Top Benefits of the SoFi Credit Card Card
The SoFi Credit Card from SoFi is one of the most competitive credit cards in the cash back cards category. With a rating of 7/10, it offers no annual fee and impressive rewards including 2% unlimited (redeem into sofi accounts).
In this comprehensive review, we break down everything you need to know about the SoFi Credit Card: rewards structure, fees, APR, welcome bonus, and how it compares to competitors. Whether you are looking for your first rewards card or adding to your wallet, this guide covers it all.
SoFi Credit Card Overview
The SoFi Credit Card is issued by SoFi and is designed for consumers with Good-Excellent (670+). It carries a rating of 7/10 from our experts. For those with good to excellent credit, this card can be a valuable addition to your wallet.
| Feature | Details |
|---|---|
| Issuer | SoFi |
| Annual Fee | $0 |
| Intro APR | N/A |
| Regular APR | 19.24% - 29.24% Variable |
| Rewards | 2% unlimited (redeem into SoFi accounts) |
| Welcome Bonus | $200 after $1,000 in first 3 months |
| Credit Score | Good-Excellent (670+) |
| Foreign Tx Fee | 0% |
Rewards & Benefits Breakdown
The SoFi Credit Card earns 2% unlimited (redeem into sofi accounts). Here is the detailed breakdown of earning rates:
| Category | Reward Rate |
|---|---|
| All Purchases | 2% unlimited (redeem into SoFi accounts) |
| Welcome Bonus | $200 after $1,000 in first 3 months |
| Intro APR | N/A |
| Credit Score | Good-Excellent (670+) |
Since this card has no annual fee, you can keep it forever without cost. Use it for everyday purchases to maximize value.
Fees & APR Analysis
| Fee Type | Amount |
|---|---|
| Annual Fee | $0 |
| Purchase APR | 19.24% - 29.24% Variable |
| Balance Transfer APR | 19.24% - 29.24% Variable |
| Foreign Transaction Fee | 0% |
SoFi Credit Card vs Competitors
See how SoFi Credit Card stacks up against similar cards.
| Card | Fee | Rewards | Bonus | Rating |
|---|---|---|---|---|
| PenFed Power Cash Rewards | $0 | 2% unlimited, 1.5% without direct deposit | $100 after $1,500 in first 3 months | 7/10 |
| Bank of America Unlimited Cash | $0 | 1.5% unlimited, 75% more for Preferred Rewards | $200 after $1,000 in first 90 days | 7/10 |
| Discover it Cash Back | $0 | 5% rotating categories (up to $1,500/quarter) | Unlimited Cashback Match for first year | 8/10 |
| Chase Freedom Flex | $0 | 5% rotating categories (up to $1,500/quarter) | $200 bonus after $500 spend + 5% on g... | 8/10 |
| PNC Cash Rewards | $0 | 4% gas, 3% dining, 2% grocery, 1% else | $200 after $1,000 in first 3 months | 7/10 |
Pros & Cons
✅ Pros
- Competitive rewards rate: 2% unlimited (redeem into SoFi accounts)
- Welcome bonus: $200 after $1,000 in first 3 months
- No annual fee
- No foreign transaction fees
- Issued by reputable SoFi
❌ Cons
- Higher than average APR
The SoFi Credit Card is best for consumers who want a simple, no-fee card with solid rewards. If you have Good-Excellent (670+) credit and spend $1015/month on average, this card could earn you significant value.
How to Apply for SoFi Credit Card
Applying for the SoFi Credit Card is straightforward. Here is the step-by-step process:
- 1
Check Your Credit Score
Before applying, check your credit score. You need Good-Excellent (670+) for the best approval odds.
- 2
Compare Your Options
Compare the SoFi Credit Card with similar cards from other issuers to ensure it is the right fit.
- 3
Gather Required Information
You will need your Social Security number, income information, and address to apply.
- 4
Complete the Online Application
Visit SoFi.com or the SoFi mobile app. The application takes about 5-10 minutes.
- 5
Await Approval Decision
Most applicants receive an instant decision. If approved, your card will arrive in 7-10 business days.
Frequently Asked Questions
You need Good-Excellent (670+) credit to be approved for the SoFi Credit Card. Approval is not guaranteed and depends on your overall credit profile.
Yes, with no annual fee, this card is worth keeping in your wallet indefinitely. Plus, the welcome bonus alone covers the first year's value.
The purchase APR is 19.24% - 29.24% Variable.
No, the SoFi Credit Card does not charge foreign transaction fees, making it great for international travel.
Rewards can be redeemed through your SoFi online account. Options typically include statement credits, gift cards, travel bookings, and direct deposits.
Conclusion
The SoFi Credit Card is a solid choice in the cash back cards category. With no annual fee and competitive rewards, it offers good value for the right consumer.
We recommend this card for anyone with Good-Excellent (670+) credit looking for cash back on their everyday spending. Compare it with other cards in our list to find the best fit for your wallet.
The SoFi Credit Card earns 2% unlimited (redeem into sofi accounts). With a rating of 7/10, it is one of the better options in the cash back cards space. Recommended for consumers with Good-Excellent (670+) credit.