The SoFi credit card, along with several other credit cards, offers unlimited 2% cash back on purchases. The card is good at avoiding small print. For starters, there are no purchase level limits, no annual bonus caps, and no minimum payouts. The card also has no annual fee and no foreign transaction fees. For customers who like to set it up and forget it, this is an easy card to keep in their wallet.

The convenience of the card is its main selling point. SoFi is one of the few platforms that allows you to host your banking, investments, credit cards, and now credit cards in one place. Users who sign up for all SoFi accounts can manage all their finances centrally on SoFi’s easy-to-use website and app.

SoFi’s cards are aimed at customers who want to build savings, pay off loans, or start investing. This is because if the points are not redeemed to an eligible SoFi account, the points are only half of their value. The card earns 2 points for every eligible $1 spent, and 0.5 cents cash back per card when redeemed for statement credit. Each point is worth 1 cent when you redeem rewards to repay a loan held at SoFi or deposit into a SoFi bank or investment account. A unique feature of the card is the ability to exchange your rewards for cryptocurrency through the SoFi Investment Account. Of course, if you transfer your rewards to your SoFi bank account, you can use your credit for anything – bills, fees, or cash withdrawals.

At first glance

Earn 2% cash back on all eligible purchases redeemed in eligible accounts

  • No category restrictions
  • No annual fee
  • No foreign transaction fees
  • No income cap
  • No minimum redemption threshold
  • Rewards never expire
  • Free cell phone insurance
  • A free SoFi account is required to apply


Earn rewards

Making money with a SoFi credit card is easy because you get the same flat rate on every purchase. SoFi credit cards officially earn points, and 1 point equals 1 cent. Earn 2 points for every $1​​ you spend on eligible purchases.


On the plus side, you don’t have to worry about bonus payout categories, expiration dates, or income caps. The card is designed to make budgeting, saving and investing easier.

Redeem rewards

Redeeming rewards is easy as long as your SoFi account is already set up online. To get the full 2% cash back, you can choose to use your rewards to pay off your SoFi loan, transfer your rewards to your SoFi bank account, or add them to your SoFi investment balance. That’s why you need to keep your account open and in good standing to start earning 2% off your card.

Even if you don’t plan to keep your money in the SoFi ecosystem, you can still earn 2% of the full potential reward. Redeem your rewards to a SoFi bank account, which you can treat as any funds in your checking account. You can easily pay bills, withdraw cash from an ATM or transfer money electronically to another bank.

Reward Potential

Forbes Advisor uses data from various government agencies to determine basic income and average spending. 70% of working families earn $100,172 a year and spend $26,410 on credit card purchases. Based on these numbers, a family that pays everything with a SoFi credit card and gets 2% cash back will bring in $528 a year in incentives.

Calculating your own custom reward potential is easy thanks to the card’s optimized yield structure. Simply multiply your estimated expenses by 0.02 to determine how much you can earn.

More card benefits

  • APR Rebate: Earn 1% APR back after 12 on-time payments.
  • No International Transaction Fees: Save 2-3% on international transactions compared to many other cards with no annual fee.
  • Free Cell Phone Insurance: Get free protection when you pay your cell phone bill with your SoFi card, up to $800 per claim, $1,000 per year.
  • Get World Mastercard Benefits: Cardholders can receive discounts and benefits through World Mastercard, including but not limited to Lyft discounts, concierge services, and ShopRunner memberships
  • prevent identity theft
  • EMV chip technology.


Beautifully printed

Interest expense

  • Regular APR: 13.24% to 25.24% APR
  • Purchase introductory APR: Not applicable
  • Introduction to Balance Transfer APR: N/A


  • Annual fee: $0
  • Balance transfer fee: see terms and conditions
  • Foreign purchase transaction fee: $0.

How the cards are stacked

SoFi Credit Card with PayPal Cashback Mastercard®*

The PayPal Cashback Mastercard®* is the closest competitor to the new SoFi credit card. Both cards offer 3% cash back on PayPal purchases and 2% on all other purchases, with no annual fee. Both also have small rings for using cards and redeeming rewards: you need to cash out via SoFi and PayPal respectively.

For someone looking to reduce debt or grow their savings account, opting for a SoFi card may be a better option. Compared to redeeming rewards to your PayPal account for online purchases, redeeming directly to your SoFi account removes some of the temptation to keep spending. With options to apply points to personal or student loan balances or build savings, SoFi can give you an extra boost to stay financially on track.

SoFi Credit Card and Citi® Double Cash Card

One of the most popular cash back cards, Citi Double Cash also offers 2% cash back on all purchases – 1% on purchases and another 1% when cashed out with no annual fee.

For international travelers (or anyone buying items abroad), the SoFi credit card has great advantages. Double Cash charges a 3% foreign transaction fee, which will increase soon. Citi Double Cash, on the other hand, offers an introductory 0% APR balance transfer for 18 months. After that, the standard variable APR based on credit rating is 14.24% – 24.24%. There is also an initial balance transfer fee of $5 or 3% of any transferred amount within the first 4 months of account opening, whichever is greater. After that, the fee is 5% of each transfer (minimum $5). It may also save some cardholders money.


Another benefit of the Double Cash card is that if you also hold a second eligible Citi card (such as a Citi Premier® Card or Citi Prestige® Card*), the rewards can be used as thank you points and transferred to airline partners. Travelers can redeem their points for greater value than cash back through strategic redemption.

SoFi Credit Card with Chase Freedom Unlimited®

Chase Freedom Unlimited® offers flat cash back on most purchases, but it’s still the better game for anyone who can keep track of a few details. The card increases its accrual rate to 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back at eligible restaurants and pharmacies, and 1.5% on all other purchases. With enough payouts in the bonus category, you can even get 1.5% cash back on other purchases instead of SoFi’s 2%.

Chase Freedom Unlimited® also has a welcome bonus: Receive a 1.5% cash back bonus on any purchase up to $20,000 in the first year as a cardholder – up to $300 in cash back in the first year. This is a big stepping stone compared to what SoFi has to offer. Of course, Freedom Unlimited offers higher rewards in the first year.

Chase also offers the ability to combine points with other Chase Ultimate Rewards cards, such as the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve® Card, for transfer to travel partners through Chase. Cardholders may end up extending the value of their points well above the advertised 1.5% cash back. However, Chase is picky about whose card they approve, and not everyone is eligible for the card — or the welcome bonus.

Is this card right for you?

The benefit of this SoFi Mastercard is that it encourages responsible financial habits and can be a convenient way to stay on track while collecting rewards at a competitive price. With no annual fees and 2% cash back, you can use the rewards to pay off student or personal loans, or build up money in a savings or investment account.

SoFi strives to be a one-stop shop, and the bank offers a compelling combination of rewards, benefits, and tools for those who don’t want to be bogged down by tracked category bonuses or redemption rules. SoFi cards provide reliable rewards for everyday spending in a simple and elegant environment.


Jake Smith

Escrito por

Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.