Sofi Credit Card Review

This card allows you to earn cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi. Plus, you can also redeem points straight into crypto.
By Jennifer Doss  CardRatings Editor  | Updated

Sofi Credit Card

Sofi Credit Card
Our Rating:   
Good, Excellent
on SoFi's secure website

CardRatings Editor's Analysis: Pros & Cons

  • Earn 3% cash back 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.
  • Earn $100 when you fund an Invest account as well as a checking and savings account after getting approved for the SoFi Credit Card.
  • The SoFi Credit Card now lets you redeem points straight into crypto. You'll earn 2% cash back on all eligible purchases and can redeem it directly into crypto with your SoFi active invest account.
  • This card is designed to help you save, invest, and pay down debt, which is a great feature for SoFi customers, but perhaps it's not the best for someone looking for a more general card to earn rewards with.
Terms and Limitations Apply.

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 and those interested in cryptocurrency redemptions, but it may not be right for everyone.

Keep reading for everything you need to know about the Sofi Credit Card.

HOW DOES THE SOFI CREDIT CARD WORK?

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

  • Earn 3% cash back 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 Sofi Credit Card. 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. If you redeem for a statement credit, each point is worth 0.5 cent.

Top Features

 Cash Back on Gas
N/A
 Cash Back on Groceries
N/A
 Cash Back on Other
N/A

SOFI CREDIT CARD 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 Sofi Credit Card. It also comes with these attractive features:

  • 1% reduction in APR after 12 monthly on-time payments
  • 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

SoFi also touts itself as the first credit card to let customers redeem points directly into cryptocurrency. This can be done using a SoFi active invest account.

SOFI CREDIT CARD 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 Sofi Credit Card. 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 Sofi Credit Card is unique in that it provides enhanced rewards for those who are saving, investing or paying off a loan with SoFi. Plus, it is one of the first cards to provide a cryptocurrency redemption option.

Here's a closer look at how it stacks up against some other credit cards:

Sofi Credit Card vs. Upgrade Bitcoin Rewards Visa®

If you're interested in investing in cryptocurrency, the Upgrade Bitcoin Rewards Visa® is another credit card to consider. It awards 1.5% back in Bitcoin but rather than paying out rewards for purchases, the Upgrade Bitcoin Rewards Visa® does so when you make payments.

The Upgrade Bitcoin Rewards Visa® is also structured differently than a regular credit card. Each purchase creates a loan against the card's line of credit, and this provides for a more predictable repayment schedule. Each loan has equal monthly payments, and this approach may reduce the time and interest needed to pay off a balance.

However, the structure of the Upgrade Bitcoin Rewards Visa® isn't the only way that it differs from the Sofi Credit Card. While SoFi offers 30 different coins for cryptocurrency investors, the Upgrade card is only for Bitcoin. The Sofi Credit Card also provides greater flexibility by offering non-crypto redemptions such as savings, paying off debt or requesting a statement credit.


Sofi Credit Card vs. Upgrade Visa® Card with Cash Rewards

For those who aren't into crypto, Upgrade offers a rewards card that offers cash back instead of cryptocurrency. Like the Upgrade Bitcoin Rewards Visa®, the Upgrade Visa® Card with Cash Rewards offers a line of credit from which purchases create loans with predictable repayment schedules. The Upgrade Visa® Card with Cash Rewards also pays out its rewards at the time of repayment, not the time of purchase.

The Upgrade Visa® Card with Cash Rewards offers 1.5% cash back which is less than what is offered by SoFi for savings, investments or payments on its platform. However, the Upgrade cash back is more than SoFi customers will get if redeeming for a statement credit.

Both cards have minimal fees and are available to those with similar credit profiles. However, the Sofi Credit Card comes with more bells and whistles, such as World Elite Mastercard benefits and cell phone insurance coverage.


Sofi Credit Card vs. Citi® Double Cash Card

Citi® Double Cash Card 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 Sofi Credit Card nor the Citi® Double Cash Card charge an annual fee. While SoFi offers additional perks such as World Elite Mastercard benefits, Citi® Double Cash Card has one of the best balance transfer offers available right now. New cardholders get intro 0% APR for 18 months on balance transfers (then 14.74% - 24.74% (Variable)).

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 SOFI CREDIT CARD

With no annual fee and robust rewards, the Sofi Credit Card 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.

IS THE SOFI CREDIT CARD WORTH IT?

For SoFi customers, the Sofi Credit Card 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 Sofi Credit Card 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.

Sofi Credit Card Compared to Other Cash back Cards

Apply online for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Apply online for Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Apply online for Chase Freedom Unlimited®
Chase Freedom Unlimited®
Apply online for Citi<sup>®</sup> Double Cash Card - 18 month BT offer
Citi® Double Cash Card - 18 month BT offer
Cash Back on Gas
N/A 
Cash Back on Gas
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away. 2% - 10% cash back at select merchants. 
Cash Back on Gas
3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 
Cash Back on Gas
1.5% cash back on all other purchases. 
Cash Back on Gas
1% when you buy plus 1% as you pay 
Cash Back on Groceries
N/A 
Cash Back on Groceries
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away. 2% - 10% cash back at select merchants. 
Cash Back on Groceries
6% at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) 
Cash Back on Groceries
1.5% cash back on all other purchases. 
Cash Back on Groceries
1% when you buy plus 1% as you pay 
Cash Back on other
N/A 
Cash Back on other
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. 1% cash back on eligible purchases right away. 2% - 10% cash back at select merchants. 
Cash Back on other
1% Cash Back on other purchases. 
Cash Back on other
1.5% cash back on all other purchases. 
Cash Back on other
1% when you buy plus 1% as you pay 
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Terms and Limitations Apply

Disclaimer: The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.

This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author\'s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.

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