SoFi Credit Card Review — Maximize Rewards


Decision fatigue is a real thing for folks in the market for a new rewards credit card. If you’re tired of evaluating the ins and outs of credit card rewards programs, there’s no shame in settling for a simple, easy-to-understand alternative.

The SoFi Credit Card is just such an alternative. And it doesn’t require much in the way of settling. It earns a flat 2% cash back on most eligible purchases and 3% back on select travel purchases — plenty generous for a no-annual-fee credit card. 

The SoFi Credit Card can’t be everything to everyone, of course. Before you apply, make sure it has all the features and benefits you expect from a rewards credit card.

What Is the SoFi Credit Card?

The SoFi Credit Card is a cash-back credit card with no annual fee. It earns 2% cash back on most eligible purchases and 3% cash back on eligible purchases through SoFi Travel, which uses Expedia’s booking engine.

The SoFi Credit Card is somewhat unusual in that it doesn’t require applicants to have a U.S.-based bank account to qualify. If you’re approved for the card and don’t have a bank account, you can make payments through the SoFi app. You don’t need to use any other SoFi products to qualify for the SoFi Credit Card.

The SoFi Credit Card has some benefits beyond its rewards program, including up to $1,000 in cell phone insurance and monthly credits against eligible Lyft purchases.

What Sets the SoFi Credit Card Apart?

The SoFi Credit Card stands out from comparable cash-back credit cards for a few reasons:

  • Up to 3% back on eligible travel purchases. You earn unlimited 3% cash back when you book travel through SoFi Travel, which uses Expedia’s travel booking platform. Travel purchases not booked through SoFi Travel earn unlimited 2% back.
  • Up to $1,000 in cell phone protection. This cell phone protection plan is more generous than most credit cards’, which top out at $600 to $800 per claim.
  • No bank account needed to qualify. You can qualify for this card without a bank account, though you still need the SoFi app to make payments.
  • No sign-up bonus. One notable drawback of the SoFi Credit Card is its lack of a sign-up bonus for new cardholders. This could change in the future, but it’s an issue as of now.

Key Features of the SoFi Credit Card

The SoFi Credit Card has a straightforward rewards program and some notable benefits beyond it. Take a few minutes to familiarize yourself with its features before moving ahead with your application.

Earning Rewards

Most eligible purchases earn unlimited 2% cash back. There’s just one exception: Travel purchases made through the SoFi Travel platform earn unlimited 3% cash back.

Redeeming Rewards

You can redeem your accumulated cash-back rewards for:

Redemptions for cash, investments, and loan payments are worth $0.01 per cash-back point. Statement credit redemptions are worth only $0.005 per point, so they’re best avoided.

Cell Phone Protection

This card comes with a complimentary cell phone protection plan that reimburses you up to $1,000 per claim. A deductible and annual claim limits may apply.

Other Benefits

This card comes with some other potentially valuable benefits, including:

  • Up to $5 in monthly credits against eligible Lyft purchases
  • A complimentary annual membership to Shoprunner, which offers free two-day shipping on eligible online purchases
  • A complimentary three-month subscription to DoorDash DashPass, which offers a $0 delivery fee on qualifying orders and other perks

Important Fees

The SoFi Credit Card has no annual fee or foreign transaction fee. Other fees may apply, including for balance transfers and cash advance transactions.

Credit Required

This card requires good to excellent credit. You’re unlikely to qualify with a credit score significantly below 700 on the FICO scale.

Pros & Cons

These are the most notable upsides and downsides of the SoFi Credit Card.

Pros

  • No annual fee
  • Up to 3% cash back on eligible purchases
  • Up to $1,000 in cell phone protection per claim
  • No external bank account needed to qualify

Cons

  • No sign-up bonus
  • No 0% intro APR offer
  • Few benefits beyond the rewards program

Pros

The SoFi Credit Card is a low-cost, relatively high-reward credit card with some potentially valuable benefits.

  • No annual fee. This card has no annual fee. You won’t pay anything out of pocket to keep it active, even if you rarely use it.
  • 2% cash back on most eligible purchases. This card earns a flat, unlimited 2% back on most eligible purchases. That makes it an above-average credit card for everyday spending.
  • Up to 3% back on select travel purchases. You earn 3% cash back when you book travel through SoFi Travel, an online travel portal powered by Expedia. There’s no limit to how much you can earn on eligible purchases.
  • Unusually generous cell phone protection. This card’s cell phone protection plan covers more than the average credit card’s. It tops out at $1,000 per claim, against $600 to $800 elsewhere.
  • Credits against Lyft purchases and other potentially valuable perks. You get $5 off Lyft purchases each month, plus a free annual membership to Shoprunner, which could save you a bunch on shipping if you buy a lot online from participating merchants. The three-month complimentary DoorDash DashPass benefit is appealing if you regularly order delivery.
  • No foreign transaction fee. This card has no foreign transaction fee, so it’s useful if and when you travel abroad or make purchases with overseas merchants.
  • No bank account needed to qualify. You don’t need a bank account to qualify for the SoFi Credit Card. You can make payments through the SoFi app instead.

Cons

The SoFi Credit Card lacks the more generous features common to top cash-back and travel rewards credit cards.

  • No way to earn more than 3% cash back. There’s no way to earn cash back at a rate higher than 3% with this card. Some competing cash-back cards offer 5%, 8%, even 10% cash-back tiers.
  • No sign-up bonus. The SoFi Credit Card has no sign-up bonus. This is a notable drawback for new cardholders eager to start earning rewards.
  • No 0% intro APR offer. Unlike many competing credit cards, the SoFi Credit Card has no introductory interest-free period. This is a drawback if you need to pay down high-interest balances accrued on another card or you’re planning to make a big purchase that you’d rather not pay off all at once.
  • Limited travel perks. The SoFi Credit Card has little in the way of travel perks, such as discounts or rewards at participating hotels and airport lounge access.

How the SoFi Credit Card Stacks Up

The SoFi Credit Card is similar to numerous other cash-back credit cards that earn 2% back on most or all eligible purchases. Before you apply, see how it compares against another popular option: the Wells Fargo Active Cash Card.

SoFi Credit Card Wells Fargo Active Cash
Sign-Up Bonus No Yes
2% Cash Back Eligible purchases except SoFi Travel All eligible purchases
3% Cash Back SoFi Travel purchases None
Annual Fee $0 $0
0% Intro APR  No Yes, 15 months on purchases and balance transfers

The SoFi Credit Card is the clear winner if you travel regularly thanks to its 3% cash-back rate on SoFi Travel purchases. But Wells Fargo Active Cash is a better choice if you’re seeking a sign-up bonus or 0% intro APR offer as a new cardholder.

Final Word

The SoFi Credit Card is a straightforward cash-back credit card that’s easy even for credit card novices to understand and use effectively. And that’s a good thing if you’re tired of comparing the minutiae of credit card rewards programs — or don’t want to start doing that in the first place.

Then again, the SoFi Credit Card has some important missing elements. It has no sign-up bonus or 0% intro APR offer, and it lacks some of its peers’ more generous travel perks. It’s not a bad card by any means, but you can do better if you’re willing to shop around.

Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.



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