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SoFi Credit Card: 2% Back, No Annual Fee, & More

Cory Santos

| Last updated on November 13th, 2023

SoFi Credit Card

SoFi Credit Card
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Mastercard Processing Network
None Annual Fee

SoFi Credit Card

  • 17.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 17.99% to 29.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
  • 31.99% variable based on the Prime Rate Cash Advance APR

At a Glance

The SoFi Credit Card is a cash back rewards card from fintech company, SoFi. The card, which features no annual fee and no foreign transaction fees, is designed to help consumers pay down debt quickly and effectively.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn 1% cash back on all eligible purchases. When you redeem it to pay down eligible debt, save, or invest with SoFi, you'll earn an additional 1% cash back
  • Get a 1% lower APR when you make 12 on-time payments
  • No annual fee
  • Earn additional rewards when you spend with Lyft, ShopRunner, and Boxed
  • Regular Purchase APR: 17.99% to 29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 17.99% to 29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 31.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Late Payment Penalty Fee: Up to $39
  • Return Payment Penalty Fee: Up to $39
  • You're an existing SoFi customer or are planning to become one
  • You have debts you want to pay down at a reduced rate
  • You have the desire to earn a lower rate with on-time payments
  • You don’t want to pay an annual fee or foreign transfer fee

SoFi Credit Card Review

The SoFi Credit Card is a no-annual-fee fintech credit card. The card helps consumers paydown debt faster and rewards good financial habits. It also offers cash back on all purchases and boasts no foreign transaction fees.

Earn 2% Cash Back

The 2% cash back structure from SoFi is like the Double Cash Card from Citi. Cardholders automatically get an unlimited 1% cash back on purchases and another 1% back bonus when they apply their cash back to an eligible SoFi account.

No Signup Bonus, But Don’t Worry

While the SoFi Card has no signup bonuses, it does come with one very tempting offer. Cardholders that make 12 on-time payments with their SoFi Card will receive a 1% APR reduction. The typical APR with the SoFi Card varies significantly so this 1% APR reduction can make a real impact on those looking to pay off debt.

SoFi Rewards

The card’s cash back rewards take the form of SoFi Member Rewards. SoFi Rewards is a unique rewards program that turns rewards points into cash via SoFi Money.

Beyond making purchases, users can earn points through several methods, including:

  • Linking non-SoFi accounts to SoFi Relay
  • Managing transactions through SoFi Relay
  • Using the SoFi Monet accounts direct deposit feature
  • Signing up for SoFi credit monitoring
  • Checking the SoFi app (with double points earned when checking the app on multiple days in a row)
  • Using SoFi Money for P2P payments
  • Setting up Bill Pay through SoFi Money
  • Activating a SoFi Money debit card

A Competitive APR for the Best Credit Scores

Fintech firms have a history of offering excellent interest rates on purchases and balance transfers for those applicants with excellent credit. These rates tend to be several points lower than the national average. SoFi is no different with their SoFi Credit Card.

The very best credit scores receive an APR of around 12% on both purchases and balance transfers below some of the leading banks’ better low APR credit cards. While lower credit scores will receive a higher rate (rising into the mid-20s, it is still competitive.

World Elite Mastercard Benefits

While the SoFi Card has no annual fee, it enjoys the ultra-premium protections and perks of World Elite status – the Mastercard product line’s pinnacle. Mastercard World Elite status entitles cardholders to the following benefits:

  • Mastercard Luxury Hotel Collection: Complimentary upgrades, late checkout, and more at over 2,000 properties worldwide.
  • Mastercard World Elite Concierge: 24/7 concierge service for airports, travel, and any other requests.
  • Cell Phone Protection: $1,000 in coverage per year ($600 per claim) if your phone suffers loss, theft, or damage. Cardholders must pay their phone bill with an eligible card. Terms and conditions apply.
  • ID Theft Protection: Protect, detect, alert, and resolve any issues related to identity theft involving your credit card.
  • Zero Liability Protection: You will not be held accountable for unauthorized transactions.
  • Global Emergency Services: Get help with lost or stolen cards, emergency cash advances, locating ATMs, and more.
  • Lyft: Cardholders that take five Lyft rides per month and use their SoFi Card will receive a $10 Lyft credit.
  • Boxed: 5% cash back rewards on orders for use on future purchases.
  • Shoprunner: Free two-day shipping and free return shipping on purchases.

Should You Apply for the SoFi Credit Card?  

Should you consider applying for the SoFi Credit Card? For existing SoFi customers – either with loans, savings, or investment accounts – the answer is probably yes. The 2% cash back rewards are redeemable towards paying down SoFi loan balances, applying to a savings account, or investing with the fintech.

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