Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More

The SoFi Credit Card is an interesting choice if you want a no-hassle cashback credit card with no annual fee.

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With the SoFi Rewards program, you can earn perks just by using your card.

Learn more about the SoFi credit card’s features, benefits, rewards, and application process below.

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  • What Are the Features of the Sofi Credit Card?
  • What Is the Rewards System for the SoFi Credit Card?
  • How to Earn Points With SoFi Credit Card
  • How to Apply for a SoFi Credit Card
  • How Does the SoFi Credit Card Compare to Competitors?
Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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What Are the Features of the Sofi Credit Card?

Many credit cards already give unlimited 2% cash back on purchases and the SoFi credit card is just one more option. However, the card’s primary selling point is its practicality.

Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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The SoFi Credit Card is a top flat-rate rewards credit card with generously low interest rates and great features like unlimited cash back and a lower APR after 12 on-time payments.

The SoFi Credit Card is a World Elite Mastercard, offering access to many travel and partner benefits, such as travel services and discounts. These include a $5 credit for Lyft after taking three rides a month, free membership to ShopRunner when you sign up, and discounts at places like DoorDash, Fandango, and Hello Fresh.

With the Mastercard Travel and Lifestyle Services, World Elite Mastercard Concierge Service, and Mastercard Airport Concierge that come with your card, travelers can save money and get extra services.

What Is the Welcome Bonus of SoFi Credit Card?

If you apply for and are approved for a SoFi Credit Card, you can earn between $10 and $10,000 in SoFi Rewards Points

After you’re approved, you can tap a button to win 1,000, 10,000, 100,000, or 1 million SoFi Rewards Points worth between $10 and $10,000.

It’s worth noting that the chances of earning the 1 million points prize is about 0.3 percent. This means that this welcome offer could be disappointing compared to welcome or sign-up bonuses with other credit cards.

What Is The Rewards System for the SoFi Credit Card?

Instead of getting cash back, you’ll get SoFi Reward Points tied to your SoFi accounts. Your points don’t go away as long as your account is active, but unlike some other rewards programs, SoFi Rewards Points can’t be transferred to loyalty programs or other members.

Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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You will also have to pay taxes on any SoFi Rewards Points you get from things other than spending on your credit card. This might not be a big deal for you, but it’s still important to remember that taxes could cut into the value of your rewards.

With the flat-rate SoFi Credit Card, it is easy to get rewards. When you set up direct deposit with SoFi, you will get 3% cash back for a year. After that, you can get 2% cash back on all purchases if you use it to invest, save, or pay down an eligible loan with SoFi.

More Benefits of the SoFi Credit Card

If you pay your monthly cellphone bill with your SoFi credit card, your phone will be covered for up to $1,000 per year if it gets damaged or stolen. You can only get up to $800 for each claim and make only two claims per year.

You can become a SoFi member with your SoFi Credit Card, which gives you access to a long list of member benefits.

  • Access to a certified financial planner, bonuses for referring friends, member rate discounts on eligible loans, and free will writing with Ladder estate planning.
  • Access to exclusive travel and networking events, a private Facebook group for SoFi members only, the SoFi Stadium, and the member lounge
  • Employment counseling perks include interactive career advice with exclusive tools.

How to Earn Points With SoFi Credit Card

If you plan to use SoFi as your main banking partner, there are a few other ways to earn more SoFi Rewards Points after signing up for the Member Rewards Program, though the rewards rates sometimes need clarification.

Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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You can get points through the following ways outlined below.

  • Downloading the SoFi app on your phone
  • Linking your accounts that aren’t with SoFi to SoFi Relay and taking care of your transactions
  • Signing up for the SoFi Relay Credit Score Monitoring service
  • Using your SoFi Checking and Savings account to set up bill pay and direct deposit and activate a SoFi Checking and Savings debit card
  • Sending money to a friend or family member for the first time with your SoFi Checking and Savings debit card
  • Redeeming rewards

How Can You Redeem Rewards With Your SoFi Credit Card?

You can redeem your SoFi credit card rewards through the “Redeem Points” page. You can do this once or have it happen automatically every month.

SoFi Rewards Points can’t be given to third parties or other loyalty programs, which is different from other credit card reward programs. You can’t redeem your rewards for travel or other goods, either, which means they are tied to SoFi. Below are several ways you can redeem your points.

  • Statement credits
  • Promotional offers on the “Redeem Points” page
  • Cash deposits into your SoFi Checking and Savings Account (a cash management account)
  • Stock Bits shares credited to your SoFi Invest Account (a stock, ETF, and cryptocurrency investment account)
  • SoFi Student Loan Refinance or SoFi Personal Loan payments

How to Apply for a SoFi Credit Card

You can see if you’re eligible for a SoFi Credit Card by visiting its website and filling out a few personal and financial details. Your first application to determine eligibility won’t affect your credit score. To get a SoFi Credit Card Account, you must meet specific creditworthiness requirements. 

Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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Your credit limit for revolving credit may be based on criteria including your yearly wage and salary, alternate annual income, and financial situation, including your credit report’s debt section. Applicants must also be of legal age. The bank may ask you to provide documents to prove your personal information.

Check that your personal and financial information is correct, and click “Next” if it is. Review the SoFi Credit Card Terms and Conditions. If you agree, click “Submit Application” and check the box that says you have read, understood, and agree to them.

You’ll see a message that says SoFi is looking over your application to decide whether or not to approve it. Each application is different, so the time it might take to review it may also be different. When your application for a SoFi Credit Card Account is authorized, the bank lets you know how much available credit you have to make purchases. The minimum credit line is $1,000.

What Are the Fees For the SoFi Credit Card?

The annual fee for the SoFi credit card is $0, and there are no fees for using the card abroad. Other rates and charges for the SoFi credit card include the following.

  • Regular APR – 15.24% to 27.24% variable
  • Purchase Intro APR – N/A
  • Balance Transfer Intro APR – N/A
  • Annual Fee – $0
  • Balance Transfer Fee – varies
  • Foreign Purchase Transaction Fee – $0

Indeed, the SoFi credit card proves that one of its biggest advantages is its relatively low APR and no additional fees in various situations.

How Does the SoFi Credit Card Compare to Competitors?

SoFi loan holders who want good rewards on their cards should get the SoFi card. However, when compared to other cards, the rewards program may not be the best on the market. For example, the rewards program for the Chase Freedom Unlimited credit card is much bigger.

Sofi Credit Card: How to Apply, Benefits, Pros and Cons, and More
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Specifically, travelers will get a lot more value out of this card because Chase Freedom Unlimited cardholders earn a higher 5% cash back on travel booked through Chase Ultimate Rewards (as well as cashback and gift cards). 

The Chase card also offers 3% cash back on drugstore purchases, and dining including takeout and delivery, and 1.5% cash back on other general purchases.

SoFi, as mentioned, provides 2% cash back, which you can put toward your loan payments and use to pay down your debt, but does not offer more general rewards and ways to cash them in.

How to Contact SoFi Bank

While your application is being reviewed, you can call 855-456-7634 for more help if you have any questions. 

You can also contact the bank’s head office at Bancorp 409 Silverside Rd, Ste 105 Wilmington, DE 19809.

Conclusion

The SoFi Credit Card is worth considering if you want a no-frills cash-back credit card that doesn’t cost you anything yearly. Anyone can apply, but those who end up banking, investing or borrowing with SoFi stand to gain the most.

Disclaimer: There are risks involved when applying for and using SoFi Bank products. Consult SoFi Credit Card’s Terms and Conditions page before agreeing to anything.

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