

Is the SoFi Credit Card Right for You?

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you have a financial account with SoFi already, the SoFi Credit Card could work well for your needs. 

It could also be a good option if you’re considering opening an account and want more tools to maximize across your portfolio. For example, if you’re interested in crypto, you could invest in crypto through SoFi and use your credit card rewards to build up your portfolio over time without much risk (beyond the value you could forfeit from other redemption options). And, of course, you could always decide to switch and contribute your rewards to another investment or banking account later on. 

Just remember that you’ll only earn 2% cash back if you redeem your rewards for a SoFi-related redemption, and that you’ll get half of that if you redeem for regular statement credits on your credit card bill.

However, many other rewards credit cards offer the same 2% cash back rate without as many restrictions on how you redeem your rewards. Some cards also offer generous sign-up bonuses right off the bat, which can help you maximize your spending even more.

Frequently Asked Questions (FAQ)

Which bank issues the SoFi Credit Card?

The SoFi Credit Card is issued by the Bank of Missouri.

Is the SoFi Credit Card a Visa card?

The SoFi Credit Card is a World Elite Mastercard.

What credit score do you need to qualify for the SoFi Credit Card?

The SoFi requires good or excellent credit, which means you’ll typically have the best chances of approval with a credit score of 670 or higher.

Does the SoFi Credit Card charge foreign transaction fees?

No, the SoFi Credit Card does not charge foreign transaction fees when you use it for purchases outside the United States.