The SoFi Unlimited 2% Credit Card offers a straightforward rewards structure that gives you 2% back on purchases, plus an extra boost to 3% when booking through SoFi Travel. You’ll get the most value by staying within the SoFi ecosystem, as rewards can be redeemed into SoFi accounts or used to pay down SoFi loans.
This credit card review 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 of SoFi Credit Card
The SoFi Credit Card currently offers the following welcome bonus: No welcome bonus is currently offered.
Earning Cash Back with SoFi Credit Card
The SoFi Credit Card earns cash back at the following rates:
You’re looking at a solid everyday spending card that provides consistent value across all purchase categories, making it great for those who don’t want to juggle multiple cards.
While the 2% earning rate matches other top flat-rate cards in the market, the redemption limitations requiring you to stay within the SoFi ecosystem make this less flexible than competitors offering straight cash back.
For travelers, the 3% back on SoFi Travel is a nice bonus, but you’ll likely earn more with dedicated travel rewards cards that offer transferable points currencies and better earning rates on broader travel categories.
Annual Fee of SoFi Credit Card
You won’t have to pay an annual fee for the SoFi Unlimited 2% Credit Card, making it an attractive option for those seeking rewards without extra costs.
The $0 annual fee becomes even more valuable when you consider the card’s benefits, which include cell phone insurance, World Elite Mastercard perks, and no foreign transaction fees.
Benefits of SoFi Credit Card
Below are the card benefits and perks of the SoFi Credit Card: Cell Phone Protection: When you use your card to pay your monthly phone bill, you’ll receive valuable coverage against damage or theft of your device. No Foreign Transaction Fees: You’ll save money on every purchase while traveling internationally since this card doesn’t add the typical 3% surcharge that many other cards impose. World Elite Benefits: This card is a World Elite Mastercard, which gets you access to these special benefits and discounts: DoorDash ($5 off your first DoorDash order each month), Lyft (Take 3 rides in one month and earn a $5 Lyft credit), Shoprunner (free two-day shipping), and Fandango (spend $20 and get $5 back).
Redeeming Rewards
When it comes to redeeming your rewards with the SoFi credit card, you’ll need to stay within the SoFi ecosystem to maximize your earnings.
You can convert your points to cash deposited directly into your SoFi Checking and Savings account, use them to purchase fractional shares through SoFi Invest, or apply them toward the balance of your SoFi personal loan or student loan refinance.
If you prefer a statement credit to reduce your credit card bill, that’s also an option. Each point is worth one cent when redeemed through SoFi’s various channels, giving you an effective 2% return on your spending.
Unlike some other rewards cards that require minimum redemption thresholds or have complicated point transfer systems, SoFi keeps redemption straightforward and gives you multiple ways to put your rewards to work toward your financial goals.
Pros and Cons
Here are the advantages and disadvantages of this card:
Pros:
Simple Earning Structure: You’ll earn a straightforward 2% back on virtually all purchases, making it easy to track your rewards without worrying about bonus categories or spending caps.
No Annual Fee: The card costs nothing to carry, meaning all your rewards are pure earnings as long as you pay your balance in full each month.
Travel-Friendly Features: You’ll pay no foreign transaction fees when using the card abroad, and the card includes valuable World Elite Mastercard benefits like cell phone protection.
Cons:
Redemption Restrictions: Your rewards are locked into the SoFi ecosystem – you can’t transfer points to travel partners or redeem for cash back with external banks.
No Intro APR Period: Unlike many competing cards, this card doesn’t offer any 0% intro APR period on purchases or balance transfers.
Limited Travel Benefits: The card lacks premium travel perks like airport lounge access, airline fee credits, or nice travel insurance protections.
Category Bonus Limitations: While the 2% flat rate is solid, there are no higher bonus categories for common spending like dining, groceries, or gas (except for SoFi Travel bookings).
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.
Bilt Mastercard®
The Bilt Mastercard® (review) lets you earn valuable travel rewards on rent payments without fees while offering bonus points on dining and travel purchases. This no-annual-fee card stands out for its unique rent payment feature and strong travel benefits like rental car coverage and trip protection. Earning Rewards: 5x points on Lyft; 3x points on dining; 2x points on travel purchases; 1x points on rent payments without any transaction fees up to 100,000 points per year, and 1x points on everything else. (Five transactions are required per billing cycle to earn points.) Card Benefits: No transaction fees to pay rent and earn 1x points, primary rental car insurance, cell phone protection, trip delay and trip cancellation insurance, purchase protection, and no foreign transaction fees.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card (review) is one of the most popular travel rewards cards because it offers nice welcome bonus and extra points on travel and dining, which can be transferred to airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Travel℠. The Sapphire Preferred also offers great travel and purchase protections for a card with a $95 annual fee. Welcome Bonus: bonus_miles_full Earning Rewards: 5x points on travel purchased through Chase Travel, 3x points on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2x points on all other travel purchases, and 1 point per dollar on all other purchases. Card Benefits: Ability to transfer to airline and hotel partners, 25% bonus when redeeming points through Chase Travel, $50 annual hotel stay credit via Chase Travel, 10% anniversary points bonus, no foreign transaction fees, primary rental car insurance, trip delay insurance, trip cancellation insurance, baggage delay insurance, purchase protection, and extended warranty. Transfer Partners: Aer Lingus, Air Canada Aeroplan, British Airways, Emirates, Air France KLM Flying Blue, Hyatt, IHG, Iberia, JetBlue, Marriott, Singapore KrisFlyer, Southwest, United, and Virgin Atlantic.
Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express (review) is designed to maximize cash back on common household expenses. If you spend heavily on groceries, streaming services, transit or gas, you’ll find the card’s bonus categories and earning rates hard to beat. Welcome Bonus: Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months. Earning Rewards: 6% back at US Supermarkets (up to $6,000 per year, then 1% back) and select US streaming subscriptions; 3% back on transit (including rideshare) and at US gas stations; 1% back on all other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. Card Benefits: Subscription credit (up to a $10 monthly statement credit after using your enrolled card for a subscription purchase, including at disneyplus.com, Hulu.com, or Plus.espn.com U.S. websites), secondary rental car insurance, extended warranty, purchase protection, return protection, and 0% APR on purchases and balance transfers for 12 months from the date of account opening, after that a reg_apr,reg_apr_type APR.
Is the SoFi Credit Card Worth It?
The SoFi Credit Card provides a simple flat-rate rewards structure with no annual fee, though you’ll need to use SoFi’s ecosystem to maximize your earnings.
The card’s main draw is its consistent rewards rate on all purchases, plus extra benefits like cell phone protection and no foreign transaction fees.
Statement credits are available as a redemption option, but you’ll get better value when depositing rewards into SoFi accounts or using them to pay down SoFi loans.
This card works best for people who already use SoFi’s other financial products, while those wanting more flexible redemption options or category bonuses might prefer to look elsewhere.
