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3. SoFi Unlimited 2% Credit Card review: Solid cash back for SoFi customers

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133 reviews from Intuit Credit Karma members

2.4

Rating: 2.4 out of 5.

Great for linking a SoFi account

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their SoFi Unlimited 2% Credit Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $5,075, with $1,000 being the most common.

Here’s the average credit score of members who matched their SoFi Unlimited 2% Credit Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 682, with 763 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

32.2%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

44 years

Average age of members who matched this card or similar cards.

$101,138

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Solid cash back rates for SoFi banking customers

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No annual fee

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Maximizing rewards requires additional SoFi accounts

SoFi Unlimited 2% Credit Card: Core features

The SoFi Unlimited 2% Credit Card (previously 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 Unlimited 2% 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
• Deposit into a SoFi Active Invest 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)

What else you need to know about the SoFi Unlimited 2% Credit Card

As you consider whether the SoFi Unlimited 2% 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 cell phone protection.
• You can enjoy some World Elite Mastercard® benefits, including $5 monthly credits with Lyft, free two-day shipping with ShopRunner, a two-month trial of Instacart and more.

Who this card is good for

The SoFi Unlimited 2% 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.

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 Unlimited 2% 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 Unlimited 2% Credit Card’s rewards program, or you simply want some other options to compare, here are some top choices.

• Wells Fargo Active Cash® Card: Good for people who want a high cash back rewards rate on all purchases with no caveats.
• Chase Freedom Flex℠: Consider this card if you want to earn a higher rewards rate on everyday spending categories that rotate every few months.
• Blue Cash Preferred® Card from American Express: A solid choice for families who spend a lot on groceries and gas.