Sofi Credit Card Review

Note from Kudos: This review is not commissioned or endorsed by any issuer. Opinions and ratings are entirely our own.

If you’re looking for a new credit card, you might want to put the Sofi Credit Card on your radar. This card has no annual fee, offers up to 3% cash back rewards, and has unique perks like cell phone insurance.

The Sofi Credit Card is an excellent fit for those who already have a SoFi loan or use other SoFi financial products.

In this full Sofi Credit Card review, we’ll explain everything you need to know about this card, including its terms, conditions, and rewards, how you can apply, and alternative card options.

Is the Sofi Credit Card for me?

The Sofi Credit Card is an excellent choice for people who already use other SoFi products, like SoFi Invest, SoFi Money, or a SoFi loan. This is because you need to have and use another SoFi product to maximize the SoFi card’s rewards-earning potential.

If you don’t use other SoFi products, this is still a decent credit card — but there are likely better options for you.

What makes the Sofi Credit Card different?

The Sofi Credit Card is unique because it’s built for the SoFi ecosystem.

SoFi is a financial services company that offers banking, investing, loans, and more. The Sofi Credit Card fits perfectly with other SoFi products, making them even more attractive.

The Sofi Credit Card has the following unique aspects:

• It has no annual fee
• It works seamlessly with other SoFi products
• Applying for it won’t affect your credit unless you’re approved
• It comes with cell phone protection coverage, which is rare
• It comes with a signup bonus of up to $250 (direct deposit required)
• In the first year, it earns up to 3% in rewards (2% after the first year)

The Sofi Credit Card earns reward points that are redeemable for cash back, investments, cryptocurrency, or even payments toward your SoFi loans.

Here’s the catch: If you redeem rewards for a statement credit, they’re only worth half as much. For this reason, it’s recommended to redeem rewards for deposits into other SoFi accounts (SoFi Money, SoFi Crypto, or a SoFi loan, for instance) to maximize your rewards.

Not quite what you’re looking for? Explore all the best credit cards available with the Kudos Explore Cards feature.

What are my chances of getting approved?

While SoFi doesn’t directly state the credit score range or income range they accept for the Sofi Credit Card, this card is best suited for applicants with good to excellent credit.

If your income is low, seeking a credit card for low-income earners might be wise. Likewise, opting for a secured credit card might make the most sense for you if you have poor credit.

All the details of the Sofi Credit Card

For a full Sofi Credit Card review, we’ll break down the most important factors you should know about this card.

Rates and fees

The Sofi Credit Card has competitive rates and fees, including no annual fee and no foreign transaction fee. Here are all the details:

The Sofi Credit Card has an APR range of 16.74% to 28.74%, depending on the person’s creditworthiness. The cash advance APR is 30.74%.

Perks and rewards

The Sofi Credit Card earns rewards on every purchase you make using the card. Specifically, it earns SoFi Member Rewards, which are points that can be redeemed for various things.

Earning SoFi Member Rewards

The card earns 2 reward points per $1 spent. For example, a $50 purchase would earn you 100 SoFi reward points.

Note, however, that this rate is higher during the first 12 months of card membership, at 3 reward points per $1 spent. So, that same $50 purchase would earn you 150 reward points. To get this perk, however, you’re required to set up Direct Deposit with SoFi.

There are no bonus categories or tiered rewards structures to worry about. You earn 2 points per $1 spent or 3 points per $1 spent in the first year.

Redeeming SoFi Member Rewards

SoFi Member Rewards can be redeemed at the following rates:

• Credit card statement credits: $0.005 per point (half a cent per point)
• Cash deposits into SoFi money accounts: $0.01 per point (one cent per point)
• Cash deposits into SoFi checking/savings accounts: $0.01 per point
• Deposits into SoFi crypto accounts: $0.01 per point
• Fractional shares in SoFi Invest accounts: $0.01 per point
• Payments toward outstanding SoFi loan balances: $0.01 per point

Using rewards for credit card statement credits is not recommended, as you only get half as much value for your points. So, you’ll want to use the Sofi Credit Card in combination with another SoFi product.

For all SoFi products, points can be redeemed for $0.01 per point. So, 100 points = $1. You can redeem rewards for deposits into your bank account, fractional shares in your SoFi Invest account, or even cryptocurrency in your SoFi Crypto account.

Welcome offer

The Sofi Credit Card also comes with a signup bonus of a random amount between 1,000 and 1,000,000 SoFi reward points. These points are worth between $10 and $10,000.

When you sign up for the Sofi Credit Card and are approved, an automated system will enter you into the draw and receive an instant prize. The prize size is random, but around 98% of prizes are the 1,000-point bonus.

Overall, this is a fairly meager signup bonus for a credit card. Then again, you have the chance of getting a much larger reward.

Bank account bonus

There’s also a separate bonus if you open up a SoFi Checking and Savings account and set up direct deposit. This bonus is as follows:

• A $50 bonus for completing $1,000 or more in direct deposits within the first 25 days
• A $250 bonus for completing $5,000 or more in direct deposits within the first 25 days

To take advantage of this welcome offer, you need to open a SoFi Checking and Savings account and then set up direct deposit from your employer or another qualifying source. Once your first direct deposit is received, you’ll have an additional 25 days to complete the “evaluation period.” The volume of transfers during these 25 days will determine your bonus amount.

How to apply

Interested applicants can apply for the Sofi Credit Card online or through the SoFi app.

Like any other credit card application, you’ll be asked to enter your personal information, including your name, date of birth, social security number, and income information.

After you apply, SoFi will conduct a credit check to determine your creditworthiness. If you’re approved, your card will be mailed to you. If you’re denied, you’ll receive notice of the denial in the mail.

Contact info

SoFi’s credit card department can be reached at (844) 945-7634.

Mail can be sent to the following address:

Sofi Credit Card

PO Box 981075

Boston, MA 02298-1075

Customers can also chat with a SoFi representative online to answer common questions.

Other stuff you should know

The Sofi Credit Card has some other valuable benefits that you should know about. These include the following:

• Cell phone protection that covers your phone for up to $1,000
• MasterCard ID Theft Protection
• If you make 12 monthly payments on time, SoFi will lower your APR by 1%
• No foreign transaction fees (no extra charge when purchasing items outside of the US)
• $5 per month in free Lyft credits
• Free annual membership to Shoprunner
• Other MasterCard World Elite benefits

Alternative credit cards to the Sofi Credit Card

1. Citi Double Cash card

• 2% back on all purchases
• No annual fee
• 0% APR for the first 18 months on balance transfers

2. Self credit card

• Designed for those with low credit scores
• A secured credit card
• Perfect for those just starting with building credit

3. Destiny credit card

• Designed for credit building
• Easy to get approved for
• Doesn’t require a security deposit

Final recommendation

The Sofi Credit Card is a solid option — particularly for those who want to use multiple SoFi products. This is because SoFi reward points are worth more if you have another SoFi account open — and you can also earn a bigger signup bonus if you use a SoFi checking account.

But to maximize the card’s rewards-earning potential, it’s helpful to have a SoFi checking and savings account or another SoFi product like Invest, Crypto, or a SoFi loan. So if you don’t already use SoFi for other banking purposes (or don’t want to open a new account), you may want to consider alternatives.

Use the Kudos Explore Cards feature to find your perfect credit card.

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