SoFi Credit Card review: Solid cash back for SoFi customers

A seated man smiles while holding his smartphone and his sofi credit card.Image: A seated man smiles while holding his smartphone and his sofi credit card.
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  • Solid cash back rates for SoFi banking customers
  • Potential for decent sign-up bonus
  • No annual fee


  • Maximizing rewards requires additional SoFi accounts
  • Sign-up bonus isn’t as straightforward as other cards
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SoFi Credit Card

3.8 out of 5

From cardholders in the last year

See details, rates & fees

SoFi Credit Card: Core features

The SoFi Credit Card has no annual fee and is uniquely designed to incentivize cardholders to open multiple accounts with the card issuer. These may include a SoFi bank account or investment account — or even student and personal loans.

Here’s how this card can shine for certain people while being a dud for others.

Maximize rewards when you redeem with SoFi

The SoFi Credit Card offers 2% cash back on every purchase. But it’s important to know that with this card, not every cardholder will be able to redeem at that rate.

The card technically earns two points for every $1 you spend. And you’ll get a redemption value of 1 cent per point. But there’s a catch — you’ll need to redeem your rewards in very specific ways to see that value, including the following:

  • Deposit into a SoFi checking or savings account
  • Deposit into a SoFi Money® account
  • Payment toward a SoFi personal loan, SoFi private student loan or student refinance loan (student refinance loan redemption option is currently unavailable in New York)

If you instead redeem your rewards for a statement credit on your card, your points will only be worth 0.5 cents each, essentially cutting your rewards in half and giving you a rewards rate of 1%.

Earn additional cash back during your first year

As a new cardholder, you can earn a total of 3% cash back in your first year if you set up direct deposit from your employer, payroll or benefits provider to a SoFi checking and savings account. The higher rate is capped at $12,000 spent, so if you do this, you can earn up to $360 (or 36,000 points) through the first-year promotion.

It’s not a traditional sign-up bonus. But if you spend enough on everyday expenses with the SoFi Credit Card, you could earn more than what you’d get with some other cash-back credit card welcome offers.

What else you need to know about the SoFi Credit Card

As you consider whether the SoFi Credit Card is right for you, here are some other details to keep in mind.

  • The card has no foreign transaction fees.
  • You’ll get up to $1,000 in cellphone protection.
  • You can enjoy some World Elite Mastercard® benefits, including $5 monthly credits with Lyft, a free annual membership to ShopRunner, a three-month trial of DoorDash DashPass and more.

Who this card is good for

The SoFi Credit Card could be worth considering if you already have an account with SoFi (like a bank account, investment account, personal loan or student loan), and would like to keep your financial accounts under one roof. In fact, it likely doesn’t make sense to use the card unless you already have or plan to have a broader relationship the bank, since that’s the only way to maximize its cash back rate.

If you have a student or personal loan with SoFi, though, you’ll still want to have automatic payments set up from your checking account and only rely on your cash back redemption for extra payments. That way, you can avoid the possibility of not making the minimum payment required on your loan if you don’t earn enough rewards in a month.

Keep in mind, though, that you can use rewards from most cash back credit cards to save, invest or pay down debt — the SoFi Credit Card can just make the process a bit easier. If you’d rather not be tied down to only redeeming cash back with SoFi, there are plenty of alternatives that give you some more flexibility with how you can redeem your rewards, including other no annual fee credit cards.

Not sure this is the card for you? Consider these alternatives.

If you’re not sure about the restrictions that come with the SoFi Credit Card’s rewards program, or you simply want some other options to compare, here are some top choices.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.