SoFi Unlimited 2% Credit Card Review
The SoFi Unlimited 2% Credit Card takes a different approach. With this card, you can earn cash back on eligible purchases when you redeem them towards investing, saving, or paying down an eligible loan with Sofi’s services.
Jump to section
card_name
- Rewards
- points_per_dollar
- Welcome Bonus
- bonus_miles bonus_miles_disclaimer
- Annual Fee
- annual_fees
Key Features
descriptionEditor Analysis:
- Earn 3% cash back rewards for a year when you set up direct deposit with Sofi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with Sofi.
- Earn up to $200 when you fund an Invest account as well as a checking and savings account after getting approved for the Sofi Unlimited 2% Credit Card.
- Enjoy cell phone protection insurance coverage up to $1,000 when you pay your monthly cell phone bill with your card.
- This card is designed to help you save, invest, and pay down debt, which is a great feature for Sofi customers, but perhaps it's not the best for someone looking for a more general card to earn rewards with.
Sofi was founded a decade ago by Stanford business students as an innovative way to provide students and alumni with loans. Since then, it has branched out to become a comprehensive personal finance platform that covers everything from investing to career coaching.
The company, which boasts nearly 3 million members, also has a credit card that offers unlimited cash back. It’s an excellent choice for Sofi customers, but it may not be right for everyone.
Keep reading for everything you need to know about the CardName.
HOW DOES THE CardName WORK?
The CardName reward system is straightforward. Every purchase earns cash back, but how much you get depends on your redemption choice:
- Earn 3% cash back rewards for a year when you set up direct deposit with Sofi.
- After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with Sofi.
To make this system work, Sofi awards two points for every dollar spent using the CardName. Then, if you use those points to pay down an eligible Sofi loan or save or invest in a Sofi account, each point redeemed is worth 1 cent.
CardName BENEFITS
The opportunity to earn the equivalent of 3% and 2% cash back for purchases is a nice perk in and of itself; however, it’s not the only benefit offered by the CardName. It also comes with these attractive features:
- No annual fee
- No foreign transaction fee
- Cell phone insurance coverage of up to $1,000
- World Elite Mastercard benefits such as a free Shoprunner membership and Lyft credits
CardName CREDIT SCORE
Sofi doesn’t publicize a minimum credit score number required for its credit card; however, they do state that you’ll need good to excellent credit to be approved. Most World Elite Mastercards have this credit score requirement.
Depending on which credit scoring model is used, that could mean a score as low as 670 could garner you an approval for the CardName. But having a score greater than 700 is likely to increase your odds of a favorable response.
Don’t let your credit score stop you from applying though. Sofi says it performs a soft credit pull when reviewing applications, something that won’t affect your credit score. A hard credit pull – which can temporarily drop your credit score by a few points – only happens after an application is approved.
POTENTIAL DOWNSIDES OF THE CardName
With no annual fee and robust rewards, the CardName has a lot going for it. However, it has some downsides as well:
- Cardholders only receive 2% cash back if using their rewards to save, invest or pay off debt on the Sofi platform.
- There is no introductory APR or balance transfer offer.
- It’s designed to help you save, invest, and pay down debt, which is a great feature, but perhaps it’s not the best for someone looking to just earn traditional credit card rewards.
HOW IS THE SOFI CARD DIFFERENT FROM OTHER CREDIT CARDS?
The CardName is unique in that it provides enhanced rewards for those who are saving, investing or paying off a loan with Sofi.
Here’s a closer look at how it stacks up:
CardName vs. CardName
discontinued
CardName has an innovative rewards model: cardholders get 1% cash back on purchases and 1% cash back when they pay off those purchases (Citi is a CardRatings advertiser).
Neither the CardName nor the CardName charge an annual fee. While Sofi offers additional perks such as World Elite Mastercard benefits, CardName has one of the best balance transfer offers available right now. New cardholders get intro 0% APR for 18 months on balance transfers (then RegAPR).
Both cards are good rewards options although the Citi card is a more traditional option for those who want more flexibility in how they earn and redeem rewards.
IS THE CardName WORTH IT?
For Sofi customers, the CardName is a logical choice. It offers a solid rewards program, no annual fees and a nice collection of additional perks.
If you plan to carry a balance or prefer to redeem for statement credits, the CardName can still make sense, but there may be better options for you. Check out our list of best credit cards to find the one that is perfect for your financial goals.
The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
