SoFi Credit Card Review: Earn 2% Back When You Redeem Smartly

If you're like me, you want your credit card rewards to go the extra mile. The SoFi Credit Card offers 2% cash back on all purchases, but only if you redeem into a SoFi Money or Invest account, or toward a SoFi loan balance.

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SoFi Credit Card Overview

The SoFi Credit Card operates very similarly to the Robinhood Credit Card. Which is great, if you're an avid user of the platform. Otherwise, it's not worth the plastic its printed on.

• Annual Fee: $0
• Welcome Offer: Earn a $200 statement credit after spending $2,000 in the first 3 months.
• Rewards:
  • 2 points per $1 spent on eligible purchases
  • 3 points in the first year with direct deposit
• APR: 10.99% intro APR on balance transfers for 6 months, then 28.24% variable APR

Robinhood Gold Credit Card Review | High cashback and no annual fee

The Robinhood Gold Credit Card has some notable features including cash back and no major fees. The waitlist is open and Robinhood users have a lot to be excited about.

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Understanding the Rewards

The SoFi Credit Card shines when you redeem rewards toward SoFi financial products. If you prefer statement credits, be warned: the value drops to 0.5 cents per point.

This goes back to my earlier comment, if you don't use SoFi (as in their platform) then it's not worth it. But if you do then this is some easy rewards to rack up.

Why I Like It (And Why I Don’t)

I appreciate the push toward financial goals, but the limited redemption options are a drag. For true flexibility, the Well Fargo Active Cash card is a better choice, offering a straightforward 2% cash back.

But if you're trying to boost your investment dollars on the Sofi Platform then go for it, it's an easy way to boost your SoFi bucks (and yes I know that's not the actual term).

Cardholder Confessions: What Users Are Saying

People who use Sofi for banking LOVE THIS CARD.

And I really can't argue with them. I'm an avid Chase user so I love their products. This is how the SoFi users see it, they can use the card and transfer their cash back straight into their Sofi accounts without much issued.

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Is the SoFi Credit Card a Real Credit Card?

Yes, it’s a solid card with no annual fee and World Elite Mastercard perks, including cell phone protection up to $1,000 and merchant discounts.

Pros and Cons of the SoFi Credit Card

Benefits and Perks

• World Elite Mastercard Perks: Enjoy cell phone protection, Lyft discounts, and more.
• Financial Goal Incentives: Earn higher rewards when directing them toward SoFi financial products.

Fees

• Balance transfer fee: Up to 5%
• Foreign transaction fee: None (yay!)

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How to Apply for the SoFi Credit Card

Visit the SoFi website or app. It’s a quick and straightforward process. You just need to be 18 and live in the U.S. They will ask you for:

• Your name
• Address
• Email
• Enter your phone number and it will send a 6-digit code
• Give your social security number
• Your DOB
• Your annual income (gross)
• Monthly houses expenses (rent or mortgage)

How Do I Manage my SoFi Credit Card?

Manage your card via the SoFi app, which provides an easy way to track spending and redeem rewards. But you can also access your account online.

What credit score is needed for a SoFi Credit Card?
A credit score of 690 or above is recommended for the best approval chances. And while they will say "we look at a variety of factors blah blah..". What they really mean is we have to pretend we review each account and make a holistic decision.

Comparing Similar Cards

• Citi Double Cash Card: Offers a true 2% cash back with more flexible redemption options.
• Capital One Quicksilver: Earns 1.5% cash back with a $200 sign-up bonus after spending $500 in the first 3 months.
• Wells Fargo Active Cash: Offers 2% cash back and typically offers a nice incentive like 18 months of 0% APR.

My Final Thoughts

The SoFi Credit Card is excellent if you're committed to SoFi's ecosystem, offering high rewards and no annual fee.

However, if you prefer more flexible redemption options, consider alternatives like the Citi Double Cash Card (or any unlimited cash back card wit at least 1.5% on it's purchases).

This card pushes you toward financial goals, but with some limitations.

Ready to maximize your rewards? Check out the SoFi Credit Card and see if it fits your financial strategy.