This SoFi credit card cashback review breaks down how the card helps you earn cashback and invest simultaneously. You’ll get a flat rate on purchases and simple ways to use your rewards.
This card is designed for users who want more control over their money. In this article, you’ll learn about its key features, pros, and who it is right for.
Quick Look at the SoFi Credit Card
The SoFi Credit Card is designed for users who want cashback with flexibility. You can earn fixed rewards and choose how to use them.
It works with SoFi accounts, letting you apply rewards to different goals. The card is part of the Mastercard network and includes standard protections.
It’s available in two versions with different reward setups. You’ll need good credit to qualify.
Two Types of SoFi Credit Cards
There are two versions with different cashback structures. Both cards offer ways to earn and redeem rewards easily.
SoFi Unlimited 2% Card
This version gives you 2% cashback on all purchases without limits. You can use the rewards as credit or for financial goals. There’s no need to track categories or special promotions.
It keeps things simple for daily spending. This card works best if you want flat, consistent rewards. It also has no annual fee.
SoFi 3-2-1 Card
This version gives 3% cashback on dining, 2% on groceries, and 1% on all others. It’s available by invitation only. You still get flexible redemption options.
This tiered structure helps if you spend more on food and essentials. There’s no cap on how much you can earn. It also doesn’t require tracking rotating offers.
Main Cashback Features
These cards focus on simplicity and steady cashback. You get the same rate or tier no matter the month or merchant.
Unlimited 2% on Eligible Purchases
With this version, you earn 2% back on all purchases. No need to enroll in categories or check schedules. You’ll earn the same on gas, groceries, and bills.
That makes it easy to estimate monthly rewards. It suits users who want predictable returns. Rewards don’t expire if the account stays active.
Higher 3% Rate for Travel or Dining
Some cards offer 3% cashback on travel or dining, depending on which version you have. Dining includes restaurants, takeout, and food apps.
Travel must be booked through the SoFi portal. It’s higher than the usual flat rate. There’s still no cap on earnings. Useful for people who spend a lot in those areas.
No Rotating Categories or Caps
These cards don’t have rotating cashback sections. You always know how much you’ll earn per purchase. That removes the need to track merchant types.
No caps means rewards keep building as you spend. Minimums to redeem are also removed. It’s built to be low-effort and consistent.
How Can You Use Rewards?
You have full control over how you use your rewards. The system supports cash, credit, and financial growth.
Redeem as a Statement Credit
You can apply your rewards as credit on your bill. This lowers your card balance directly. There’s no waiting period or extra fee.
It’s the easiest option if you want savings now. You’ll see it reflected in your next statement. It’s useful for cutting costs monthly.
Apply Toward Investments or Savings
If you have a SoFi Invest or Save account, you can direct rewards there. This lets you automate your savings or portfolio. No manual transfers needed.
Great for long-term goals like retirement or emergency funds. It happens right from your dashboard. Encourages financial discipline over time.
Use to Pay Down SoFi Loans
You can also send cashback to eligible SoFi loans. This helps reduce your loan balance faster. Works well for student loans or personal loans.
There’s no penalty or extra step to use this. You just pick the loan and apply the rewards. It’s a smart option for reducing interest over time.
Other Benefits You Get
This card includes more than just cashback. Here are some extra features that give added value without extra effort:
- No annual fee – You don’t pay to keep the card.
- No foreign transaction fees – No charges for using it abroad.
- Cell phone insurance up to $1,000 – Protection if your phone gets stolen or damaged.
- Fraud and identity theft protection – Added security for your information.
- Mastercard Elite perks – Lyft credits, ShopRunner access, and more.
Investing Made Easy
If you want to grow your money, this card helps with that too. Your cashback can be turned into investments automatically.
- Link cashback directly to a SoFi Invest account
- Automates contributions to stocks or ETFs
- Helps you build wealth passively
Fees & Interest Rates
This section explains the costs and interest range to expect before using the card.
APR
You’ll get a variable APR based on creditworthiness. The rate usually falls between 19.99% and 29.99%.
It’s applied to balances you don’t pay off monthly. Always try to pay your full balance to avoid interest.
No Annual Fee
There is no yearly charge to use this card. You can earn cashback without paying to hold it. It’s a low-maintenance option. No hidden charges for keeping it open.
Late Fees May Apply
Missing a payment can lead to late fees. These may vary based on how late the payment is. It’s best to set up autopay. That helps you avoid extra costs.
No Foreign Transaction Fees
This card is good for international use. It doesn’t charge extra fees for purchases abroad.
You can spend in other currencies without a penalty. Useful for travel or online shopping overseas.
How to Apply?
It’s simple to start. Here’s what you need to do:
- Go to sofi.com/credit-card
- Check if you’re pre-qualified
- Follow steps if you got a mail invite
Who Should Consider This Card?
This card isn’t for everyone. It’s best for those who meet these points:
- People with good to excellent credit
- SoFi users wanting to invest automatically
- Anyone wanting flat-rate cashback with no fees
Customer Support
If you need help or have questions, SoFi has support options. You can reach them at (844) 945-SOFI (7634).
Online chat is also available through their app. Visit the main website for more details.
Disclaimer: Terms and rates can change, so check the official site before applying. Offers may vary based on your credit profile.
Final Summary: SoFi Credit Card Review
This SoFi Credit Card Review shows how the card offers simple cash back with added investment tools. You can earn rewards on daily purchases and send them straight to savings or debt.
There’s no fee, no rotating categories, and no complex setup. It’s a good fit if you want a hands-off way to boost your financial goals.
