SoFi Unlimited 2% Credit Card Review [2024]: Get Up to 3% Cash Back

The SoFi Unlimited 2% Credit Card is a cashback credit card that incentivizes people to save, invest, and pay down debt. It earns 3% back on travel purchases made through SoFi Travel, and 2% unlimited cashback rewards on all other purchases.

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 Unlimited 2% Credit Card

4.6

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.

SoFi Unlimited 2% Credit Card

Learn How to Apply

Current Offer

Unlimited 2% cashback rewards and no annual fee

Annual Fee

$0

Rewards Rate

3% back on travel purchases made through SoFi Travel, and 2% unlimited cashback rewards on all other purchases

Benefits and Drawbacks

Benefits

• Unlimited 2% cashback rewards and no annual fee
• 3% back on travel purchases made through SoFi Travel, and 2% unlimited cashback rewards on all other purchases
• Up to $1,000 of complimentary cell phone insurance coverage

Drawbacks

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

Card Details

• Unlimited 2% cashback rewards and no annual fee
• 3% back on travel purchases made through SoFi Travel, and 2% unlimited cashback rewards on all other purchases

Who should get the SoFi Unlimited 2% Credit Card?

The SoFi Unlimited 2% 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 Unlimited 2% Credit Card benefits and perks

• Generous welcome bonus: Unlimited 2% cashback rewards and no annual fee.
• $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

• 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.¹ <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 Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://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 Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 Dec. 3, 2024. There is no minimum balance requirement. 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>  SoFi is a Member, FDIC. ² <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></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.

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, 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. Every purchase cardholders make with the card will earn the same number of points. Dining, groceries, gas, and other qualifying purchases will earn travel purchases made through SoFi Travel and all other purchases 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 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. 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.³ <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 batched 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.⁴ <p><a href="https://www.sofi.com/legal/#money" target="_blank">View the Sofi Money terms.</a></p>
• 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 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.

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 after the first year. But the Wells Fargo Active Cash has a 0% intro APR on purchases for 12 months from account opening (then 19.49%, 24.49%, or 29.49% Variable APR), and a 0% intro APR on balance transfers for 12 months from account opening on qualifying balance transfers (then 19.49%, 24.49%, or 29.49% 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; plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. This credit card lacks some of the frills of the SoFi Unlimited 2% Credit Card, like cell phone protection and World Elite Mastercard benefits. 

However, it has an even longer period for a 0% intro APR on balance transfers — 18 months (then 18.49% - 28.49% (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 Unlimited 2% Credit Card

4.6

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.

SoFi Unlimited 2% Credit Card

4.6

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.

Learn How to Apply

Why We Like It

Unlimited 2% cashback rewards and no annual fee

Learn How to Apply

See how these cards compare:

Wells Fargo Active Cash® Card

• 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
• Rates and fees

Citi Double Cash® Card

• Simple flat-rate cash back on all your purchases
• 0% intro APR on balance transfers for 18 months, then 18.49% - 28.49% (Variable) APR
• No annual fee
• Rates and fees