SoFi Credit Card Review 2024: Unlimited 2% Cash Back & No Annual Fees

Anna Scott

The SoFi Credit Card is a Mastercard* World Elite card and offers 2% unlimited cash back on all eligible purchases when redeemed through SoFi savings or investment accounts or SoFi Loans. It has no purchase category restrictions, no annual rewards caps, and no cash-out minimums.

This credit card has low fees, with no annual or foreign transaction fees. It has a variable APR of 12.99% – 24.99%, with a 1% reduction after making 12 consecutive on-time credit card payments. Cardholders have access to the SoFi app, which helps them enhance personal financial management.

Overall rating


Summary: If you’re looking for the full 2% unlimited cash back, SoFi credit card is a ideal rewards card if you don’t have any issues redeeming your points into a SoFi account or towards your SoFi loan. Otherwise, you can still earn 1% cash back without SoFi accounts.

SoFi Credit Card

sofi credit card image


Annual Fee

12.99% - 24.99%



Min. Credit Score


Cash Back



Account Opening








Other Benefits


Customer Service


Safe & Secure


  • No annual fees
  • No foreign transaction fees
  • Added card benefits and perks
  • Spending and budgeting tools
  • Access to its all-in-one app


  • No sign-up bonus
  • No intro APR period
  • Reward redemption restrictions

Best For

  • Unlimited cash back
  • Interest rate reduction with on-time payments


HQSan Francisco, California, U.S.
Monthly Fee$0
Credit LimitN/A
Foreign Transaction Fee$0
Credit Score Req.670
APR12.99% – 24.99% Variable APR
RewardsCardholders can earn 2% unlimited cash back on all eligible purchases
Discount1% reduction in APR after making 12 consecutive on-time credit card payments

In depth review on SoFi Credit Card

SoFi’s credit card allows cardholders to earn cash back on their purchases to pay off loans, save or invest through the SoFi platform. Issued by The Bank of Missouri, it is only available to individuals who reside in the U.S. It uses the daily balance method, including new transactions, to calculate the daily balances on which it will charge interest.

SoFi requests credit reports and other information about you from consumer reporting agencies and other sources once you fill in and submit your application. It then uses this information to determine your eligibility for a SoFi credit card.

SoFi credit card is best for

  • Unlimited cash back: Cardholders earn unlimited 2% cash back on all eligible purchases. You can redeem these points into SoFi savings, investment accounts, or towards paying down your SoFi loans. However, if you choose to redeem them for a cash statement credit, they will be worth 1%, half as much. 
  • Interest rate reduction with on-time payments: When you make 12 consecutive on-time payments, SoFi will lower your APR by 1%. If you continue to pay credit card bills on time, your minimum APR can reach 12.99%. A good credit score translates into a lower APR, so if you pay on time, your credit score will increase and your APR will decrease.

SoFi credit card benefits

  • No annual fees SoFi credit card does not charge any annual fees, reducing the overall card maintenance costs.
  • No foreign transaction fees: Most credit card providers charge a 2% fee when purchasing in a foreign currency. SoFi doesn’t charge any foreign transaction fees, so you can travel and use its card internationally with reduced transactional costs.
  • Added card benefits and perks: SoFi credit card offers various perks and benefits, including access to the World Elite Mastercard benefits, Mastercard’s Priceless Experiences, and other security features, such as Mastercard ID Theft Protection and Price Protection.
  • Spending and budgeting tools: This card offers spending and budgeting tools to help cardholders manage their finances better. Cardholders can receive notifications if they are close to reaching their monthly spending limit.
  • Access to its all-in-one app: The card gives you access to the SoFi app that makes it easy to manage all your money. Also, the app makes it easier to redeem your rewards towards eligible SoFi loans, savings, and investing products each month.

SoFi credit card drawbacks

  • There is no sign-up bonus: No welcome bonus for signing up as a new customer.
  • No intro APR period: This credit card doesn’t offer an introductory APR on new purchases or balance transfers.
  • Reward redemption restrictions: The unlimited 2% cashback is only available when you redeem your cash rewards into SoFi products. The cash back is 1% when requesting a cash statement credit, which is a downside for those wanting to benefit from the total 2% cashback. However, you will still have 1% unlimited cash back.

Account opening


To apply for this card, visit the website. SoFi will pre-fill the basics for members; however, you will need to fill in the rest and accept the terms and conditions.

Information that may be required includes your name, address, date of birth, and other information for identification purposes when you open the account.

You need to meet the applicable criteria based on creditworthiness to qualify for SoFi’s credit card. When your credit card application is approved, SoFi will inform you of your revolving credit limit. Factors that may determine your revolving credit limit include:

  • Annual salary, and other sources of income
  • A debt review, including the debt listed on your credit report
  • Credit history review and other factors deemed relevant by the SoFi



This credit card’s fees include:

Annual feeNone
Foreign transaction feesNone
Balance transfer fee$10 or 5% of each balance transfer depending on which is greater
Cash advance fee$10 or 5% of each balance transfer depending on which is greater
Late payment feeUp to $39
Returned Payment FeeUp to $39



The APR will always vary with the market, based on the prime rate.

APR for Purchases12.99% to 24.99% based on creditworthiness.
APR for balance transfers12.99% to 24.99% based on creditworthiness.
APR for cash advances26.99%
Minimum interest chargeInterest charged may not be lower than $1.00
How to avoid paying interest on purchasesSoFi will not charge you interest on purchases if you pay the entire balance in full before or on the due date each month. The due date is 25 days after the close of each billing cycle. However, the interest charged on cash advances and balance transfers will commence on the transaction date.



You will earn 2 points per $1 spent on eligible purchases, with every purchase earning the same flat rate. Redeeming rewards is easy as long as you have already set up your SoFi accounts. If you already have a SoFi account, you can redeem your points using the following options:

  • Through any promotional offer listed on the redeem points page
  • As a cash deposit into your  SoFi Checking and Savings account. You can use the money to pay bills, get cash from an ATM or transfer money electronically to another bank
  • Add the rewards into your SoFi Invest account as shares
  • Pay towards your SoFi loans

Purchases receive 2 points per $1 spent, which technically means they are worth $0.01 per point.  Therefore, the card will earn 2% cashback if you redeem your points using the options listed above. Each point is only worth $0.005 each if you redeem them for a statement credit instead.

If you don’t make the minimum payments for the billing cycle, you will not earn points on the purchases you made for that cycle. You can’t redeem points if your account is past due or your SoFi credit card account is cancelled.

Other benefits


MasterCard benefits, include:

  • Up to $1,000 complementary cell phone insurance coverage
  • Unlimited free 2-day shipping with Shoprunner
  • 5% cashback reward when you use your card to make purchases at Boxed
  • $10 Lyft* credit when you use your card to take five rides per month
  • Mastercard ID theft protection allows you to protect your personal information by detecting potential fraud

Customer service


SoFi has 24/7 customer support available by phone for cardholders. You can also find answers to commonly asked questions in the FAQ section on the website. Also, you can visit the SoF, help center for product-specific information.

Safe and secure


The SoFi Credit Card offers Mastercard ID Theft Protection and standard security features, including Mastercard’s zero liability for fraudulent purchases. Also, you get access to emergency card replacement through your Mastercard benefits. The website is TLS 1.2 encrypted and Norton secured.

Is a SoFi credit card right for you?

The SoFi credit card is ideal for existing SoFi customers because It allows you to redeem your cash-back rewards at better rates. Also, it is suitable for those who may want to use their credit card rewards towards saving, investing or paying down loans with SoFi.

Advertiser Disclosure: Cell Phone Insurance Protection, Mastercard ID Theft Protection™‎, Lyft, and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see your guide to benefits for details or call 1-800-MASTERCARD. SoFi terms and conditions apply.