Earn up to $200 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card (See Terms).
Earn 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2%* unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. Plus, redeem points toward crypto.
When you make 12 on-time payments, we’ll lower your APR by 1%.
No annual fee.
No foreign transaction fees.
Cell phone protection (insurance coverage up to $1,000)**.
Mastercard ID Theft Protection™**.
$10 Lyft credit when you take 5 rides per month**.
**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.
SoFi Credit Card Review
May 23, 2022
Who is the SoFi Credit Card for?
In short, this card is best for students.
Managing debts is quite a complicated process. Having too much debt can be detrimental to your personal finance, potentially leading to a lower credit score, higher interest rates on future loans, and even bankruptcy. However, when managed properly, debt can be a powerful tool that can benefit you immensely in the long run.
In light of this, the San Francisco-based digital personal finance company SoFi has recently introduced its first credit card, aptly named the SoFi Credit Card. It is specifically designed to encourage good financial habits and efficient debt management.
You can earn 3% cash back rewards for a year when you set up direct deposit with SoFi, after that you can earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi. You can also redeem your points toward crypto. To further incentivize responsible credit card usage, SoFi rewards cardholders with 1% APR reduction after 12 consecutive on-time credit card payments, as long as on-time payments continue.
If you are looking for a $0 annual fee card that helps you build financial discipline, the SoFi Credit Card can be a great option for you.
Eligibility and Credit Requirement
While the SoFi Credit Card does not have a specific minimum credit requirement, it is mainly designed for users who have fair creditworthiness but may not have a long credit history. Accordingly, this makes this a very compelling option for students.
Your eligibility and revolving credit limit are determined by the following factors:
- Your annual salary or wages
- Any other annual income (stocks, rental properties, etc.)
- The amount of your outstanding debt
- Your credit history
Applicants should be at least 18 years of age and reside within the US. Additionally, applicants also need to be a current SoFi member in order to apply for this card.
Welcome Bonus
Although the SoFi Credit Card is primarily created as a tool to paydown debt vs accumulation reward points, you can earn up to $200 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card.
Annual Fee
One attractive feature of the SoFi Credit Card is its $0 annual fee, making the card a low-cost option to access credit. It also does not charge any foreign transaction fees as well.
Cardholders should be aware that the SoFi Credit Card does charge up to $39 for late fees and returned payment fees. Additionally, the card also charges 5% (with a minimum of $10) for balance transfer fees and cash advance fees.
Rewards Program
The highlight of the SoFi Credit Card is its unique rewards program that incentivizes healthy money habits and responsible debt management. Cardholders can receive up to 2% in unlimited cash back rewards using this card: 1% when making purchases and an additional 1% when the rewards are redeemed into SoFi Money/ Invest accounts, or used to pay down SoFi student/personal loans. This rewards program creates a seamless process where cardholders can easily pay down existing debt and invest for the future using the rewards that they earn from everyday spending.
Benefits and Credits
The SoFi Credit Card offers regular purchase APR and balance transfer APR of 13.74% - 25.74% (variable), depending on cardholders’ creditworthiness. It also offers a cash advance APR of 27.74% (variable).
The SoFi Credit Card also rewards cardholders for responsible credit card usage and timely payments. After 12 consecutive months of on-time credit card payments, SoFi will reduce the APR by 1%, assuming the on-time payment pattern continues.
As a part of the Mastercard network, the SoFi Credit cardholders can enjoy many different World Elite Mastercard® benefits.
These perks include exclusive discounts on ride-sharing, food delivery, online shopping, and other time-saving benefits such as complimentary 2-day shipping and free return. Participating merchants include Lyft, ShopRunner, Instacart, Fandango, and more.
Moreover, the credit card also grants cardholders access to World Elite Concierge service as well as Priceless Experiences offered by Mastercard, where you can participate in a variety of activities such as sporting events and online classes, both digitally and in-person.
Lastly, the SoFi Credit Card offers advanced security features such as Mastercard ID Theft Protection™, Price Protection, and complimentary cell phone insurance coverage for up to $1000.
Conclusion
The SoFi Credit Card is a great option for consumers -- especially students -- who are looking for a more efficient way to manage their debt. By allowing cardholders to pay down loans with their rewards earned from everyday spending, SoFi has created a frictionless way for consumers to manage their finances with ease.
Serious Security
100% Free
