The SoFi Credit Card is designed to meet the needs of financially savvy consumers who want more than just a traditional rewards card.
With an unlimited 2% cashback structure, no annual fee, and a unique feature that lets you invest or save your cashback automatically.
This review breaks down its features, interest rates, benefits, application process, and more.
What is SoFi?
SoFi Technologies, Inc. (commonly SoFi) is a U.S.-based financial technology company that offers a comprehensive suite of services through its digital platform.
Founded in 2011 at Stanford University, it began by providing student loan refinancing and has since expanded its offerings to include:
Personal loans, home mortgages, credit cards, checking and savings accounts, investment services, and insurance products.
The company operates primarily online, catering to a tech-savvy clientele seeking streamlined financial solutions.
SoFi Credit Card Review: Benefits
It offers a seamless experience for users already in the SoFi ecosystem.
However, to get the most out of this card, it’s best suited for people who are already using or plan to use other SoFi services.
This includes SoFi Invest, SoFi Money, and SoFi Loans. That’s where the synergy and value multiply.
Unlimited 2% Cashback
Cardholders earn unlimited 2% cashback on all eligible purchases when they redeem rewards into accounts.
This means you can earn maximum cashback without having to worry about rotating categories, spending caps, or complicated reward point systems.
The cashback you earn can be set to automatically transfer to the SoFi Checking and Savings, SoFi Invest, and SoFi Student or Personal Loan Accounts.
SoFi Invest
An investment platform offered by SoFi that allows users to trade stocks, ETFs, and cryptocurrencies, as well as use automated investing options.
This platform connects directly to the SoFi credit card through its rewards system.
Cardholders can choose to redeem their cashback rewards directly into a SoFi Invest account, effectively turning everyday purchases into investment contributions.
Welcome Bonus
New users can earn a $200 bonus in statement credit after spending $2,000 in purchases within the first 90 days.
This makes the card especially appealing for new users planning larger purchases.
MasterCard World Elite Benefits
The SoFi Credit Card is part of the Mastercard World Elite program, which provides additional perks.
This includes:
- Cell phone protection (up to $1,000 per year in coverage)
- Travel and lifestyle offers
- Purchase protection and extended warranty
- Access to exclusive events and experiences
No Annual Fee and No Foreign Transaction Fees
This makes this card ideal for international travelers or anyone seeking a low-maintenance credit card.
SoFi Credit Card Consolidation Option
For users carrying debt on other credit cards, the entity offers personal loans specifically tailored for credit card consolidation.
These loans can have fixed interest rates ranging from 8.99% to 29.49% APR (with AutoPay), often lower than traditional credit card APRs.
Benefits of Consolidation with SoFi:
- Single monthly payment
- Potentially lower interest rates
- No origination fees or prepayment penalties
- Fixed repayment timeline
- Combining the SoFi Credit Card with the personal loan services provides a complete financial solution for users looking to manage or reduce their debt.
SoFi Credit Card Bonus
Beyond the $200 welcome bonus, they often run promotional cashback bonuses tied to specific categories or spending levels.
These can include increased cashback at grocery stores or gas stations, seasonal promotions tied to holidays or special events, and referral bonuses.
SoFi Credit Card Review: Login and Account Management
Managing your card is simple with the SoFi app and web portal.
SoFi Credit Card Login allows you to: View your transaction history, pay bills or set up AutoPay, track and redeem rewards, and set alerts and security notifications.
The interface is user-friendly, and real-time notifications ensure you stay on top of your account activity.
SoFi Credit Card Review: Application Process and Pre-Approval
SoFi credit card pre-approval process lets you check your eligibility without affecting your credit score.
This soft inquiry will give you an idea of whether you qualify, along with your potential credit limit and APR range.
Steps to Apply:
- Visit sofi.com and log in to your account.
- Fill out the pre-approval form.
- If pre-approved, complete your application.
- They will run a hard inquiry upon submission.
- Once approved, your physical card will be mailed to you.
Approval typically requires a good to excellent credit score (around 680+). However, SoFi evaluates applications based on a broader view of financial health.
Interest Rates and Fees
While the card’s cashback and features are appealing, it’s important to understand the cost of borrowing:
- Purchase APR: Variable APR from 19.24% to 29.74%, depending on your creditworthiness.
- Balance Transfer APR: Matches purchase APR. Balance transfer fee: 5% (or $10 minimum).
- Cash Advance APR: 31.24% variable. Cash advance fee: 5% or $10 minimum.
- Penalty APR: Up to 29.99% if you make a late payment.
- Late Payment Fee: Up to $40.
- Returned Payment Fee: Up to $29.
The card offers a 25-day grace period to pay your balance in full without incurring interest.
However, if you carry a balance or use cash advances, the high interest rates may reduce the value of your cashback rewards.
Customer Support and Contact Information
If you need help with your SoFi Credit Card, there are several ways to get assistance:
- SoFi Credit Card Phone Number: 844-945-7634 (Available 24/7)
- Mailing Address: SoFi Bank, N.A. P.O. Box 552169 Detroit, MI 48255-2169
Final Thoughts
The SoFi Credit Card is an excellent choice for those who want straightforward cashback combined with long-term financial planning tools.
It’s 2% cashback on every purchase, combined with the ability to invest or save automatically, positions it as a valuable tool for users serious about their finances.
The lack of an annual fee, pre-approval option, and MasterCard perks only sweetens the deal.
Disclaimer: Information is accurate as of the time of writing and is subject to change. This article is intended for informational purposes only and does not constitute financial or legal advice. Readers should verify the terms and conditions directly with SoFi before applying. Interest rates and offers may vary based on creditworthiness and location.