If you're looking for a credit card that rewards you for responsible financial management consider the SoFi credit card. Earn 2% unlimited cash-back on eligible purchases that can be redeemed toward investing, saving, or paying down an eligible SoFi loan. Plus, there's no annual fee, making it a great option for anyone looking to save money.
SoFi, short for Social Finance, is a popular online bank that offers a range of financial products and services. Initially, the company focused on student loan refinancing, but it has since expanded to include personal loans, mortgages, investment and banking services, insurance, and even a credit card. SoFi is a nationally chartered bank that has been operating since 2011.
Cash-back credit cards are a popular choice for those who want to earn rewards that are easy to understand and use. Cash-back credit cards offer a percentage of your purchases back to you as a reward. For instance, if your card has a 2.0% cash back rate and you spend $1000, you would receive $20 in cash back. Unlike points or miles, cash-back rewards can be used on eligible everyday purchases.
The best cash-back credit cards are typically reserved for people with good to excellent credit but there are some easy to get credit cards and even secured cards that offer minor rewards.
The SoFi Credit Card offers a unique rewards program that incentivizes customers to use SoFi banking, loan, and investment products. Cardholders can even redeem rewards for cryptocurrency through a SoFi investment account.
For the first year, cardholders can earn 3% cash back on up to $12,000 spent, as long as they have a direct deposit set up with a SoFi checking and savings account. After the first year, the cash-back rewards rate drops to 2%.
Points earned can be redeemed for cash into SoFi checking and savings accounts, investment accounts, or used to pay off a SoFi student loan refinance or personal loan account. However, if redeemed for statement credits, the rewards are only valued at half a cent.
No annual fee. There is no annual fee for this card, so you can enjoy the rewards without having to pay any extra fees.
Credit monitoring. SoFi provides free access to your credit score, as well as alerts if any changes occur.
Mobile app. You can manage your account, track your spending, and redeem your rewards using the SoFi mobile app.
What type of credit do you need. People with good to excellent credit (670 and up) may be in a better position to qualify. There will be a hard credit pull as part of the application which may impact your credit score.
Cash-back rewards. With the SoFi Rewards Points cash back credit card, you can earn an unlimited 2 points for every dollar spent on qualified purchases, regardless of category. The value of your points will depend on how you choose to redeem them.
Is a SoFi Checking Account Required. No. The card doesn’t require you to have a bank account with SoFi Bank. But if you open a SoFi Checking account you can earn a welcome bonus up to $275 with a qualifying direct deposit. Plus, in the first year of having the card, cardholders can earn 3% cash back on the first $12,000 spent as long as they set up a direct deposit with a SoFi checking and savings account.
Highest rewards are exclusive to SoFi banking customers. To get the most out of your rewards, it's important to redeem them into a SoFi account. If you choose to redeem them elsewhere, the points will only be worth half a cent each instead of the full cent value. So, make sure to take advantage of the full value by redeeming into a SoFi account.
Few overall credit card benefits. The SoFi card offers limited benefits on its own, with the majority of perks and advantages being exclusive to SoFi members.
The SoFi Credit Card is designated a World Elite Mastercard® which means you'll get a range of exclusive World Elite benefits, including:
Annual Fee. There’s no annual fee.
Purchase APR. The variable APR will be 17.74% – 29.74%, variable based on your creditworthiness. This APR will vary with the market based on the Prime Rate.*
Cash Advance APR. 31.74%, Variable. This APR will vary with the market based on the Prime Rate.
Balance Transfer Fee. Either The greater of $10 or 5% of each balance transfer.
Foreign Purchase Transaction Fee. 0%.
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