TL;DR: Looking for a flat-rate cash back card? Our honest SoFi Credit Card review covers fees, rewards, and who should apply. No annual fee, 2% cash back.
SoFi Credit Card Review: 2% Cash Back With No Annual Fee
Looking for a flat-rate cash back card? Our honest SoFi Credit Card review covers fees, rewards, and who should apply. No annual fee, 2% cash back.
If you're looking for a simple, no-nonsense cash back card, the SoFi Credit Card might be on your radar. It promises a flat 2% cash back on every purchase when you redeem into your SoFi account. But is it really the best option? Let's break down the rewards, fees, and fine print so you can decide if this card belongs in your wallet.
Watch on YouTubeWhat Is the SoFi Credit Card?
The SoFi Credit Card is a flat-rate cash back card issued by SoFi (Social Finance) and powered by Mastercard. It offers an unlimited 2% cash back on all purchases — but there's a catch: you get the full 2% only if you redeem your rewards into a SoFi savings, checking, or investment account. If you choose a statement credit or direct deposit to another bank, you'll earn just 1% back.
SoFi is primarily known for its student loan refinancing and personal loans, but it has expanded into banking, investing, and now credit cards. The card has no annual fee, no foreign transaction fees, and includes some useful perks like cell phone protection and roadside assistance. But the real draw is the simplicity of earning the same rate on everything.
Key Features and Rewards
- 2% unlimited cash back when redeemed into a SoFi account (checking, savings, or investment)
- 1% cash back if redeemed elsewhere (statement credit, direct deposit to another bank)
- No annual fee
- No foreign transaction fees
- Cell phone protection (up to $1,000 per claim, $100 deductible)
- Roadside dispatch service
- Mastercard World Elite benefits
- Ability to earn a welcome bonus (usually a cash bonus after a minimum spend in the first few months)
- Automatic redemption options (daily, weekly, or monthly)
The redeem-to-SoFi requirement is the main trade-off. If you're already a SoFi customer, it's seamless. But if you're not, the card's value drops to 1% — which you can get from many other no-fee cards without the hoop.
Pros of the SoFi Credit Card
1. Simple flat-rate cash back. No categories to track, no rotating bonuses. Every dollar spent earns the same rate — refreshingly easy.
2. High earning potential. 2% back on everything is among the best flat rates available. Only a few cards (like the Citi Double Cash) match it, and most have limits or conditions.
3. No annual fee. You can keep the card forever without paying a dime. Perfect for a long-term everyday wallet card.
4. No foreign transaction fees. Great for travelers — use it abroad without extra charges.
5. Cell phone protection. Pay your monthly phone bill with the card and get up to $1,000 in damage/theft coverage. A solid perk at no extra cost.
Cons of the SoFi Credit Card
1. 2% rate is conditional. You must redeem into a SoFi account. If you don't have one or don't want one, you're stuck with 1% back. That's subpar compared to other flat-rate cards.
2. No sign-up bonus. While some offers include a small cash bonus, it's usually modest compared to competitors like Chase Freedom Unlimited or Capital One Quicksilver. The Citi Double Cash has no bonus either, but still matches the 2% without needing a specific account.
3. Limited 0% APR offers. The card often has a 0% intro APR on purchases for 12 months, but that's shorter than many alternatives offer (15-18 months). Balance transfer offers are also limited.
4. SoFi account required for full value. If you're not already in the SoFi ecosystem, you'll need to open and use a SoFi account to get the full 2%. That's an extra step and may not suit everyone.
Who Is the SoFi Credit Card Best For?
The SoFi Credit Card is ideal for SoFi power users — people who already have a SoFi checking, savings, or investment account. If you manage your money with SoFi, the 2% cash back is essentially automatic, and you benefit from seamless integration.
It's also great for anyone who wants a simple rewards card with no annual fee and no category tracking. The cell phone protection adds value for those who don't have it through other cards.
But if you don't want to open a SoFi account, or if you prefer a sign-up bonus, look elsewhere. The card is not for bonus chasers or people who want maximum flexibility in redemption.
Alternatives to the SoFi Credit Card
Citi Double Cash Card — Earn 1% when you buy, 1% when you pay = 2% total. No account requirement, and you can redeem for statement credit or direct deposit. No annual fee. But no cell phone protection.
Chase Freedom Unlimited — 1.5% cash back on everything, but with a strong sign-up bonus and 3% on dining/drugstores. Points can be transferred to travel partners. Annual fee $0.
Wells Fargo Active Cash — Flat 2% cash back on everything, with a $200 welcome bonus. No account requirement. Includes cell phone protection. A very strong competitor.
Capital One Quicksilver — 1.5% cash back, but with a $200 bonus after $500 spend. No annual fee, no foreign transaction fees. Simpler but lower ongoing earn rate.
In short, if you want the highest flat rate without conditions, the Wells Fargo Active Cash or Citi Double Cash are better picks. If you want a sign-up bonus, Chase Freedom Unlimited or Capital One Quicksilver offer more upfront value.
Our Verdict
The SoFi Credit Card is a solid choice if you're already in the SoFi ecosystem. The 2% unlimited cash back with no annual fee is genuinely competitive, and the cell phone protection sweetens the deal. But for everyone else, the requirement to redeem into a SoFi account to get the full 2% feels restrictive.
Compared to alternatives like the Wells Fargo Active Cash or Citi Double Cash, the SoFi card falls short in flexibility. It also lacks a notable sign-up bonus. If you like SoFi's banking products, get this card. Otherwise, you can earn the same or better rewards elsewhere with fewer strings attached.
Final score: 3.8 out of 5 — a good card, but only for the right person.
Frequently Asked Questions
Can you get 2% back on everything with the SoFi Credit Card?
Yes, but only if you redeem your cash back into a SoFi bank or investment account. Otherwise, you earn just 1% back.
Does the SoFi Credit Card have an annual fee?
No, the SoFi Credit Card has no annual fee. There are also no foreign transaction fees.
What credit score do you need for the SoFi Credit Card?
SoFi typically requires good to excellent credit (around 670+). The card is not designed for those with poor credit.
Is the SoFi Credit Card worth it if I don't bank with SoFi?
Probably not. Without a SoFi account, you'll only earn 1% back, which many other cards offer with better perks and sign-up bonuses.
Does the SoFi Credit Card have a sign-up bonus?
Occasionally, SoFi offers a small cash bonus after meeting a spending requirement, but it's not a standard feature. Check the current offer at the time of application.
Our Verdict
The SoFi Credit Card is a solid choice if you're already in the SoFi ecosystem. The 2% unlimited cash back with no annual fee is genuinely competitive, and the cell phone protection sweetens the deal. But for everyone else, the requirement to redeem into a SoFi account to get the full 2% feels restrictive.
Compared to alternatives like the Wells Fargo Active Cash or Citi Double Cash, the SoFi card falls short in flexibility. It also lacks a notable sign-up bonus. If you like SoFi's banking products, get this card. Otherwise, you can earn the same or better rewards elsewhere with fewer strings attached.
Final score: 3.8 out of 5 — a good card, but only for the right person.