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

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
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American Express Disclosure

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SoFi Unlimited 2% Credit Card Review

SoFi Unlimited 2% Credit Card
Rewards rate
Earn 3% cash back rewards on trips booked through SoFi Travel and unlimited 2% cash back rewards on all other purchases
Limited fees
No annual or foreign transaction fees
World Elite Mastercard benefits
Offers several World Elite Mastercard benefits, including cellphone protection and membership discounts
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: The SoFi Unlimited 2% Credit Card is a solid cash back card for SoFi customers looking to funnel their rewards into other SoFi products or pay down an existing SoFi loan. However, if you aren’t already a SoFi member, you’ll be better off with a more flexible cash back card.

Citi is an advertising partner.

Pros and cons

  • Unlimited 2% cash back on all purchases
  • Unlimited 3% cash back on SoFi Travel purchases
  • No annual fee or foreign transaction fees
  • World Elite Mastercard benefits
    • Limited redemption options
    • No sign-up bonus
    • No intro APR offer
    • Designed for consumers with excellent credit

    Is the SoFi Unlimited 2% Credit Card worth it?

    If you’re looking for a simple rewards card that lets you earn a high rate of cash back on every purchase, the SoFi Unlimited 2% Credit Card could be a nice addition to your wallet. You’ll earn a flat rate of 2% cash back on everything (plus 3% cash back SoFi Travel purchases) without any spending caps or minimum to redeem — all for a $0 annual fee. And since it’s a World Elite Mastercard, you’ll also get access to several useful benefits and discounts.

    But unless you’re a SoFi member and use their full suite of products, redemption options are extremely limited. Plus, you’ll miss out on valuable benefits commonly found on other cash back cards, including a sign-up bonus and intro APR periods.

    Quick facts

      • Earn 3% cash back rewards on trips booked through SoFi Travel. Earn unlimited 2% cash back rewards on all purchases and redeem as statement credit—or toward saving, investing, and paying down eligible SoFi debt. 
      • 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.

    • Recommended Credit
      Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
    • 720 850
      Excellent
    • Cellphone protection
    • 24/7 travel concierge service
    • Monthly Lyft credits
    • Complimentary ShopRunner membership
    • Zero liability protection

    Intro Purchase APR

    N/A

    Regular Purchase APR

    20.24% to 29.99%

    Intro BT APR

    N/A

    Regular BT APR

    20.24% to 29.99%

    Annual Fee

    $0

    Cash Advance Fee

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

    Foreign Transaction Fee

    $0

    Balance Transfer Fee

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

    What we like about the SoFi Unlimited 2% Credit Card

    • Generous cash back rate

      The SoFi Unlimited 2% Credit Card boasts an impressive rewards rate, matching some of the best cash back credit cards out there. Cardholders earn 3% cash back rewards on trips booked through SoFi Travel and unlimited 2% cash back rewards on all other purchases.

      Since it’s a flat-rate card, you won’t have to worry about keeping track of categories or activating quarterly promotions. Plus, there’s no cap on how much you can earn, and your rewards never expire. The 3% rate on travel is a nice bonus, especially since the SoFi Travel portal is powered by Expedia. You’ll get access to their full catalog of flights, stays, packages and more, as well as 10% off select hotels.

    • No annual fee or foreign transaction fees

      With the SoFi Unlimited 2% Credit Card, you won’t have to worry about an annual fee cutting into your hard-earned rewards. The card also comes with no foreign transaction fees, making it a great choice for a trip abroad.

    • World Elite Mastercard benefits

      As a World Elite Mastercard, the SoFi Unlimited 2% Credit Card offers the following benefits, discounts and credits:

      • Cellphone insurance (up to $1,000)
      • Zero liability fraud protection
      • ID theft protection
      • 24/7 travel concierge
      • A $3 monthly discount on a Peacock Premium membership
      • Two free months of Instacart+ and $10 off your second order placed each month
      • A $5 Lyft credit for each month you take three Lyft rides
      • Complimentary ShopRunner membership

    What to watch out for with the SoFi Unlimited 2% Credit Card

    • Limited redemption options

      Unless SoFi is your all-in-one financial hub, you’ll find redemption options for the SoFi Unlimited 2% Credit Card extremely limited. Unlike most cash back cards, you aren’t able to transfer your rewards to another bank account or use them for other common redemption options, like cash, travel or gift cards. In fact, aside from redeeming rewards for a statement credit, you can only distribute them into a SoFi checking, savings or investment account, or use them to pay down a SoFi loan.

    • No sign-up bonus

      Another drawback of the SoFi Unlimited 2% Credit Card is its lack of a sign-up bonus. Many of the best rewards credit cards come with sign-up bonuses worth $200 or more, including the comparable Wells Fargo Active Cash® Card.

      Similar to the SoFi Unlimited 2% Credit Card, the Wells Fargo Active Cash® Card lets you earn unlimited 2% cash rewards on purchases. But you can also earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

    • No intro APR offer

      Some of the best credit cards offer 0% intro APRs on purchases and balance transfers for a year or longer. However, the SoFi Unlimited 2% Credit Card lacks this feature, bringing down its overall value.

      If you carry a balance on the card from month to month, you’ll be subject to an APR of 20.24% to 29.99% (variable). In addition, SoFi is currently only accepting balance transfers from customers who have received a special promotional offer.

      Tip: If you need to finance a large purchase or transfer an existing high-interest credit card balance, consider a card that offers an interest-free period for a year or longer. Check out our picks for the best 0% intro APR credit cards.
    • Designed for consumers with excellent credit

      The SoFi Unlimited 2% Credit Card is intended for consumers with excellent credit, which FICO considers to be a score ranging from 800 to 850. SoFi will also take other factors into consideration when determining your eligibility, including whether you’ve been more than 30 days late on a payment in the last year. If you have excellent credit, there are a number of credit cards available that offer more generous and flexible rewards, premium perks and lower interest rates.

    Alternative cards to the SoFi Unlimited 2% Credit Card

    SoFi Unlimited 2% Credit Card vs. Wells Fargo Active Cash® Card

    | Disclosures
    Wells Fargo Active Cash® Card*
    Wells Fargo Active Cash® Card
    Learn More
    on Wells Fargo's secure site
    0% intro APR for 15 months from account opening
    20.24%, 25.24%, or 29.99% Variable APR
    $0
    Earn unlimited 2% cash rewards on purchases
    • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
    • Earn a $200 cash rewards bonus after spending $500 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. 20.24%, 25.24%, or 29.99% Variable APR thereafter; 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.
    • Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
    • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
    660 720 850
    Good/Excellent
    *The information related to the Wells Fargo Active Cash® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

    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.

    Like the SoFi Unlimited 2% Credit Card, the Wells Fargo Active Cash® Card comes with a $0 annual fee and lets you earn unlimited 2% cash rewards on purchases. However, the similarities end there, as it also boasts an easy-to-earn sign-up bonus, intro APR periods on purchases and balance transfers and a variety of redemption options.

    The Wells Fargo Active Cash® Card lets you earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. Plus, it offers a 0% intro APR for 15 months from account opening on qualifying balance transfers, then a 20.24%, 25.24%, or 29.99% Variable APR. It also provides an interest-free period on purchases for the same length of time.

    However, the biggest advantage the Wells Fargo Active Cash® Card has over the SoFi Unlimited 2% Credit Card is its redemption flexibility. You can redeem your cash back as follows:

    • To cover past purchases (can be as little as $1)
    • As a credit to a qualifying Wells Fargo credit card, checking account or mortgage
    • For cash in $20 increments at an ATM (when you use your Wells Fargo ATM or debit card)
    • Toward gift cards from a variety of retailers

     

    SoFi Unlimited 2% Credit Card vs. Citi Double Cash® Card

    | Disclosures
    Citi Double Cash® Card*
    Citi Double Cash® Card
    Learn More
    on Citibank's secure site
    N/A
    19.24% - 29.24% (Variable)
    $0
    Earn 2% on every purchase with unlimited 1% cash back when you
    • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
    • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
    • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
    • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
    • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
    • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
    600 660 720 850
    Fair/Good/Excellent
    *The information related to the Citi Double Cash® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

    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.

    The Citi Double Cash® Card is another popular 2% cash back card, although it comes with a catch. You won’t get your full rewards right away — instead, you’ll earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. While the elevated earning rate on travel is nice, note that you’ll have to pay a foreign transaction fee of 3% every time you use this card outside the U.S.

    Still, the Citi Double Cash® Card beats the SoFi Unlimited 2% Credit Card in terms of overall value, thanks to its more flexible redemption options, long intro APR on balance transfers and sign-up bonus. While marketed as a cash back card, the Citi Double Cash® Card actually earns valuable Citi ThankYou® points. ThankYou® points can be redeemed for cash back (via a statement credit, check or direct deposit), travel, gift cards and more. You can also transfer points to several of Citi’s travel partners, but you’ll get the most value if you transfer to a premium Citi card, like the Citi Premier® Card. This will give you a better transfer ratio and access to even more travel partners.

    The card also has an intro APR of 0% for 18 months on Balance Transfers, followed by a 19.24% - 29.24% (Variable) APR. Plus, you can earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

    SoFi Unlimited 2% Credit Card vs. Chase Freedom Unlimited®

    | Disclosures
    Chase Freedom Unlimited®
    Chase Freedom Unlimited®
    apply-now-icon Apply Now
    on Chase's secure site
    0% Intro APR on Purchases for 15 months
    20.49% – 29.24% Variable
    $0
    Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our
    • INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
    • Enjoy 6.5% 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; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
    • After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
    • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
    • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
    • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
    • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
    • Member FDIC
    660 720 850
    Good/Excellent

    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 don’t mind keeping track of a few bonus spending categories, the Chase Freedom Unlimited® is a great alternative to the SoFi Unlimited 2% Credit Card. You’ll 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. Plus, you can get even more value from your rewards when you transfer them to a Chase Ultimate Rewards® card (like the Chase Sapphire Preferred® Card) and redeem for travel through Chase’s portal.

    Another advantage of the Chase Freedom Unlimited® is that, unlike the SoFi Unlimited 2% Credit Card, it also comes with a valuable sign-up bonus. Currently, you can 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. To top it off, the card offers an intro APR on purchases and balance transfers for a year and a half.

    Is the SoFi Unlimited 2% Credit Card right for you?

    If you’re an existing SoFi customer and you’re looking for a simple cash back card that pairs well with other SoFi products, the $0-annual fee SoFi Unlimited 2% Credit Card is an great option. You’ll earn a high flat rate of cash back on every purchase (including an elevated rate on SoFi Travel purchases) and get access to World Elite Mastercard benefits. And although redemption options are limited, they do encourage responsible financial habits.

    However, if you aren’t already banking with SoFi — or you simply want better features and more flexible rewards — you’ll be better off with another cash back card. For example, the Wells Fargo Active Cash® Card and Chase Freedom Unlimited® boast comparable earning rates but also come with sign-up bonuses, intro APR periods and better redemption options.

    The information related to the Wells Fargo Active Cash® Card and Citi Double Cash® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

    The information related to the SoFi Unlimited 2% Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.