How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

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SoFi Credit Card Review

SoFi Credit Card Review

Rewards Rate
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
Rates and Fees
No annual fee and no foreign transaction fees
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the SoFi Credit Card best for?

Citi is an advertising partner.

If you’re already a SoFi account holder, you may want to consider the SoFi Credit Card. That’s because — along with offering a decent rewards rate, the $0-annual-fee card provides the opportunity to lower your APR with responsible usage. Additionally, you can apply for the card without impacting your credit score.

Just know, to get the most value from the SoFi Credit Card’s rewards program, you’ll need to set up direct deposit through SoFi and redeem those rewards as cash deposited into your SoFi Checking and Savings, SoFi Invest or SoFi loan account.

We highlight the pros and cons of the SoFi Credit Card, and show how it compares to the Wells Fargo Active Cash® Card, to help you determine which is the right fit for you.

SoFi Credit Card overview

    • 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%. (See Terms)
    • No annual fee. (See Terms)
    • No foreign transaction fees
    • Cell phone protection (insurance coverage up to $1,000)1
    • Mastercard ID Theft Protection™ 1
    • $10 Lyft credit when you take 5 rides per month1
    • See terms and conditions: www.sofi.com/card/terms

      * See offer details: www.sofi.com/card/rewards

      1Cell 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 the guide to benefits for details or call 1-800-MASTERCARD.

  • Credit needed:
    660 779
    Good
  • Cellphone protection up to $1,000
  • Complimentary ShopRunner membership
  • Monthly Lyft credit
  • DoorDash free trial
  • Can redeem directly into cryptocurrency
  • Mastercard ID theft protection
  • Foreign transaction fees:
  • World Elite Mastercard benefits

Intro Purchase APR

N/A

Regular Purchase APR

15.99% to 27.99% (variable)

Intro BT APR

N/A

Regular BT APR

15.99% to 27.99% (variable)

Annual Fee

$0

Cash Advance Fee

Either $10 or 5% of each cash advance, whichever is greater

Foreign Transaction Fee

N/A

Balance Transfer Fee

Either $10 or 5% of each balance transfer, whichever is greater

Pros and cons of the SoFi Credit Card

Pros

  • Cash back rewards
  • Opportunity to receive a lower APR with on-time payments
  • Applying won’t impact your credit
  • $0 annual fee

Cons

  • Limits on earning the highest rewards rate
  • Rewards are worth less when redeemed as statement credit
  • No intro APR on purchases or balance transfers

What we like about the SoFi Credit Card

  • Cash back rewards

    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.

    Additionally, rewards can be redeemed for statement credits, rewards offered through the SoFi member Rewards Program, or other rewards offered from time to time. If you are a SoFi member, you can redeem rewards for credits to your SoFi money, personal loan and student loan refinance accounts.

  • Opportunity to receive a lower APR

    If you make 12 consecutive on-time payments of at least the minimum amount due, SoFi will reduce the APR on your credit card by 1%. If you end up carrying a balance, this will save on your interest costs.

  • Applying won't impact your credit score

    Unlike with most credit cards, applying for the SoFi Credit Card will not impact your credit. Instead of a hard pull of your credit — which reduces your credit score by a few points each time and stays on your credit report for two years — SoFi initially performs a soft credit pull when you apply. SoFi will perform a hard pull once your application is approved, which may affect your credit.

What to look out for with the SoFi Credit Card

  • Limits on earning the highest rewards rate

    The highest earning rate is only available during the first year of card membership. To receive this rate, you must be enrolled in direct deposit through SoFi and maintain a qualifying direct deposit each month during the promotional period.

  • Rewards worth less when redeemed for statement credit

    If you redeem your rewards as a statement credit into your SoFi Credit Card account, they will only be worth 0.5 cents each. On the other hand, rewards are worth 1 cent each when redeemed as cash deposited into your SoFi Checking and Savings account, as fractional shares into your SoFi Invest account, as cryptocurrency into your SoFi Active Invest account or as a payment toward your SoFi Personal or student loan accounts.

  • No intro APR on purchases or balance transfers

    Because the SoFi Credit Card does not offer a 0% intro APR on purchases or balance transfers, you will be subject to interest charges at an APR of 15.99% to 27.99% (variable) if you carry a balance on your card month over month.

    If you need to finance a large purchase and pay it off over time, you may be better off with a card that offers a 0% intro APR for a year or longer. Or, if you have a large amount of high-interest debt that you want to transfer to a card with a lower APR, a balance transfer credit card may be a better fit.

Alternate card to the SoFi Credit Card

Compare it to the Wells Fargo Active Cash® Card

| Disclosures
Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
on Wells Fargo's secure site
0% intro APR for 15 months from account opening
18.74%, 23.74%, or 28.74% variable APR
$0
Earn unlimited 2% cash rewards on purchases
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 18.74%, 23.74%, or 28.74% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No categories to track or remember and cash rewards don't expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card. (subject to a $25 deductible).
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you want to earn a flat cash back rate from a card with more flexible redemption options and an intro APR on purchase and balance transfers, the Wells Fargo Active Cash® Card is a great alternative.

The Wells Fargo Active Cash® Card has a simple rewards structure that lets cardholders earn unlimited 2% cash rewards on purchases. Additionally, cardholders earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months. Rewards can be redeemed for purchases (of as little as $1), as a credit to a qualified Wells Fargo credit card, checking account or mortgage, as cash in $20 increments at an ATM or for gift cards.

The Wells Fargo Active Cash® Card also offers a 0% intro APR for 15 months from account opening on purchases. After that, a 18.74%, 23.74%, or 28.74% variable APR applies. Additionally, there is a 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 18.74%, 23.74%, or 28.74% variable APR. The card offers a balance transfer fee of 3% intro for 120 days from account opening, then up to 5%; min: $5.

Along with a $0 annual fee, the Wells Fargo Active Cash® Card offers several benefits, including cellphone protection and access to Visa Signature® privileges, such as 24/7 concierge service and access to the Luxury Hotel Collection.

Just know, unlike the SoFi Credit Card, the Wells Fargo Active Cash® Card charges foreign transaction fees of 3% of the amount of each transfer if you use your card to make purchases outside of the U.S.

Compare the SoFi Credit Card to similar cards

Comparison of four different credit cards
SoFi Credit Card Wells Fargo Active Cash<sup>®</sup> Card Citi<sup>®</sup> Double Cash Card – 18 month BT offer Chase Freedom Unlimited<sup>®</sup>
SoFi Credit Card Wells Fargo Active Cash® Card Citi® Double Cash Card – 18 month BT offer Chase Freedom Unlimited®
Apply Now
on SoFi's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
on Citibank's secure site
Apply Now
on Chase's secure site
Welcome Offer
N/A Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months None Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
Rewards Rate
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 Earn unlimited 2% cash rewards on purchases Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Annual Fee
$0 $0 $0 $0
Intro Purchase APR
N/A 0% intro APR for 15 months from account opening N/A 0% Intro APR on Purchases for 15 months
Regular APR
15.99% to 27.99% (variable) 18.74%, 23.74%, or 28.74% variable APR 17.74% - 27.74% (Variable) 17.99% - 26.74% Variable
Intro Balance Transfer APR
N/A 0% intro APR for 15 months from account opening on qualifying balance transfers 0% for 18 months on Balance Transfers 0% Intro APR on Balance Transfers for 15 months
Regular Balance Transfer APR
15.99% to 27.99% (variable) 18.74%, 23.74%, or 28.74% variable APR 17.74% - 27.74% (Variable) 17.99% - 26.74% Variable
Recommended Credit
Good Excellent/Good Excellent/Good Excellent/Good
Card Details
SoFi Credit Card Wells Fargo Active Cash® Card Citi® Double Cash Card – 18 month BT offer Chase Freedom Unlimited®

Is the SoFi Credit Card right for you?

If you are a SoFi account holder, the SoFi Credit Card could be a good choice. Along with offering a solid rewards rate, the $0-annual-fee card provides the opportunity to reduce your APR after making 12 monthly on-time payments.

But if you prefer a card with more flexible rewards, or if you may carry a balance on your card month over month, the Wells Fargo Active Cash® Card will be a better fit.

The information related to the SoFi Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.