Sofi Credit Card Review [2023]: Get Up to 3% Cash Back

The Sofi Credit Card is a cashback credit card that incentivizes people to save, invest, and pay down debt. It earns 3% cash back for the first year when you set up direct deposit, after that earn 2% unlimited cash back when redeemed toward investing, saving, or paying down an eligible loan with SoFi.

The cashback offer is attractive, but it’s less appealing if you simply want a statement credit. That’s because the redemption rate for statement credits is half as much as the rate when you redeem with a SoFi financial product.

If you already use (or are planning to use) SoFi financial products, this card could be a good fit. If you don't have any accounts with SoFi, a more straightforward cashback card with more redemption options might be a better fit.

Learn more in this SoFi credit card review.

Earn Easy Cash Back to Invest or Pay Down Debt

Sofi Credit Card

Sofi Credit Card

Learn How to Apply

Current Offer

Earn up to $200 when you fund a SoFi Invest account as well as a checking and savings account after getting approved for the Sofi Credit Card

Annual Fee

$0

Rewards Rate

3% cash back for the first year when you set up direct deposit, after that earn 2% unlimited cash back when redeemed toward investing, saving, or paying down an eligible loan with SoFi

Benefits and Drawbacks

Benefits

• Earn up to $200 when you fund a SoFi Invest account as well as a checking and savings account after getting approved for the Sofi Credit Card
• 3% cash back for the first year when you set up direct deposit, after that earn 2% unlimited cash back when redeemed toward investing, saving, or paying down an eligible loan with SoFi
• Up to $1,000 of complimentary cell phone insurance coverage
• 1% reduction in APR after 12 monthly on-time payments

Drawbacks

• Best for people who want to invest with SoFi or pay down debt with SoFi

Card Details

• Earn up to $200 when you fund a SoFi Invest account as well as a checking and savings account after getting approved for the Sofi Credit Card
• 3% cash back for the first year when you set up direct deposit, after that earn 2% unlimited cash back when redeemed toward investing, saving, or paying down an eligible loan with SoFi

Who should get the Sofi Credit Card?

The SoFi Credit Card is best for SoFi customers who use SoFi for banking, investing, or student or personal loans. This is because redemption rates are higher when you redeem rewards into one of those products.

In fact, the cash back you earn 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.

It’s also best for those who want a simple, unlimited cashback rewards structure that doesn’t include different reward rates for different products.

If you prefer to redeem your credit card points for a statement credit, this card might not be the best fit. Statement credits value your points at 0.5 cents. Points are worth one cent when you redeem for SoFi saving, investing, or student loan products.

Card basics

SoFi Credit Card benefits and perks

• Generous welcome bonus: Earn up to $200 when you fund a SoFi Invest account as well as a checking and savings account after getting approved for the Sofi Credit Card.
• $0 annual fee: The SoFi 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.
• Potential APR reduction: APR may be reduced by 1% after making 12 on-time payments of at least the minimum payment due.
• 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 Credit Card

• Cash back comes with caveats: To get the best cashback rates and redemptions, you must set up direct deposit with a SoFi Checking and Savings account and redeem your points toward a SoFi Checking and Savings account, investing account, or paying down an eligible SoFi personal or student loan. Redeeming points as a statement credit on your credit card account has half the value of these other options.
• No introductory APR: Many credit cards have a generous introductory period during which there is a low or 0% intro APR. The SoFi Credit Card doesn’t have an introductory APR.

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 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: $670

Year two earnings: $670

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, 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 Credit Card is its simple rewards structure. Every purchase cardholders make with the SoFi Credit Card will earn the same number of points. Dining, groceries, gas, and other qualifying purchases will earn purchases for the first year if you set up direct deposit and when redeemed toward investing, saving, or paying down an eligible loan with SoFi and purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi thereafter.

You earn these rates on all qualifying purchases if you set up direct deposit with a SoFi Checking and Savings account. While other credit cards might reward you with higher cash-back rates in certain categories, the SoFi Credit Card gives you a decent rate on every purchase.

Maximizing your redemptions

If you want the most value from the SoFi Credit Card, it’s important to redeem your points for the maximum value. As mentioned, that means avoiding statement credits, as this only values your points at 0.5 cents each. To get the higher, one-cent value, consider redeeming your points in one of the following ways:

• SoFi Invest: Redeem your points for shares (fractional or whole) in a SoFi Invest account.
• 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.

SoFi FAQs

Other cards to consider

If the SoFi 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.

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 Credit Card after the first year. But the Wells Fargo Active Cash has a 0% intro APR on purchases for 15 months from account opening (then 20.24%, 25.24%, or 29.99% variable APR), and a 0% intro APR on balance transfers for 15 months from account opening on qualifying balance transfers (then 20.24%, 25.24%, or 29.99% variable APR).

Wells Fargo also doesn’t require direct deposit to earn the welcome offer or get the best redemptions.

Learn more in our Wells Fargo Active Cash review.

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. This credit card lacks some of the frills of the SoFi Credit Card, like cell phone protection and World Elite Mastercard benefits. There’s no welcome offer, either.

However, it has an even longer period for a 0% intro APR on balance transfers — 18 months (then 19.24% - 29.24% (Variable) APR). And like the Wells Fargo card, it doesn’t require direct deposit to get the best redemptions.

Learn more in our Citi Double Cash Card review.

Earn Easy Cash Back to Invest or Pay Down Debt

Sofi Credit Card

Sofi Credit Card

Learn How to Apply

Why We Like It

Earn up to $200 when you fund a SoFi Invest account as well as a checking and savings account after getting approved for the Sofi Credit Card

Learn How to Apply

See how these cards compare:

Wells Fargo Active Cash® Card

• $200 cash rewards bonus after spending $500 in purchases in the first 3 months
• Earn unlimited 2% cash rewards on purchases
• Intro APR on purchases and qualifying balance transfers
• $0 annual fee
• Rates and fees

Citi® Double Cash Card

• Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases
• 0% intro APR on balance transfers for 18 months, then 19.24% - 29.24% (Variable) APR
• No annual fee
• Rates and fees

Author Details

Bob Haegele Bob Haegele is a seasoned personal finance writer, leveraging his bachelor's degree in information technology from Marquette University to dissect complex financial topics.

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