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SoFi is best known for its student loan refinancing and free investing app. But this online financial platform now has an exciting cash rewards credit card. The SoFi Credit Card earns cash back and has some enticing benefits.

Philadelphia Airport Marriott. Credit: Johnny Jet

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.

No Annual Fee

The SoFi Credit Card doesn’t charge an annual fee† or a foreign transaction fee, making it an international travel option. It’s also a Mastercard World Elite credit card issued by The Bank of Missouri.

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

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). Members with direct deposit can earn a 1.00% annual percentage yield (APY) on the first $50,000 of their balances. 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.

Cash Back

One of the best reasons to consider the SoFi Credit Card is its ability to cash back. 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.*

Most flat-rate rewards cards award up to 1.5% back, which is impressive, but 3% is (obviously) better.

*See offer details:

Related: The Best Cash Back Credit Cards

Redemption Options

Each point is worth up to 1 cent each when redeemed for cash-type rewards. There are several ways to redeem the purchase rewards:

  • Deposit into a SoFi Checking & Savings Cash Account
  • Invest with a SoFi Invest Account
  • Apply towards a SoFi Student Loan Refinance
  • Apply towards a SoFi Personal Loan
  • SoFi Credit Card statement credit
  • Apply towards promotional rewards offered under the SoFi Rewards Program

Cardholders will get the best redemption value when saving, investing, or paying off debt with the purchase rewards. Each point is worth 1 cent each ($0.01) for these redemption options.

Each point is only worth a half-cent ($0.005) for a credit card statement credit.

While any cardholder can earn an unlimited 2% back, applying the rewards balance to a SoFi account is the best option as a “SoFi loyalty bonus.”

There isn’t a redemption minimum for any award option.

Additional Card Benefits

There are several built-in card benefits in addition to the ability to earn unlimited 2% cash back.

1% APR Reduction

After making 12 monthly on-time payments, the purchase APR lowers 1%.†

Spending and Budgeting Tools

This card offer spending and budgeting tools that can help cardholders avoid overspending. Cardholders can receive a notification when they are close to reaching their monthly spending limit.

Mastercard World Elite Benefits

This APR reduction benefit is unique to the SoFi Credit Card. The remaining extra card benefits are provided as a Mastercard World Elite benefit.

  • Cell phone protection (insurance coverage up to $1,000)**
  • $10 Lyft credit monthly when you take five rides per month and pay with your card**
  • 5% cash back rewards for future purchases on Boxed
  • ShopRunner membership (unlimited 2-day shipping and free return shipping)
  • Mastercard ID Theft Protection**

Minimum Credit Score

Applicants with good to excellent credit may qualify for the SoFi Credit Card. Those with a credit score of at least 680 can have the best approval odds.

The high 600s are typically the starting point for the “good credit score” range. A 740 credit score is the start of excellent credit.

Related Articles: Best Places to Get Free Credit Score Checks Without Affecting Your Credit

Positives and Negatives


  • Earn unlimited 2% cash back on eligible purchases
  • Several cash redemption options
  • No annual fee†
  • No foreign transaction fee
  • Cell phone insurance (up to $1,000)**
  • Up to $10 monthly Lyft credit**


  • Need other SoFi accounts to get the best redemption value
  • Cash statement credits have the lowest redemption value

Who Should Try for the SoFi Credit Card?

Existing SoFi members repaying a SoFi Student Loan Refinance or a SoFi Personal Loan can benefit the most from this SoFi Credit Card. Directly redeeming the purchase rewards as an extra loan payment can help people get out of debt faster and save on interest.

Those who use SoFi Invest or the SoFi Checking & Savings cash management account can use their credit card rewards to earn passive income and benefits.

People wanting a traditional cash back credit card but don’t use the other SoFi products won’t maximize this card, despite earning 2% back. The points are worth 50% less when requesting a cash statement credit, which is a downside for those wanting an upfront discount. Instead, they might consider cards like the Citi® Double Cash Card, the Chase Freedom Flex℠, or even the Capital One Venture Rewards Credit Card.

SoFi Credit Card Review Summary

The ability to earn unlimited 2% cash back makes the SoFi Credit Card one of the first flat-rate cash back credit cards to consider. This card is most valuable when applying the cash rewards to a qualifying SoFi loan or passive income product.

†See terms and conditions:

** 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.

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