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SoFi Credit Card Review

Sofi credit card review
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Updated February 18, 2024

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If you love cash back credit cards but don’t want the hassle of tracking which categories give you the best results, you may like the card_name. With a standard 2% back everywhere, and an opportunity to increase that to 3% for one year on up to $12,000 in purchases if you’re a loyal SoFi customer, this card is hard to beat for flat-rate cash back.

Here’s a closer look at the card_name, how to get the most cash back, and other cards that could be a good option if you’re not a fan. Keep reading to learn more about the pros and cons of keeping the card_name in your wallet.

TIME's Take

The card_name is a great choice for flat-rate cash back, matching the rate of some of the best cards in the industry. The card has annual_fees annual fee, and SoFi customers with direct deposit in a SoFi Bank account can get 3% back on up to $12,000 in purchases the first year they have the card.

Who is the SoFi credit card for?

The card_name is a good option for earning cash back on every purchase. The card features a respectable 2% cash back rate on all purchases. There are no rotating or bonus categories. If you use the card, you’ll get 2% back indefinitely.

While some other cards offer 5% or more back, they typically have bonus category limits, require the hassle of activating your cash back every few months, or come with fees or other limitations that make the cards far from perfect.

If you’re open to moving your checking account to SoFi, you can earn 3% back for the first year on up to $12,000 in purchases, making it even more lucrative for eligible new cardholders.

Rewards structure

As a flat-rate credit card, it’s easy to understand the rewards structure. Here’s a brief look at what you’ll earn with the card_name:

Rewards RateQualificationsLimitsDuration
2%
All cardholders
No limits
Indefinite
3%
Customers with direct deposit in a SoFi account
$12,000 in purchases
First year only

Rewards are redeemable for cash back in a linked bank account, into a SoFi investment account to buy stocks and other investments, or to pay down a SoFi loan. Every cent of cash back is worth one cent however you redeem it.

The only major exception to the 2% and 3% cash back rate may excite Los Angeles area residents. For purchases at SoFi Stadium, you’ll earn 25% back on concessions and eligible merchandise (limits apply). card_name cardholders also get express entry and VIP access. The bag check outside of the stadium is also free after a reimbursement.

Additional hidden perks

A major drawback to the card_name is a lack of common purchase protections and travel insurance benefits. However, similar cards with annual_fees annual fee also typically lack these benefits. If you want purchase and travel coverage, consider upgrading to a more robust rewards card, though it may require an annual fee.

The one major insurance benefit is cellphone insurance. If your phone breaks, you’re covered by up to $1,000 in cell phone insurance (other limitations and rules apply).

The card_name doesn’t charge foreign transaction fees, a nice perk for international travelers.

Card alternatives

If you’re looking for other no annual fee credit cards, cash back credit cards, rewards credit cards, or more, here’s a look at some other best credit cards to consider as an alternative to the card_name:

Credit CardRewardsAnnual FeeOther Benefits
5% back on travel booked through Chase, 3% at restaurants and eligible delivery services, 3% at drugstores, and 1.5% on all other purchases.
annual_fees
Includes purchase protection, extended warranty protection, trip cancellation/interruption insurance, and auto rental collision damage waiver.
6% on groceries up to $6,000 per year at U.S. supermarkets, 6% back on select streaming subscriptions, 3% back on transit and at U.S. gas stations, and 1% on general purchases. Terms Apply.
annual_fees (Rates & Fees)
Statement credits for The Disney Bundle and Equinox. Includes rental car loss and damage insurance and return protection.

The card_name is a solid option for flat-rate cash back and stands out as an excellent choice for SoFi customers with direct deposit at SoFi Bank, thanks to the elevated 3% cash back rate in the first year for up to $12,000 in purchases. That 3% rate is worth up to $360 alone. Then you’ll earn 2% cash back as long as you have the card.

Cellphone insurance and no foreign transaction fees sweeten the deal, but the lack of other benefits is disappointing. Nevertheless, it’s a great option for many users looking to maximize their cash back rewards on everyday purchases.

For rates and fees of the card_name, please visit this URL.

Frequently asked questions

Are there bank issues with the card_name?

You can use the card_name anywhere you do your regular banking. However, it’s optimized and easier to use for customers who also use SoFi Bank. Behind the scenes, card_name's is issued by The Bank of Missouri (TOBM).

Is a card_name hard to get?

SoFi evaluates your credit history and other personal financial information when approving new accounts. Users typically need good credit or better for approval.

Does card_name do a hard pull?

SoFi performs a soft credit inquiry when you make your initial application. It only performs a hard inquiry if you’re approved, so you can apply without risk to your credit.

Does Sofi have a secured credit card?

SoFi doesn’t have a secured credit card. This credit card is a traditional credit card with no security deposit required. SoFi also offers a debit card to SoFi Bank customers.

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