Managing your finances becomes easier when your credit card rewards are built to grow your savings or pay down debt automatically.
The SoFi Credit Card is designed for that exact purpose. With no annual fee and up to 2% unlimited cashback when used within the SoFi ecosystem, this card fits well into a modern financial strategy.
It links directly with SoFi products such as investment accounts, personal loans, and banking, giving you flexibility and control through a single platform.
What Is the SoFi Credit Card?
The SoFi Credit Card is a Visa Signature product that combines straightforward cashback rewards with automatic financial tools.
Instead of offering rotating bonus categories or complex reward systems, it focuses on flat-rate earnings that users can reinvest or apply toward debts seamlessly.
It’s built for individuals who prefer to simplify their spending, saving, and investing processes.
Key Features and Benefits
The standout feature of the SoFi Credit Card is its cashback structure. You can earn 2% unlimited cash back on purchases, but only if the rewards are redeemed for SoFi products, such as investment accounts, savings, or loan payments.
When redeemed outside SoFi, such as for a statement credit, the rate drops to 1%, halving the value. There are no annual fees or foreign transaction charges, which makes the card cost-effective whether you use it domestically or while traveling.
It also includes standard Visa Signature protections, such as travel and purchase security, and is compatible with major mobile wallets like Apple Pay, Google Pay, and Samsung Pay.
How Cashback Rewards Work
You earn two reward points for every dollar spent. Each point is worth one cent when redeemed through SoFi products. This makes it possible to convert everyday spending into long-term financial progress.
However, redeeming points as a statement credit lowers their value to 0.5 cents per point, effectively cutting your rewards rate to just 1%.
You have several redemption options, including:
- Investing through SoFi Invest: Direct your cashback into stocks, ETFs, or crypto without needing to deposit extra cash.
- Loan repayment: Apply your points to personal, student, or home loans within SoFi, reducing interest over time.
- Deposits into SoFi Bank: Send rewards into your SoFi Checking or Savings account, ideal for building an emergency fund.
- Statement credit: Choose this if you want to reduce your monthly bill, but expect a lower return.
- Automatic redemption: Set preferences in the app so rewards go where you want them, without manual steps.
Users can manage all of these options from inside the SoFi app, where they can monitor their reward balance, review spending history, and adjust preferences.
Integration with the SoFi App
This card works best when paired with the SoFi ecosystem. The app makes it simple to manage all your financial products in one place. You can:
- View your cashback in real-time as purchases are cleared.
- Instantly redeem rewards toward investments or loan payments.
- Select automatic reward settings that align with your goals.
- Boost your earnings by up to 10% when you set up direct deposit with SoFi Bank.
For users already managing finances through SoFi, this setup minimizes friction and maximizes control.
Rates and Fees
Transparency is a core strength of the SoFi Credit Card. There are no hidden fees and the terms are competitive, especially for users who pay off their balance in full each month.
- Annual fee: $0
- Purchase APR: Variable 19.24% to 29.74% depending on creditworthiness
- Balance transfer APR: Matches purchase APR with a $10 or 5% fee (whichever is greater)
- Cash advance APR: 31.24% variable, with the same $10 or 5% fee per transaction
- Foreign transaction fees: None
- Late payment fee: Up to $41 (never more than your minimum payment)
- Returned payment fee: None
- Minimum interest charge: $1.00
SoFi may reduce your APR by 1% after 12 consecutive on-time payments, rewarding responsible card usage.
Additional Member Perks
Being a SoFi cardholder comes with more than just cashback. SoFi members also get access to several exclusive benefits:
- High-yield savings options with up to 3.80% APY when direct deposit is active
- Complimentary financial planning sessions with credentialed advisors
- Estate planning discounts for wills, trusts, and legal documents
- SoFi Stadium perks, including lounge access and express entry
- SoFi Travel deals when booking through the platform
- Referral bonuses for bringing new users into the SoFi ecosystem
These benefits are designed to support your long-term financial strategy, not just your spending.
Mastercard World Elite Perks
In partnership with Mastercard, the SoFi Credit Card includes additional services:
- $10 Lyft credit after five rides in a month
- Free ShopRunner membership for 2-day shipping and free returns
- 5% cashback on Boxed purchases
- $5 movie rewards through Fandango for every two tickets purchased
- Cell phone protection of up to $800 per claim if you pay your bill with the card
- Mastercard Concierge for travel, events, and dining reservations
These perks enhance both your daily routine and travel experiences without requiring enrollment in a premium card.
Ideal Users of the SoFi Credit Card
The SoFi Credit Card isn’t built for everyone, but it can be highly rewarding for the right type of user. This card works best for:
- SoFi members who already use Invest, Banking, or Loans
- Cashback enthusiasts who prefer a flat rate and predictable structure
- Investors and savers who want to grow funds without manual steps
- Frequent travelers who benefit from no foreign transaction fees
- Tech-savvy users who enjoy managing their finances through a mobile dashboard
Users outside the SoFi ecosystem may not get full value, especially since statement credit redemptions only return 1%.
Application Process
The SoFi Credit Card application is 100% digital and usually takes just a few minutes.
- Go to the official SoFi Credit Card page and click “Apply Now.”
- Sign in or create a new account if you’re not yet a SoFi user.
- Enter your personal and financial details, including Social Security Number.
- Choose how you want your rewards to be used.
- Submit the application and wait for approval—most decisions are instant.
To qualify, you’ll need a good to excellent credit score, proof of income, and U.S. residency.
Customer Support Details
SoFi offers multiple ways to get help if needed:
- Phone: Call 844-945-7634 for 24/7 credit card support
- App chat: Secure messaging available through the SoFi mobile app
- Mail: Social Finance, Inc., 234 1st Street, San Francisco, CA 94105
Support covers lost cards, account access, reward tracking, and all general inquiries.
Final Verdict
The SoFi Credit Card stands out by tying rewards directly to your financial progress. You earn more when you invest, save, or pay off debt—especially when using SoFi’s built-in tools.
It offers practical value for those seeking automation, long-term planning, and simple mobile management.
If you’re already a SoFi user or are ready to make SoFi your financial hub, this card is one of the most efficient cashback options available today.
