The SoFi Credit Card is a no-annual-fee World Elite Mastercard that is not just a standalone product, but a fully integrated part of the comprehensive SoFi financial ecosystem. It offers a simple, powerful rewards structure that becomes even more valuable when you are a SoFi member.
This card is perfect for the U.S. consumer who wants an all-in-one digital platform to manage their spending, saving, and investing. It rewards you for your loyalty with a high, unlimited 2% cash back rate when you redeem rewards into your SoFi accounts. With premium benefits like cell phone protection and no foreign transaction fees, the SoFi Credit Card is an intelligent and efficient choice for streamlining your finances.
An Integrated System of Benefits
- A High, Unlimited 2% Cash Back Rate: The card’s core reward is a simple and powerful unlimited 2% cash back on all eligible purchases. This top-tier rate is unlocked when you redeem your rewards directly into a qualifying SoFi account, such as SoFi Checking and Savings or SoFi Invest.
- $0 Annual Fee: There is no annual fee to own this card, making it a cost-effective way to access premium rewards and benefits.
- No Foreign Transaction Fees: This is a fantastic benefit for international travelers. You can use your SoFi Credit Card for purchases anywhere in the world without being charged the typical 3% fee.
- A Full Suite of World Elite Mastercard® Benefits: The card comes with a robust package of premium benefits that are rare for a no-annual-fee card. This includes:
- Cellphone Protection: Get up to $1,000 in coverage ($800 per claim, with a $50 deductible) for your cell phone against theft or damage when you pay your monthly bill with the card.
- Lyft Credits: Receive a $5 Lyft credit each month after you take three rides.
- DoorDash Membership: Get a complimentary DashPass membership for several months, which offers $0 delivery fees on eligible orders.
- ShopRunner Membership: Enjoy free 2-day shipping and free returns at over 100 popular online stores.
- Redeem Rewards to Build Wealth: The card’s redemption system is designed to promote good financial habits. You can have your 2% cash back automatically deposited into your SoFi Checking and Savings account, used to buy stocks or ETFs in your SoFi Invest account, or applied as an extra payment to a SoFi loan.
Who Can Apply: Eligibility Criteria
This card is a great choice for U.S. residents with a solid credit history.
- Credit Score: A good to excellent credit score is recommended (typically a FICO score of 670 or higher).
- Age and Residency: You must be at least 18 years old and a U.S. resident with a valid U.S. address.
- Identification: A valid Social Security Number is required.
How to Apply: A Streamlined Digital Process
Applying for the SoFi Credit Card is an easy online process, best done through the SoFi ecosystem.
- Visit the SoFi Website or Download the App: You can start your application in minutes. SoFi often offers a pre-qualification tool that lets you check your potential rate and credit line with no impact on your credit score.
- Complete the Application: Fill out the secure online application with your personal and financial information.
- Receive a Quick Decision: You will often receive a decision from SoFi very quickly.
- Open a SoFi Account to Maximize Rewards: To ensure you get the full 2% cash back, the best strategy is to also open a free SoFi Checking and Savings account, which is where your rewards can be deposited.
Frequently Asked Questions
- Do I have to be a SoFi member to get the 2% cash back?
Yes, that is how the rewards system is structured. To get the full 2% cash back value, you must redeem your rewards into a SoFi Checking and Savings, SoFi Invest, or SoFi Loan account. If you choose to redeem as a statement credit, you will only receive 1% cash back. - Is it difficult to open a SoFi Checking and Savings account?
No, it is a very simple online process that takes only a few minutes. The account has no monthly fees and offers a high-yield interest rate on your savings, making it a valuable product on its own. - Does the SoFi Credit Card have a 0% introductory APR offer?
No, this is a key feature the card does not have. The SoFi Credit Card typically does not offer a 0% introductory APR on either new purchases or balance transfers. It is best for individuals who plan to pay their balance in full each month. - How does the cellphone protection benefit work?
You must pay your full monthly cell phone bill with the SoFi Credit Card. If your phone is stolen or is accidentally damaged in a way that affects its functionality, you can file a claim for reimbursement for the repair or replacement cost, up to the policy limit ($800 per claim) and after paying a $50 deductible.
