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SoFi Credit Card review: 2% cash back, with World Elite Mastercard perks like cell phone protection

This article is brought to you by the Personal Finance Insider team. It has not been reviewed, approved, or otherwise endorsed by any of the issuers listed. Some of the offers you see on the page are from our partners like Citi and American Express, but our coverage is always independent. Terms apply to the offers listed on this page.

Annual Fee
$0
Regular APR
12.99% - 24.99%
Credit Score
Good - Excellent
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.4 out of 5 Stars
Editor's Rating
Annual Fee
$0
Regular APR
12.99% - 24.99%
Credit Score
Good - Excellent
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.4 out of 5 Stars
Editor's Rating
  • Pros & Cons
  • Details
  • Pros
    • Earn up to 2% cash back on every purchase, with no bonus categories to keep track of
    • Automatic deposit available to your SoFi accounts
    • Rewards can potentially grow when you invest them through SoFi
    • No annual fee and no foreign transaction fees
    Cons
    • Redemptions other than deposits to eligible SoFi accounts offer lower value
    • 2% cash back on all eligible purchases when you redeem rewards into an eligible SoFi account
    • World Elite Mastercard* shopping, travel, and concierge benefits
    • No annual fee and no foreign transaction fees

    Review: Is the SoFi Credit Card the best credit card for you?

    SoFi ("Social Financial") is a personal finance company offering banking (SoFi Money), investments (SoFi Invest), and personal loans. In partnership with Mastercard*, SoFi now offers a credit card issued by The Bank of Missouri. 

    If you're looking for a hassle-free cash-back credit card with no annual fee, the SoFi Credit Card is an interesting option. Anyone can apply, but you'll get the best return if you bank, invest, or have loans with SoFi. 

    There's no traditional welcome bonus, but if you're approved for the SoFi Credit Card, you can earn up to $100 for opening and funding a SoFi Invest and SoFi Money account ($50 for each, or $100 total if both are opened (see terms)). With World Elite Mastercard benefits*, and 2% cash back when you redeem your SoFi Rewards to an eligible SoFi account, it's compelling for those looking for financial simplicity and straightforward earning.

    Keep in mind there are other cash-back credit cards with similar earning rates to consider. For example, the Citi® Double Cash Card effectively earns 2% cash back on all purchases (1% when you buy, and 1% when you pay). And the Fidelity® Rewards Visa Signature® Credit Card also earns 2% back when you redeem to an eligible Fidelity account.

    Comparison: SoFi Credit Card vs other cash-back credit cards

     

    SoFi Credit Card

    Citi® Double Cash Card

    Chase Freedom Unlimited®

    Annual fee

    $0

    $0

    $0

    Rewards rate

    2 points per dollar on all purchases (worth 1 cent each when you redeem to an eligible SoFi account or 0.5 cents each toward statement credits)

    1% cash back when you buy, plus 1% cash back when you pay your bill

    5% cash back (5x points) on travel purchased through Chase Ultimate Rewards

    3% cash back (3x points) on dining and drugstore purchases

    1.5% cash back (1.5x points) on everything else

    Welcome bonus

    Up to $100 if you fund a SoFi Invest ($50) or SoFi Money ($50) account after getting approved for the card

    N/A

    $200 after spending $500 in the first three months from account opening

    Intro APR offer

    N/A

    0% intro APR on balance transfers for 18 months, then 13.99% - 23.99% (Variable) APR

    0% intro APR on purchases for the first 15 months, then a 14.99%–23.74% variable APR

    Foreign transaction fee

    No

    Yes

    Yes

    Review

     

     

    Citi Double Cash card review

    Chase Freedom Unlimited card review

    SoFi Credit Card vs other credit cards with investable rewards

     

    SoFi Credit Card

    Fidelity® Rewards Visa Signature® Credit Card

    Bank of America® Premium Rewards® credit card

    Annual fee

    $0

    $0

    $95

    Rewards rate

    2 points per dollar on all purchases (worth 1 cent each when you redeem to an eligible SoFi account or 0.5 cents each toward statement credits)

    2 points per dollar on all purchases (worth 2% cash back when you deposit to an eligible Fidelity account)

    2x points on travel and dining

    1.5 points per dollar on all other purchases

    Welcome bonus

    Up to $100 if you fund a SoFi Invest ($50) or SoFi Money ($50) account after getting approved for the card

    N/A

    50,000 points (worth $500 in statement credits toward travel purchases) after you spend $3,000 on purchases within the first 90 days of account opening

    Investing rewards

    Points are worth 1 cent each when you redeem for shares (fractional or whole shares) credited to your SoFi Invest Account

    Points are worth 1 cent each when you deposit to an eligible Fidelity account

    Points are worth 1 cent each when you deposit to an eligible Bank of America or Merril account

    Up to 75% bonus for Bank of America Preferred Rewards members

    Foreign transaction fee

    No

    Yes

    No

    Review

     Fidelity Rewards Visa Signature card reviewBank of America Premium Rewards credit card review

    How to use rewards from the SoFi Credit Card

    With the SoFi Credit Card, you'll earn 2 SoFi Rewards Points per dollar you spend on every purchase. You also earn points for other activities on a promotional basis, such as signing up for credit monitoring or activating a SoFi Money debit card

    Redeeming SoFi Rewards Points for 2% cash back

    SoFi Rewards Points are worth 1 cent each when you redeem for: 

    You can redeem points on a one-time basis or monthly by setting up an auto-redemption. To redeem, visit the SoFi Rewards Points dashboard and click on the "See all the ways to redeem your points" link.

    By redeeming for shares to your SoFi Invest account, the 2% return can grow even further. There is no minimum investment, no fees or commission charges for buying or selling stocks, and you have access to Certified Financial Planners to get the most from your investments. 

    Other ways to use SoFi Rewards Points

    You can redeem SoFi Rewards Points for a statement credit applied toward your credit card. However, you'll only get 1% cash back (points are worth 0.5 cents each), so it's better to redeem for a 2% cash-back deposit to your SoFi Money account. 

    SoFi may offer promotional redemptions, and you should review those offers carefully to make sure you're getting at least 2% cash back. 

    SoFi Credit Card benefits and features

    In addition to cash-back, the SoFi Credit Card offers numerous benefits under the World Elite Mastercard* program. 

    World Elite Mastercard travel offers*

    With the Mastercard Travel & Lifestyle Services program*, SoFi Credit Card cardholders receive perks like room upgrades and complimentary breakfast at more than 2,500 hotels worldwide. Hotels booked through the program are backed by a price and satisfaction guarantee. 

    Additional travel benefits include a 10% discount with onefinestay's rental homes and villas, a 15% discount on Airport Meet and Greet services, complimentary car rental elite status, Mastercard Priceless Golf*, and discounts on private jets and limousine services. 

    World Elite Mastercard shopping offers*

    The SoFi Credit Card offers several everyday shopping benefits, including:

    • A $10 Lyft credit once per month after taking five rides in a month
    • Free ShopRunner membership, giving you unlimited two-day shipping and free return shipping at over a hundred online retailers
    • 5% cash-back rewards for use on future purchases with Boxed
    • $5 off future movie tickets or at-home purchases with Fandango for every two movie tickets purchased through the Fandango VIP program

    Mastercard Concierge Service*

    The 24/7 Mastercard Concierge Service offers telephone assistance with travel planning, restaurant reservations, entertainment, special occasions, and more. This service is complimentary with your SoFi Credit Card

    Cell phone insurance*

    If you pay your eligible cell phone bill with your SoFi Credit Card, you'll receive complimentary insurance if your cell phone is stolen or damaged (subject to terms and conditions). 

    The maximum liability is $800 per claim and up to $1,000 in a year. All claims are subject to a $50 deductible and you can't make more than two claims in a year. This is an excellent perk considering the card doesn't charge an annual fee.

    Zero fraud liability

    You will not be liable for unauthorized transactions made to your SoFi Credit Card if you immediately contact SoFi if your card is lost or stolen, if your credentials are compromised, or if your account has been accessed without your permission. 

    Annual Fee
    $0
    Regular APR
    12.99% - 24.99%
    Credit Score
    Good - Excellent
    A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
    4.4 out of 5 Stars
    Editor's Rating
    Annual Fee
    $0
    Regular APR
    12.99% - 24.99%
    Credit Score
    Good - Excellent
    A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
    4.4 out of 5 Stars
    Editor's Rating
  • Pros & Cons
  • Details
  • Pros
    • Earn up to 2% cash back on every purchase, with no bonus categories to keep track of
    • Automatic deposit available to your SoFi accounts
    • Rewards can potentially grow when you invest them through SoFi
    • No annual fee and no foreign transaction fees
    Cons
    • Redemptions other than deposits to eligible SoFi accounts offer lower value
    • 2% cash back on all eligible purchases when you redeem rewards into an eligible SoFi account
    • World Elite Mastercard* shopping, travel, and concierge benefits
    • No annual fee and no foreign transaction fees

    SoFi credit card fees and costs

    The SoFi Credit Card has a $0 annual fee and no foreign transaction fees. Like other cards, if you don't pay your balance in full, you'll pay interest — but SoFi will lower your APR by 1% after you make 12 on-time payments.

    As with other cards, there are fees for late and returned payments, cash advances, and balance transfers.

    Avery Campbell is a personal finance writer focusing on credit cards and travel rewards. He holds a law degree, specializing in air and space law.

    *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 your guide to benefits for details or call 1-800-MASTERCARD

    For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.

    Get the latest Bank of America stock price here.

    Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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