SoFi Unlimited 2% Credit Card Review

Sofi was founded a decade ago by Stanford business students as an innovative way to provide students and alumni with loans. Since then, it has branched out to become a comprehensive personal finance platform that covers everything from investing to career coaching.

The company, which boasts nearly 3 million members, also has a credit card that offers unlimited cash back. It's an excellent choice for Sofi customers, but it may not be right for everyone.

Keep reading for everything you need to know about the CardName.

HOW DOES THE CardName WORK?

The CardName reward system is straightforward. Every purchase earns cash back, but how much you get depends on your redemption choice:

• Earn 3% cash back rewards for a year when you set up 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.

To make this system work, Sofi awards two points for every dollar spent using the CardName. Then, if you use those points to pay down an eligible Sofi loan or save or invest in a Sofi account, each point redeemed is worth 1 cent.

FEATURED CARD

 

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• Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
• $0 intro annual fee for the first year, then $95.
• Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
• 6% Cash Back on select U.S. streaming subscriptions.
• 3% Cash Back at U.S. gas stations.
• 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
• 1% Cash Back on other purchases.
• Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
• Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That's $10 in statement credits each month. Enrollment required.
• Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
• Terms Apply.

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See Rates and Fees

Terms and Limitations Apply

Credit Needed:

Good, Excellent

CardName BENEFITS

The opportunity to earn the equivalent of 3% and 2% cash back for purchases is a nice perk in and of itself; however, it's not the only benefit offered by the CardName. It also comes with these attractive features:

• No annual fee
• No foreign transaction fee
• Cell phone insurance coverage of up to $1,000
• World Elite Mastercard benefits such as a free Shoprunner membership and Lyft credits

CardName CREDIT SCORE

Sofi doesn't publicize a minimum credit score number required for its credit card; however, they do state that you'll need good to excellent credit to be approved. Most World Elite Mastercards have this credit score requirement.

Depending on which credit scoring model is used, that could mean a score as low as 670 could garner you an approval for the CardName. But having a score greater than 700 is likely to increase your odds of a favorable response.

Don't let your credit score stop you from applying though. Sofi says it performs a soft credit pull when reviewing applications, something that won't affect your credit score. A hard credit pull - which can temporarily drop your credit score by a few points - only happens after an application is approved.

HOW IS THE SOFI CARD DIFFERENT FROM OTHER CREDIT CARDS?

The CardName is unique in that it provides enhanced rewards for those who are saving, investing or paying off a loan with Sofi.

Here's a closer look at how it stacks up:

CardName vs. CardName

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CardName has an innovative rewards model: cardholders get 1% cash back on purchases and 1% cash back when they pay off those purchases (Citi is a CardRatings advertiser).

Neither the CardName nor the CardName charge an annual fee. While Sofi offers additional perks such as World Elite Mastercard benefits, CardName has one of the best balance transfer offers available right now. New cardholders get intro 0% APR for 18 months on balance transfers (then RegAPR).

Both cards are good rewards options although the Citi card is a more traditional option for those who want more flexibility in how they earn and redeem rewards.

POTENTIAL DOWNSIDES OF THE CardName

With no annual fee and robust rewards, the CardName has a lot going for it. However, it has some downsides as well:

• Cardholders only receive 2% cash back if using their rewards to save, invest or pay off debt on the Sofi platform.
• There is no introductory APR or balance transfer offer.
• It's designed to help you save, invest, and pay down debt, which is a great feature, but perhaps it's not the best for someone looking to just earn traditional credit card rewards.

CardName CARDHOLDER SCORES

CardRatings conducts a survey annually to learn what actual cardholders think of their cards. Here are the results:

*Scores above reflect the results of surveys with actual cardholders. Full methodology below.

IS THE CardName WORTH IT?

For Sofi customers, the CardName is a logical choice. It offers a solid rewards program, no annual fees and a nice collection of additional perks.

If you plan to carry a balance or prefer to redeem for statement credits, the CardName can still make sense, but there may be better options for you. Check out our list of best credit cards to find the one that is perfect for your financial goals.

The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Survey Methodology: CardRatings commissioned Op4G in September 2023 to conduct surveys among 1,869 cardholders nationwide. CardRatings website analytics from Jan. 1, 2023-Aug. 31, 2023 were used to determine a selection of the most popular cards and additional cards were included to add survey breadth. Responses to each of nine questions were given on a scale of 1-10 and respondents' scores were then averaged under broad topics. To determine the overall score, responses from questions 1-8 were summed and the answer to "How likely are you to recommend this card to a friend, coworker or family member?" was double weighted. “Current Scores” reflect scores from the most recent survey (2023); "Past Scores" reflect scores from the 2022 survey.