SoFi Unlimited 2% Credit Card Review [2025]: Get Up to 3% Cash Back

SoFi Unlimited 2% Credit Card basics

Who should get the SoFi Unlimited 2% Credit Card?

The SoFi Unlimited 2% Credit Card is best for SoFi® customers who use SoFi Checking and Savings, SoFi Active Invest, SoFi Automated Invest, and eligible SoFi loan payment products. This is because you can only redeem your rewards as statement credits to SoFi accounts or through SoFi Travel, rather than being able to transfer them to another bank or redeem them for gift cards. SoFi Unlimited 2% Credit Card is also ideal for those who want a simple, unlimited cashback rewards structure that doesn't include different reward rates for different products.

The cash back you earn with this SoFi credit card is actually credited to your account as SoFi® Reward Points, which can be combined with SoFi® Rewards Points you earn through the SoFi® Member Rewards Programs.

Of SoFi's accounts, we strongly recommend SoFi Checking and Savings for a lot of reasons, including the ability to earn high interest rates on both your checking and savings balances. Plus, you get to access perks like early direct deposit and no-fee overdraft coverage.² <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> ³ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p>

Read our full SoFi Checking and Savings review

Reach Your Savings Goals Faster

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY⁴ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.⁵ <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees⁶ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early² <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million¹ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open an account with SoFi® here

SoFi Unlimited 2% Credit Card benefits and perks

• $0 annual fee: The SoFi Unlimited 2% Credit Card has a $0 annual fee, so you don't have to worry about a fee wiping out your cash back.
• Cell phone protection: Includes coverage of up to $1,000 in cell phone insurance.
• Includes World Elite Mastercard benefits: Get monthly Lyft credits, a free annual membership to Shoprunner, a 3-month free trial for DashPass, and more.

Drawbacks to the SoFi Unlimited 2% Credit Card

• Limited redemption options: You can redeem your points as a statement credit for your SoFi credit card, toward a SoFi Checking and Savings, investing account, or paying down an eligible SoFi® personal or student loan. You can also use them to book travel through SoFi Travel. However, you can't direct deposit them to another bank or make other redemptions outside of SoFi.⁴ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p>  
• No introductory APR: Many credit cards have a generous introductory period during which there is a low or 0% intro APR. The SoFi Unlimited 2% Credit Card doesn't have an introductory APR.
• No welcome offer with cash value: Many cash back cards come with welcome offers that let you earn a lump-sum bonus after reaching a certain minimum spending threshold. For example, you might earn $200 after spending $1,000 within 60 days of account opening. But this SoFi credit card has no such offer, which is pretty unusual for cards like it.

Earning & redeeming cash back

Potential earnings in years one and two

Here's a look at how your cash back can add up with the SoFi Unlimited 2% Credit Card.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $750

Year two earnings: $750

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the sign-up bonus (which, in this case, doesn't exist), and the annual fee.

Keep in mind that this doesn't include the additional cash back on up to $12,000 in eligible purchases your first year if you have direct deposit in a SoFi Checking and Savings account.

Best ways to earn

One of the advantages of the SoFi Unlimited 2% Credit Card is its simple rewards structure. It earns up to 3% on travel purchases made through SoFi Travel, and 2% on all other purchases.

You earn these rates on all qualifying purchases. While other credit cards might reward you with higher cash-back rates in certain categories, the SoFi Unlimited 2% Credit Card gives you a decent rate on every purchase.

Maximizing your redemptions

If you want the most value from the SoFi Unlimited 2% Credit Card, it's important to redeem your points for the maximum value. To get the most out of their one-cent value, consider the following redemption options and which one might appeal to you most:

• Statement credits on your SoFi credit card: This option used to offer a lower redemption value, but it's now on par with other redemptions. If you just want to redeem your points for cash, the best way to do that is to apply your rewards to your credit card as a statement credit.
• SoFi Invest®: Redeem your points for shares (fractional or whole) in a SoFi Invest® account.⁷ <p>There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batch order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.</p>
• Cash redemption in a SoFi® account: You earn the full point value when you use your points to deposit cash in a banking account such as SoFi Money® account or a SoFi Checking and Savings account.
• SoFi® student loan refinancing: Earn one cent each when cash is applied to the outstanding balance of a SoFi® Student Loan Loan Refinance or SoFi® Personal Loan.
• Promotional offers: You may find promotional offers on the Redeem Points page. These offers also value your points at one cent each.

Other cards to consider

If the SoFi Unlimited 2% Credit Card doesn't sound like the best cashback card for you, our credit card comparisons might help you find a better option. Here are two recommendations to consider.

Wells Fargo Active Cash^® Card

The Wells Fargo Active Cash^® Card has a $0 annual fee and unlimited 2% cash rewards on purchases, which is the same as the SoFi® card. But the Wells Fargo Active Cash also has a 0% intro APR on purchases for 12 months from account opening (then 19.24%, 24.24%, or 29.24% Variable APR), and a 0% intro APR for 12 months from account opening on qualifying balance transfers (then 19.24%, 24.24%, or 29.24% Variable APR).

Wells Fargo offers a variety of redemption methods to turn your rewards into cash or cash equivalents, making it a much more flexible option for non-SoFi customers. Plus, it provides a welcome offer.

Learn more in our Wells Fargo Active Cash review.

Citi Double Cash^® Card

The Citi Double Cash^® Card earns unlimited 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases; plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel. And like the Wells Fargo card, it provides more choices for redeeming your rewards outside of Citi, including the option to shop with your points or even donate them to charity. The only caveat is that you earn half of your cash back when you spend on the card, and half when you pay off the balance (which could be a good thing, if you could use a nudge to avoid late payments).

Plus, it offers a 0% intro APR on balance transfers for 18 months (then 18.24% - 28.24% (Variable) APR).

This credit card lacks some of the frills of the SoFi Unlimited 2% Credit Card, like cell phone protection, but it's a much better option for working on your credit card debt.

Learn more in our Citi Double Cash Card review.

FAQs

2025 award winner Best Overall Cash Back Credit Card

Wells Fargo Active Cash^® Card

Benefits

Card Details

• Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
• Cell phone protection benefit (subject to a $25 deductible)
• Can redeem rewards at an ATM for literal cash
• Apply Now

• Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
• Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
• Earn unlimited 2% cash rewards on purchases.
• 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.24%, 24.24%, or 29.24% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
• $0 annual fee.
• No categories to track or remember and cash rewards don’t expire as long as your account remains open.
• Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

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Rates and fees

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Intro Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

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Why we like it

• If you love earning cash rewards but prefer to avoid the hassle of tracking spending categories, the Wells Fargo Active Cash^® Card could be a good option for you. Cardmembers can earn unlimited 2% cash rewards on purchases.

• This card also offers a 0% intro APR on qualifying balance transfers and purchases for 12 months from account opening, then 19.24%, 24.24%, or 29.24% Variable. Those looking for straightforward rewards and an introductory APR will likely find value in this card.

• Apply Now