Credit
The SoFi Credit card may be great if (and only if) you are an avid user of the SoFi ecosystem. Otherwise, its a bit weak in the wallet.
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If you’re like me, you want your credit card rewards to go the extra mile. The SoFi Credit Card offers 2% cash back on all purchases, but only if you redeem into a SoFi Money or Invest account, or toward a SoFi loan balance.First, please consider subscribing to my email list. Here’s what you’ll get for free:Our printable downloadsOur digital downloadsAll of our exclusive credit card articlesWaitlisted for our insights newsletter
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SoFi Credit Card OverviewThe SoFi Credit Card operates very similarly to the Robinhood Credit Card. Which is great, if you’re an avid user of the platform. Otherwise, it’s not worth the plastic its printed on. Annual Fee: $0Welcome Offer: Earn a $200 statement credit after spending $2,000 in the first 3 months.Rewards:2 points per $1 spent on eligible purchases3 points in the first year with direct depositAPR: 10.99% intro APR on balance transfers for 6 months, then 28.24% variable APRRobinhood Gold Credit Card Review | High cashback and no annual feeThe Robinhood Gold Credit Card has some notable features including cash back and no major fees. The waitlist is open and Robinhood users have a lot to be excited about.Understanding the RewardsThe SoFi Credit Card shines when you redeem rewards toward SoFi financial products. If you prefer statement credits, be warned: the value drops to 0.5 cents per point. This goes back to my earlier comment, if you don’t use SoFi (as in their platform) then it’s not worth it. But if you do then this is some easy rewards to rack up.Why I Like It (And Why I Don’t)I appreciate the push toward financial goals, but the limited redemption options are a drag. For true flexibility, the Well Fargo Active Cash card is a better choice, offering a straightforward 2% cash back.But if you’re trying to boost your investment dollars on the Sofi Platform then go for it, it’s an easy way to boost your SoFi bucks (and yes I know that’s not the actual term). Cardholder Confessions: What Users Are SayingPeople who use Sofi for banking LOVE THIS CARD. And I really can’t argue with them. I’m an avid Chase user so I love their products. This is how the SoFi users see it, they can use the card and transfer their cash back straight into their Sofi accounts without much issued. Top Secrets Credit Card Companies Don’t Want You to KnowCredit card expert provides insight on the top 10 secrets credit card companies don’t want you to know.Is the SoFi Credit Card a Real Credit Card?Yes, it’s a solid card with no annual fee and World Elite Mastercard perks, including cell phone protection up to $1,000 and merchant discounts.Pros and Cons of the SoFi Credit Card
No annual feeHigh rewards rateCell phone insuranceNo foreign transaction fees
Reduced value for statement creditsNo intro APR on purchases
Benefits and PerksWorld Elite Mastercard Perks: Enjoy cell phone protection, Lyft discounts, and more.Financial Goal Incentives: Earn higher rewards when directing them toward SoFi financial products.FeesBalance transfer fee: Up to 5%Foreign transaction fee: None (yay!)How to Understand Credit Cards When You Grew Up Cash OnlyOur experts explain credit cards for all of you who were raised in “cash-only” homes. Let’s talk the basics and the key topics of credit cards to know.How to Apply for the SoFi Credit CardVisit the SoFi website or app. It’s a quick and straightforward process. You just need to be 18 and live in the U.S. They will ask you for:Your nameAddressEmailEnter your phone number and it will send a 6-digit codeGive your social security numberYour DOBYour annual income (gross)Monthly houses expenses (rent or mortgage)How Do I Manage my SoFi Credit Card?Manage your card via the SoFi app, which provides an easy way to track spending and redeem rewards. But you can also access your account online.What credit score is needed for a SoFi Credit Card?A credit score of 690 or above is recommended for the best approval chances. And while they will say “we look at a variety of factors blah blah..”. What they really mean is we have to pretend we review each account and make a holistic decision. Comparing Similar CardsCiti Double Cash Card: Offers a true 2% cash back with more flexible redemption options.Capital One Quicksilver: Earns 1.5% cash back with a $200 sign-up bonus after spending $500 in the first 3 months.Wells Fargo Active Cash: Offers 2% cash back and typically offers a nice incentive like 18 months of 0% APR.My Final ThoughtsThe SoFi Credit Card is excellent if you’re committed to SoFi’s ecosystem, offering high rewards and no annual fee. However, if you prefer more flexible redemption options, consider alternatives like the Citi Double Cash Card (or any unlimited cash back card wit at least 1.5% on it’s purchases). This card pushes you toward financial goals, but with some limitations.Ready to maximize your rewards? Check out the SoFi Credit Card and see if it fits your financial strategy.
This review is an opinion based on my experience, I’m not providing financial advice. None of the content in this article has been influenced or endorsed by any advertiser or card issuer. Information regarding financial products, such as card rates and fees, was verified as of the publication date. While I’m pretty good at updating, I’m not a machine so I do not guarantee the accuracy of product or service listings. Visit the issuing bank’s website for up-to-date details.
