Chase Freedom Flex(sm), this offer is no more available.


  • Customers of SoFi Banking receive solid cash back rates
  • Potential for decent sign-up bonus
  • There is no annual fee


  • Additional SoFi accounts are required to maximize rewards
  • The sign-up bonus isn’t as simple as other cards
  • No intro APR

Credit Card Core features

The SoFi Credit Card does not have an annual fee. It is designed to encourage cardholders open multiple accounts with the card issuer. These could include an investment account, bank account or student loan.

This card is a great choice for some people, but a bad one for others.

Redeem with SoFi to Maximize Rewards

The SoFi Credit Card gives you 2% cashback on all purchases It is important to note that not all cardholders will be eligible to redeem this rate.

You earn two points per $1 spent with the card. You’ll also get 1 cent per point in redemption value. There’s one catch: you have to redeem your rewards in specific ways to get that value.

  • Deposit to a SoFi savings or checking account
  • Deposit into a SoFi Money(r) account
  • Buy fractional shares and cryptocurrency in a SoFi Invest Account
  • You can pay towards a SoFi personal loan, SoFi student loan, or student refinance loans (student refinance loans redemption is not currently available in New York).

Instead, redeem your rewards to get a statement credit. Your points will be worth 0.5c each. This effectively cuts your rewards in half, and gives you a rewards rate 1%.

Get additional cash back in your first year

If you establish direct deposit from your employer or payroll provider to a SoFi checking or savings account, you will be eligible for a total of 3.3% cash back as a new cardholder. This promotion allows you to earn up 36,000 points or $360 in your first year.

This is not a sign-up bonus. You could still earn more if you spend enough everyday on the SoFi Credit Card than you would with other cash-back credit cards welcome offers.

Do not expect a 0% introductory APR

The SoFi credit card has an introductory promotion of 0% APR — a feature that is common among top cash-back credit cards. This card has a high potential for APR so it’s important to not carry a balance month to month.

SoFi will lower your APR if you pay your bills on time for 12 consecutive months. This is a great benefit for those who want to improve their credit score by making regular on-time payments.

Learn more about the SOFI Credit Card

Here are some details to help you decide if the SoFi credit card is right.

  • SoFi offers a limited-time bonus sign-up bonus. You can tap your virtual animated card to a payment terminal and get a bonus of up to $10,000, but the majority will only receive a $10 bonus.
  • There are no foreign transaction fees with the card.
  • Up to $1,000 in cell phone protection.
  • Some World Elite Mastercard(r), including $5 monthly Lyft credits, ShopRunner membership for an annual fee, and a three-month free trial of DoorDash DashPass, are available to you.

This card is for

If you have an existing account with SoFi, such as a bank account or investment account, and want to consolidate your financial accounts, the SoFi credit card might be worth looking into. It is unlikely that you will use the card unless there are other relationships with the bank. This is the best way to maximize the cash back rate.

However, if you have a personal or student loan with SoFi, you will still need to set up automatic payments from your checking account. You can only rely upon your cash back redemption for additional payments. This will allow you to avoid missing the minimum monthly payment on your loan if there aren’t enough rewards.

Remember, however, that rewards from most cashback credit cards can be used to save, invest, or pay down your debt. The SoFi Card will make it a little easier. There are many other credit cards that offer more flexibility than SoFi for redeeming your rewards.

If you are looking for no-interest credit card options to finance large purchases or transfer a balance between cards, you will probably need to look elsewhere.

Are you unsure if this card is right for you? These are some alternatives.

These are the top options if you don’t know what the restrictions are on the SoFi credit card‘s rewards programme or you want to see other options.