The SoFi Credit Card is a no annual fee card that earns 3% cash back for the first year when you set up direct deposit, after that earn 2% unlimited cash back when redeemed toward investing, saving, or paying down an eligible loan with SoFi.
It also comes with cell phone protection, no foreign transaction fees, and World Elite Mastercard benefits.
I am a big fan of SoFi and use SoFi Banking Account as my main banking account, and I also have this card in my wallet.
This article will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
Welcome Bonus
The SoFi Card currently offers the following welcome bonus:
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Earning Points
The SoFi Card earns cash back at the following rates:
- Earn 3% cash back rewards for a year when you set up direct deposit with Sofi.
- After that, earn 2% cash back rewards on purchases when redeemed toward investing, saving, or paying down an eligible loan with Sofi.
- 3% rewards when you use your SoFi Card to book trips through SoFi Trael powered by Expedia.
Rewards are in the form of points, which can be redeemed for one cent per point to either your SoFi checking, savings, or investment accounts or to pay down an eligible SoFi loan, but only 0.5 cents per point if you redeem directly for a statement credit.
Annual Fee
The SoFi credit card has no annual fee, so you don’t have to worry about a fee eating into your cash back.
Card Benefits and Perks
Below are the card benefits and perks of the SoFi Card:
Cell Phone Protection
Breaking or losing your cell phone is never a pleasant experience, especially when cell phones cost over $800+ to replace.
You can avoid paying these steep costs when you pay your cell phone bill with this credit card.
There is no cost for cell phone insurance saving you about $10 per month per phone, but you will have to pay a small deductible if you make a claim.
No Foreign Transaction Fees
This card has no foreign transaction fees on purchases outside the U.S., which is helpful if you travel internationally to help you avoid paying a 3% fee on those international purchases.
World Elite Mastercard Benefits
This card is a World Elite Mastercard, which gets you access to these special benefits and discounts:
- DoorDash: Automatically get $5 off your first DoorDash order each month.
- Lyft: Take 3 rides in one calendar month and pay with your World Elite Mastercard to earn a $5 Lyft credit.
- Fandango: Spend $20 at Fandango or on Fandango’s streaming service and get a $5 Fandango Reward.
- ShopRunner: ShopRunner is an online membership that unlocks free 2-day shipping and free returns at dozens of top stores, including Under Armour, Cole Hann, Bloomingdale’s, and more.
Pros and Cons
Here’s a quick overview of this card’s advantages and disadvantages:
Pros:
- At least 2% back in rewards when redeemed toward investing, saving, or paying down an eligible loan with SoFi.
- No annual fee and no foreign transaction fee.
- Cell phone protection.
Cons:
- Lack of travel or purchase protections.
- Reward options are limited to investing, saving, paying down eligible loan, or statement credit.
Alternatives to the SoFi Credit Card
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
Citi® Double Cash Card - 18 month BT offer
Cash Back + Potential for Travel Rewards
The Citi® Double Cash Card – 18 month BT offer boasts a strong 2% rewards rate on purchases, where you get 1% back when you buy and 1% when you pay.
This zero-annual-fee card offers a solid earning potential as long as you pay your balance on time, and it provides a simple way to rack up points with no bonus categories to track.
You can also boost your rewards by also holding the Citi Premier® Card (review), which allows you to transfer points to airline and hotel programs. This combination effectively allows you to earn 2 airline miles per dollar on all spending with the Citi Double Cash.
Bilt Mastercard®
Better for Travel and Rent
- Pay Rent Without Fees and Earn 1 Point Per Dollar on Rent (up to 50,000 Points Per Calendar Year)
- No Annual Fee
- 3x Points on Dining
- 2x Points on Travel
- Transfer Rewards to Airlines and Hotels
- Cell Phone, Primary Rental Car, and Trip Delay Insurance
Bilt Mastercard® is a no-annual-fee credit card that allows you to pay rent without a transaction fee and earn 1 point per dollar on rent (up to 50,000 points per calendar year).
You also earn 3x points on dining, 2x points on travel, and 1x points everywhere else.
The Bilt Rewards card also has great benefits for a no-annual fee card, including cell phone insurance, primary rental car insurance, 90-day purchase protection, trip delay insurance, trip cancellation insurance, and no foreign transaction fees.
Plus, you can transfer your points to airline and hotel partners such as United Airlines, American Airlines, and World of Hyatt. Or redeem the points for travel or at Amazon.
Is the SoFi Credit Card Worth It?
The SoFi Card is a good option if you have or want to open a SoFi Banking Account because of its nice cash back for everyday spending and cell phone protection.
