Credit Cards » Credit Card Reviews » SoFi Credit Card Review 2021 – Low Fees, Nice Cashback
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SoFi Credit Card Review 2021 – Low Fees, Nice Cashback

The SoFi credit card is a simple card offering 2% cash back on purchases and low fees. You don’t need to be a Sofi customer to get the card.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

The SoFi credit card is a simple card offering 2% cash back on purchases, but it is designed a little differently compared to other cards with similar rewards. You can accumulate your 2% and redeem the rewards towards saving, investing or paying down a SoFi loan. While you don’t need to be a Sofi customer, this makes the card an attractive option for those with existing SoFi accounts to get the highest value rewards.

The aim of the card is to gently assist you in making the financial actions to work towards your monetary goals. Applying your rewards towards debt repayment, savings or investments ensures they work harder for you. However, you will need to spend $1,250 to accumulate $25 in cash back. So, while the rewards are nice, you are not going to clear a large debt using your card.

Another great feature of the SoFi card is that there is an interest rate incentive. While there is no introductory rate, if you make at at least the minimum payment on time for 12 months, you’ll enjoy a 1% drop in your interest rate. However, you will need to continue making your payments on time. This is another incentive to develop good financial habits, as making payments on time is a major factor for your overall credit score.

The SoFi credit card is also a Mastercard (*) and so it comes with some additional benefits such as discounts from participating merchants and up to $1,000 in cell phone protection.

SoFi Card

On SoFi Secure Website

Rewards Plan

2% on eligible purchases

Sign up Bonus


0% Intro





12.99% - 24.99%

Annual Fee


Balance Transfer Fee

$10 or 5%

Credit Requirements

Good – Excellent Credit


Let’s take a look at the benefits of the SoFi card and see if it’s the right one for your wallet or not.

You can redeem your card rewards into your SoFi Invest account, SoFi Money account or into your personal or student loan accounts. These redemption options can help you to improve your finances rather than just getting a little extra cash to spend.

SoFi offers an APR reduction of 1% if you make at least the minimum payment on time every month for a year. 

You will need to continue making payments on time to maintain the new rate, but this is a nice benefit that not only rewards you for building good financial habits, but also lowers your costs.

If you enjoy traveling, you can use your SoFi Mastercard (*) without worrying about getting hit with exorbitant foreign transaction fees.

This card offers 2% cash back on eligible purchases. This means that when you redeem towards saving, investing or paying down a SoFi loan, you there is no cap. 

This higher redemption rate even matches some of the popular no annual fee reward cards currently available.

The SoFi app allows you to not only manage your card, but you can redeem cash back towards your SoFi accounts each month quickly and easily.

Get Credit Score Updates: SoFi makes it easy to get credit score updates and keep an eye on how your score is doing. So, you can see the progress you’re making by using your SoFi credit card optimally.


Here are the most important cons you should consider before apply to the SoFi card:

As I touched on above, this credit card is better for those with SoFi products. 

So, if you have federal student loans or loans from another private lender, there is no real reward incentive. You may prefer a card that allows you to redeem your rewards towards any student loan, such as the Sallie Mae Accelerate.

There are no higher earning categories or one time bonuses with this card. The card is only really favorable for those with SoFi loans, savings or investment accounts. 

So, unless you already use these products or are planning to in the future, you may find the rewards structure frustrating.

If you want to transfer a balance to your SoFi credit card, you can expect to pay a fee of 5% or $10, whichever is higher. Additionally, there are times when SoFi does not permit balance transfers.

Application Process

You can start the application form for the SoFi Credit Card on the company website.

sofi card application 1

After you click “Apply Now”, you’ll be redirected to a basic information form. You’ll need to provide your name, state, email and set a password. At this point, if you already have a SoFi account, you can simply opt to log in.

sofi card application 2

You will then need to provide some more detailed information, starting with your address.

At this point, SoFi requires a cell phone number, so the team can send you a verification code. Once you enter the code, you will be able to continue with your application.

sofi card application 3

You’ll need to provide financial details, such as your income, current finance obligations and expenses, so the SoFi team can assess whether you qualify for the card.

You will have the opportunity to review all your details, before you submit your application. SoFi will also perform a hard credit check before making a decision.

Is it The Right Card For You?

If you already have SoFi savings, investment or loan accounts, the SoFi credit card could be a good option for you. You can accumulate 2% on all your eligible purchases that can be redeemed into your account. While this may not seem a massive amount, you could be able to chip away at your existing debt or increase your investment fund, simply with your day to day spending.


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See terms and conditions:
*Cell Phone Insurance Protection, Mastercard ID Theft Protection™ , Lyft and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see the guide to benefits for details or call 1-800-MASTERCARD.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.