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SoFi Unlimited 2% Credit Card — Review

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Jarrod West
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Jarrod West

Senior Content Contributor

496 Published Articles 1 Edited Article

Countries Visited: 21U.S. States Visited: 24

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
Edited by: Kellie Jez
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Kellie Jez

Director of Operations & Compliance

6 Published Articles 1243 Edited Articles

Countries Visited: 10U.S. States Visited: 20

Kellie’s professional experience has led her to a deep passion for compliance, data reporting, and process improvement. Kellie’s learned the ins and outs of the points and miles world and leads UP’s c...
& Jessica Merritt
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Jessica Merritt

Senior Editor & Content Contributor

127 Published Articles 602 Edited Articles

Countries Visited: 4U.S. States Visited: 23

A long-time points and miles student, Jessica is the former Personal Finance Managing Editor at U.S. News and World Report and is passionate about helping consumers fund their travels for as little ca...

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SoFi Credit Card

SoFi Credit Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
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Apply Now(at SoFi's secure site)
  • $0

  • 20.24% to 29.99% Variable

SoFi Credit Card

Earn 2% unlimited cash-back when you redeem it to save, invest, or pay down an eligible SoFi loan --- all without an annual fee.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
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Apply Now(at SoFi's secure site)
Summary

The information regarding the SoFi card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. 


SoFi has quickly become one of the most popular fintech companies. It offers a combination of investing, saving, and loan refinancing on 1 platform.

The company offers a credit card that rewards you with 2% back on all purchases, helping you get even more out of your SoFi account.

Card Details

Card Snapshot

Welcome Bonus & Info

  • Earn unlimited 2% cash back rewards on all purchases and redeem as statement credit—or toward saving, investing, and paying down eligible SoFi debt*
  • Earn 3% cash back rewards on trips booked through SoFi Travel*
  • 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**
  • * See offer details: www.sofi.com/card/rewards
  • † See terms and conditions: www.sofi.com/card/terms
  • ** Cell Phone Insurance Protection, Mastercard ID Theft Protection(TM), Lyft and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see the guide to benefits for details or call 1-800-MASTERCARD.

Customer Service Number

855-456-7634

Pros & Cons

Pros

  • 2% cash-back on all purchases
  • 3% cash-back when you purchase travel through SoFi Travel
  • $0 annual fee
  • Cell phone insurance
  • No foreign transaction fees
  • World Elite Mastercard benefits

Cons

  • Only useful if you already use the SoFi platform
  • Does not offer bonus categories for those looking to optimize their spending on certain purchases

Upgraded Points: Expertise You Can Trust

Our seasoned and experienced team brings years of expertise in the credit card and travel sectors. Committed to integrity, we offer data-driven guides to help you find the card(s) that best fit your requirements. See details on our intensive editorial policies and card rating methodologies.

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  • Methodical “U.P. Rating” System
  • 1094+ Expert Credit Card Guides

Great Card If

  • You’re already a SoFi customer.
  • You want a no-annual-fee cash-back card that helps you save, invest, and pay down your debt.

Don’t Get If

  • You want a card that earns flexible rewards.
  • You want a card that offers bonus categories.

SoFi Card — Is It Worth It?

If you’re a SoFi customer looking for a simple cash-back rewards card with no annual fee, the SoFi card could be a good fit.

Not only does it offer an uncapped 2% cash-back on all purchases, you also earn 3% cash-back on purchases made through SoFi Travel. The card also offers perks like up to $1,000 in cell phone protection, no foreign transaction fees, and Mastercard World Elite benefits.

SoFi Card Top Benefits

Aside from cash-back rewards, here is a look at what the SoFi card can offer you:

  • Cell phone protection: Receive complimentary cell phone insurance coverage that covers repairs to your stolen or damaged phone. The maximum reimbursement is $800 per claim and $1,000 per 12-month period. Each claim requires you to pay a $50 deductible, and your coverage is limited to 2 claims per 12-month period.
  • No foreign transaction fees: Use your card overseas to earn 2% cash-back on all purchases without paying a foreign transaction fee.
  • World Elite Mastercard perks: Receive perks like a $5 Lyft credit once per month, a 2-month Instacart free trial, a free annual Shoprunner membership, and more.

Best Ways To Earn and Redeem Cash-Back Rewards

With a flat 2% cash-back on all purchases, you can use the SoFi card for any purchase and pay it off in full each month to take advantage of these 2% cash-back rewards.

You also could take advantage of the 3% cash-back rewards on SoFi Travel purchases, assuming you don’t mind booking your travel through a third-party platform.

SoFi allows you to redeem rewards as a statement credit to offset purchases you’ve made previously, as a deposit toward your SoFi savings or checking account, toward an investment account you hold with SoFi, or even to pay down any debt you have with SoFi, like a student loan.

Alternative Cards to the SoFi Card

Citi Double Cash® Card

Those looking for a card with more reward flexibility should consider the Citi Double Cash card. Like the SoFi card, the Citi Double Cash card earns an unlimited 2% back on all purchases (1% when you buy and another 1% when you pay) and has a $0 annual fee.

Citi Double Cash® Card
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U.P. Rating 
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!

Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!
Earn $200 cash-back after spending $1,500 on purchases in the first 6 months of account opening.
$200 cash-back
$0
0% Intro APR for 18 months on balance transfers, then 18.49% to 28.49% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Fair to Excellent (580-850)
Why We Like This Card

The Citi Double Cash® Card has long been one of the top cash-back credit cards on the market, and the card now has the ability to earn Citi ThankYou Points!

This means that cardholders of the Double Cash card will now earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Cash back is earned in the form of ThankYou Points. This means each billing cycle, you will earn 1 ThankYou point per $1 spent on purchases and an additional ThankYou point for every $1 paid on your purchase balance as long as there is a corresponding balance in your Purchase Tracker.

Citi has turned the Double Cash card into a top choice for those who are looking for an everyday, no-fuss credit card.

Pros & Cons
Pros
  • Uncapped 2% for every $1 spent (1% when you buy and another 1% when you pay)
  • Flexible redemption options
  • No annual fee
Cons
  • No bonus categories
  • 3% foreign transaction fees
Card Highlights
  • Bonus Offer: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% Intro APR for 18 months on balance transfers; after that, the variable APR will be 18.49% to 28.49%, based on your creditworthiness. Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Citi Double Cash® Card Travel Portal Special Offer
    Earn a total of 5 ThankYou® Points per $1 spent on hotel, car rental, and attractions, excluding air travel, when booked through the Citi Travel℠ portal via cititravel.com or by calling 1-833-737-1288 (TTY: 711). Offer is valid through 12/31/2025.
Financial Snapshot
  • APR: 0% Intro APR for 18 months on balance transfers, then 18.49% to 28.49% Variable
  • Foreign Transaction Fees: 3% of the U.S. dollar amount of each purchase
Rewards Center

Citi ThankYou Rewards

However, instead of being limited to redeeming your 2% rewards with SoFi, you could convert your cash-back to Citi ThankYou Points, which can then be pooled with the rewards from a premium Citi ThankYou Rewards card for high-value travel opportunities.

Fidelity® Rewards Visa Signature® Card

The Fidelity Rewards card and the SoFi card are similar. The Fidelity Rewards card also offers 2% cash-back on all purchases with no annual fee. Fidelity allows you to cash out rewards into a Fidelity Brokerage account, Fidelity Cash Management Account, Fidelity Retirement Account, and practically any other account type that Fidelity offers.

Deciding between the SoFi card and the Fidelity Rewards card mainly depends on which company you prefer to handle your finances through.

The information regarding the SoFi Unlimited 2% Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Citi Double Cash® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Fidelity® Rewards Visa Signature® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

Is the SoFi card good?

If you use at least 1 SoFi product, whether a loan, a SoFi Money account, or SoFi Invest account, then having the SoFi card can help enhance the value of each of those accounts.

With it, your 2% cash-back rewards can be deposited into one of those accounts to help you pay down debt faster or grow your cash reserves or investments.

Will applying for the SoFi card impact my credit score?

When you submit your application, SoFi conducts a soft credit pull that will not affect your credit score should your application be denied. However, if your application is approved, SoFi will do a hard credit pull and a new account will be added to your credit report, which likely will reduce your credit score by a few points temporarily.

Is the SoFi card hard to get?

Those with at least a couple of years of solid credit history and a credit score of 700 or higher should find it reasonably easy to get approved for the card. That said, no set parameters will guarantee your approval for the SoFi card.

SoFi allows you to apply for the card, which performs a preliminary soft pull to your credit, and if you are denied, that soft pull will not impact your credit score.

Can you pay your SoFi student loan with a credit card?

Yes, you can pay your student loan through SoFi with a credit card, including your SoFi card. This is a great way to help pay down your debt even faster as each loan payment you make with your SoFi card earns 2% cash-back, and you can then redeem that cash-back balance towards your student loan balance.

Does the SoFi card have an annual fee?

No, the SoFi card has a $0 annual fee.

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About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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