SoFi or Upgrade Card: Which Is Right for You?

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Last updated on January 31st, 2024

The SoFi Credit Card is a rewards card that allows cardholders to pay off their existing debt faster than other debt-repayment options. The card is similar in design and approach to the Upgrade Visa Card with Cash Rewards – another excellent low APR and debt consolidation credit card. But which option is best for you?

Why Choose the SoFi Credit Card?

The SoFi Credit Card is a new addition to the low-APR balance transfer card market. The card, from digital finance company, SoFi, allows cardholders to pay down their debt through cash back rewards. The card earns up to 2% back on purchases. Cardholders can put the rewards towards SoFi student loans or personal loans. In addition, they can deposit the cash back to SoFi Money or Invest accounts.

Why Choose the Upgrade Card?

The Upgrade Card is one of the most popular low-APR credit card products available today. Upgrade has issued more than $3.5 billion in total credit since 2017. The card’s success is due in no small part to an exceptional APR – plus other great features.

Interest rates with the card start as low as 8.99%, and Upgrade combines balances into an installment plan of up to 60 months. The Upgrade Card also offers cash back rewards, with holders earning an unlimited 1.5% back on all eligible purchases.

Upgrade vs. SoFi: Which Is Right for You?

So, Upgrade or SoFi: which is the best option for you?

For people who already bank with SoFi, including holding loans through the company, the SoFi Credit Card is something of a no-brainer. The 2% back on SoFi loans is a great rewards rate, but the cash back rewards are not worthwhile for all other consumers. In addition, the card is currently only available for existing customers. Others who are interested need to join a waitlist.

The Upgrade Visa Card with Cash Rewards is an excellent option for those who don’t bank with SoFi, but still want to easily pay down an existing balance. The extremely low APR provides the ideal basis for debt consolidation for those with excellent credit scores.

The repayment format with the Upgrade is also a major perk. Installment plans of up to 60 months provide the platform for a much easier repayment strategy that can help save significant money over time. The unlimited 1.5% cash back with the card is also superior to the SoFi Card’s rate in almost every instance (minus redeeming for payments on SoFi loans or accounts).

Upgrade also promotes financial responsibility by rewarding the 1.5% cash back after a cardholder pays off their purchase through their statement balance.

That’s not to say there are no downsides with the Upgrade Card. Those with less-than-stellar credit won’t receive the same great rate as those with exceptional credit. Further, the Upgrade Card’s APR rises significantly higher than the SoFi Card’s.


Ultimately, the best debt-repayment credit card depends on your unique circumstances. The SoFi Card is an excellent option for those already within the SoFi ecosystem. The Upgrade Card, on the other hand, is ideal for those who don’t have a SoFi loan or money account and prefer the simplicity of installment plans when repaying debt.

Both cards offer enticing cash back rewards, with the SoFi Card offering a higher earning rate with associated accounts and the Upgrade Card with Cash Rewards providing a lower rate – but with the same value across the board and not based on loan products.

Featured photo by Shopify Partners / Burst

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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