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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.
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.
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| HQ | San Francisco, California, U.S. |
| Monthly Fee | $0 |
| Credit Limit | N/A |
| Foreign Transaction Fee | $0 |
| Credit Score Req. | 670 |
| Security | Unsecured |
| APR | 12.99% – 24.99% Variable APR |
| Rewards | Cardholders can earn 2% unlimited cash back on all eligible purchases |
| Discount | 1% reduction in APR after making 12 consecutive on-time credit card payments |
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.
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:
This credit card’s fees include:
| Annual fee | None |
| Foreign transaction fees | None |
| 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 fee | Up to $39 |
| Returned Payment Fee | Up to $39 |
The APR will always vary with the market, based on the prime rate.
| APR for Purchases | 12.99% to 24.99% based on creditworthiness. |
| APR for balance transfers | 12.99% to 24.99% based on creditworthiness. |
| APR for cash advances | 26.99% |
| Minimum interest charge | Interest charged may not be lower than $1.00 |
| How to avoid paying interest on purchases | SoFi 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:
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.
MasterCard benefits, include:
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.
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.
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.
