By : 
Mr Credit Card
Mr Credit Card
- Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card (See Terms).
- Earn 2% unlimited cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi.
- When you make 12 on-time payments, we’ll lower your APR by 1%.
- No annual fee.
- No foreign transaction fees.
- Cell phone protection (insurance coverage up to $1,000)**.
- Mastercard ID Theft Protection™**.
- $5 Lyft credit when you take 3 rides per month**.
- **Cell 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 your guide to benefits for details or call 1-800-MASTERCARD.
At A Glance
Card Details
| Annual Fee | $0 |
| APR | 12.99% - 24.99% |
| Grace Period | 25 Days |
| Late Fee | Up to $39 |
| Foreign Transaction Fee | 0% |
| Cash Advance APR | 26.99% |
| Cash Advance Fee | Greater of $10 or 5% of cash advance amount |
No Annual Fee and Foreign Transaction Fee - The SoFi credit card has no annual fee and foreign transaction fee.
Regular APR - The regular APR ranges between 12.99% and 24.99%
2% Cash Back - Card members will earn 2% cash back on all purchases.
APR Reduction after 12 on-time payments - Your APR will be reduced by 1% when you make 12 timely payments.
How 2% Cash Back Works
You can redeem the cash back for the following:
- Statement Credit - at a rate of $0.005 for every point. You should not redeem your cash back for statement credits because of the redemption rate is only half of 1%. Therefore, if you do redeem for statement credits, you effectively only end up getting 1% cash back rather than 2%.
- Digital Currency credited to SoFi Crypto Account - at at rate of $0.01 for every point
- Shares (fractional or whole) credited to SoFi Invest Account - This is SoFi's investment account
- Cash deposited into SoFi Money Account
- Cash Applied to outstanding balances of SoFi student loan refinance or personal loans
- Any promotional offer listed on the "Redeem Points" page
Mastercard Elite Benefits
- Fandango Rewards - If you spend $20 on Fandango tickets or their streaming service, you will earn $5 Fandango Rewards.
- Free 3 Month DoorDash Membership - SoFi credit card members get 3 months of DoorDash membership for free.
- Credit on Lyft Rides - When you take 3 Lyft rides a month, you will get a $5 credit.
- Free RoadRunner Membership - I find this to be a great benefit because Roadrunner gives you free shipping with online stores that normally charge a shipping fee. The annual membership is worth $99.
- Cell Phone Protection - This benefit comes with a $1,000 annual coverage. You can claim a maximum of $800 per claim and up to 2 claims a year if your cell phone gets stolen or need certain repairs. You have to pay your monthly cell phone bills with the SoFi credit card for this benefit to be active.
Competition
Compared to 2% cash back credit cards
| Card | Annual Fee | Cash Back | Redmeption |
|---|---|---|---|
| Sofi | $0 | 2% | Money Account Sofi Crypto Account SoFi Personal Loans SoFi Student Refinance Loans |
| Citi Double Cash | $0 | 2% | Direct Deposit, Check, Transfer to Citi ThankYou points |
| TD Double Up | $0 | 2% | Eligible TD Deposit Account |
| Wells Fargo Active | $35 to $99 | Wells Fargo account (credit card, mortgage, checking account) Gift CardsPurchases on card | |
| Paypal Mastercard | $0 | 2% | Paypal Balance Bank account or debit card linked to PayPal |
| Fidelity | $0 | 2% | Eligible Fidelity Accounts |
As you can see from the table above, there are quite a few 2% flat rate cash back credit cards. The most popular and one of the first in the market is the Citi Double Cash. Recently, other 2% cash back credit cards have come to the market. They include cards like the Wells Fargo Active Cash Card, the TD Bank 2% Double Up. There are other cards like Fidelity and Paypal that have been around for a while.
All of these cards have no annual fee and let's you earn 2% cash back. What consumers should be looking for is how you can redeem your cash back. And that is where the main differences between these cards lie. For example, cards like SoFi, Fidelity and TD Double Up require that you have an account with them. For the Fidelity 2% card, you need to have a Fidelity account open with them. For the TD Double Up, you need to have an eligible TD Deposit Account. With the Wells Fargo Active Cash, you can redeem cash back through your Wells Fargo checking or savings account. Having said that, you can request a paper check with the Wells Fargo Active Cash as a method to receive your cash back.
In contrast, both the Citi Double Cash and Paypal 2% Mastercard allow you to transfer your cash back to your own checking account. The Citi Double Cash allows you to redeem your cash back via direct deposit to an non-Citi account and Paypal allows you to deposit the cash back to your "linked" bank account. From a redemption perspective, both the Citi Double Cash and Paypal do not require that you have an account with them. In contrast, you need an account with SoFi to redeem your cash back unless you want to redeem them as statement credits. But as discussed earlier, it does not pay to redeem them that way.
Compared to Crypto Credit Cards
As the SoFi credit card allows you to deposit the cash back you have earned into their SoFi Crypto account and invest in cryptocurrencies, we will now compare this card to other Crypto credit cards.| Card | Annual Fee | Rewards | Crypto Type | Redemption |
|---|---|---|---|---|
| SoFi | $0 | 2X | Bitcoin & 21 other cryptos | SoFi Crypto Account |
| Brex | $0 | 1X | Bitcoin & Ethereum | Coinbase |
| Venmo | $0 | 3X - top spending category 2X - 2nd top spending cateogry 1X - every other expenses | bitcoin, ethereum, litecoin or bitcoin cash | Venmo App |
| BlockFi | $0 | 1.5X 2X for over $50,000 in annual spending | Bitcoin | BlockFi Account |
| Gemini | $0 | 3X - Dining 2X - Grocery 1X - Regular Purchases | Bitcoin + 30 other crypto | Gemini Account |
| Upgrade | $0 | 1.5X | Bitcoin | Statement Credit |
As far as earning cash back is concerned, most of the crypto credit cards are either flat rate or bonus category cash back cards. For example, the Upgrade Bitcoin allows you to earn 1.5% cash back in Bitcoins while Brex allows you to earn 1% cash back in either Bitcoin or Ethereum. BlockFi allows you to earn 2% cash back in Bitcoin up to $50,000 in annual spending and then 1.5% above that amount. Cards like Gemini and Venmo have bonus categories rather than flat rate earnings.
One thing to note is that crypto credit cards are either exchanges themselves or they partner with an exchange for crypto investments. For example, BlockFi is a crypto exchange and so their cardholders will get their cash into deposited into their accounts with them. In the case of SoFi, your cash back can be deposited into the SoFi Crypto Invest Account which allows you to invest in a variety of cryptos (21 at present). They have partnered with Coinbase as their exchange partner.
Pros: What We Like
- Earn 2% flat rate for all purchases - 2% is the best rate you can get for a flat rate credit card.
- No Annual Fee and Foreign Transaction - All 2% flat rate credit cash back credit cards have no annual fee. However, not all have no foreign transaction fee. This makes SoFi a great card to use outside the US.
- Cash back can be redeemed in a variety of ways - Aside from being able to deposit your cash back in your SoFi money account, you can use it towards your SoFi student loan refinance or personal loans
- Can be deposited in SoFi Crypto Invest Account - For crypto investors who have a SoFi Crypto Invest Account, the cash back can be deposited into this account where yoy can invest in a variety of Cryptos including Bitcoin, Ethereum, Dodgecoin etc (at present, you can invest up to 21 crypto currencies with SoFi).
- Mastercard Elite Benefits including Cell Phone Protection - The Cell Phone Protection and the free RoadRunner membership are the two best benefits from Mastercard Elite program.
- 1% APR Reduction - Cardholders will get their APR reduced by 1% after 12 timely payments. We know of no other cards that offer this feature.
Cons: What We Don't Like
- Redeeming cash back for statement credit has lower redemption rate - If you redeem your cash back via statement credit, you only get effectively a 1% earning rate because the redemption ratio and rate is $0.005 vs $0.01 for other redemption method. So please do not redeem your cash back via statement credit.
- Cannot redeem to non-SoFi accounts - If you were to get this card, you need to have an account with SoFi, either savings or investment account or a personal loan. You cannot direct deposit your cash back into a non-SoFi account or even get it redeemed via check.
Our Take: 2% Cash Back is Great for SoFi Account Holders
What makes this SoFi credit card unique is that you can redeem it in a variety of ways. For example, you can use the cash back to pay your student refinance loans or personal loans. You can deposit it in your savings account or Invest account. You can also deposit it in your SoFi crypto invest account and invest it in cryptocurrencies. The thing that you have to be aware of is that you cannot deposit your cash back earnings in an account outside of SoFi.
Aside from the 2% rewards, other perks like cell phone protection program and the free RoadRunner membership really add value to this card. As is the 1% APR reduction when you pay on time for the first 12 months.
I would recommend any 2% flat rate cash back credit cards to anyone. And the SoFi credit card is actually a great card to have if you already have a SoFi account or plan to. If you plan to use cash back earnings from credit cards to pay off your SoFi Loans or to invest in cryptocurrencies, then the SoFi credit card is taylor made for you. If however, you do not have a SoFi account and do not plan on getting one, then a card like the Citi DoubleCash would be better because you can direct deposit your cash back to any bank account.
How to apply?
FREQUENTLY ASKED QUESTIONS
When will I receive my SoFi credit card after I am approved?
When will I receive my SoFi credit card after I am approved?
In about 7-10 business days. Contact SoFi at 844-945-7634 if you do not get your card by then.
Do I need to inform SoFi if I am travelling abroad and intend to use the card?
Do I need to inform SoFi if I am travelling abroad and intend to use the card?
Yes, you have to call SoFi to inform them of your travel plans.
How much cash can I withdraw from the ATM
How much cash can I withdraw from the ATM
You have to withdraw a minimum of $40 and not more than $1,000 a day. There will be a cash advance fee of the greater of $10 or 5% of the transaction amount.
Does SoFi perform a soft or hard pull when I apply for the credit card?
Does SoFi perform a soft or hard pull when I apply for the credit card?
SoFi will perform a soft credit pull when you apply for a credit card. If you do not qualify, no hard pull will occur. If your application for a SoFi credit card is accepted, a hard pull will occur at the time of approval, which may impact your credit score.
Can I set up autopay?
Can I set up autopay?
Yes, you can do so via the app under the "pay" option. Just "turn on" autopay and choose between minimum payment or full payment. If you want to pay a different amount, then choose "manage" and set it up how you like it.
How soon will my credit availability be updated after I pay?
How soon will my credit availability be updated after I pay?
In most cases, balance will be updated 24 hours after your payment is processed. In certain cases, it could take up to 5 business days.
Can I apply with a co-signer?
Can I apply with a co-signer?
No, but you can add up to 10 authorized users.
Mail
SoFi
PO Box 650092
Dallas, TX 75265-0092
Phone
844-945-7634