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Cash back credit cards can be very helpful and easy to use when trying to earn rewards. Also, some cash back cards don’t have an annual fee to worry about (even better if there is no foreign transaction fee)†. The SoFi Credit Card is a cash back card that is a bit different as cardholders can use their rewards to save, pay off some debt, or even invest. Additionally, cell phone protection and even Lyft credits are also included.**
The information for the SoFi Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
SoFi Credit Card Guide
Let’s get into it. With the SoFi Credit Card, you can earn 3% cash back for a year when you set up a direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi.*
Plus, earn $100 when you fund an Invest account, as well as a Checking and Savings, account after getting approved for the SoFi Credit Card.
Additionally, when you make 12 on-time payments, SoFi will lower your APR by 1%.†
The issuing bank is The Bank of Missouri and the network is Mastercard (World Elite tier card). Cardholders can enjoy Mastercard perks, including cell phone protection, Mastercard ID Theft Protection, and even Lyft credits (more on this below).**
Plus, as mentioned above, there are no annual fees or foreign transaction fees to worry about.†
*See offer details: www.sofi.com/card/rewards.
More on SoFi Checking & Savings
A SoFi Checking & Savings account is an FDIC insured account, up to $250K (joint accounts receive $500K in total insurance). Additionally, don’t worry about bank fees, including no overdraft fees (up to $50 with no fees with qualifying direct deposits), minimum balance fees, and monthly fees.
Account holders can earn 15% cash back at local establishments when they pay with your SoFi debit card.
Additionally, enjoy payday up to two days early when you set up direct deposit. Plus, use Vaults and Roundups to manage your account.
How SoFi Credit Card Rewards Work
With the SoFi Credit Card, cardholders are rewarded with points based on their spending. From there, SoFi Rewards Points can be redeemed for a statement credit to the following:
- SoFi Credit Card Account
- Cash deposited into your SoFi Checking & Savings Account
- Shares credited to your SoFi Invest Account
- Cash to be applied to your SoFi Student Loan Refinance or SoFi Personal Loan outstanding balance
- Promotional rewards offered under the SoFi Rewards Program
Note that points earned with the SoFi Credit Card are automatically added to any other Rewards Points earned through the SoFi Member Rewards Program.
Applicants with a good to excellent credit score may qualify for the SoFi Credit Card.
As mentioned previously, the SoFi Credit Card comes with a few additional perks related to being a Mastercard.
Cardholders can enjoy cell phone protection insurance coverage, up to $1,000 in yearly coverage. Note that you can submit up to 2 claims per year, $800 max per claim. To activate coverage, simply pay your cell phone bill with your card.**
Additional security perks include free access to Mastercard ID Theft Protection (activation required). This benefit can help cardholders manage their credit file and get notifications for changes to their account including fraud, new credit inquiries, and new accounts opened.**
When cardholders take 5 Lyft rides per calendar month and pay with their SoFi Credit Card, they can also get a monthly $10 Lyft credit.**
Cardholders can learn more about the additional terms and conditions by visiting the Mastercard benefits portal.
In conclusion, the no annual or foreign transaction fee SoFi Credit Card can be an easy addition to your wallet. Plus, cardholders can get plenty of value from their card due to the ability to redeem rewards for saving and investing. Additionally, the $10 Lyft credit is also a welcome benefit, especially if you use the ridesharing app frequently. The additional Mastercard perks like cell phone and theft ID protection are also bonuses that can give cardholders peace of mind.**
†See terms and conditions: www.sofi.com/card/terms.
** Cell Phone Insurance Protection, Mastercard ID Theft Protection(TM), Lyft, and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see the guide to benefits for details or call 1-800-MASTERCARD.