Review
Updated
Fact Checked
Nathan Alderman
SoFi cardholders will appreciate SoFi Unlimited 2% Credit Card rewards, designed to encourage members to save and pay down debt. There is no annual fee and cardholders earn an unlimited 2% cash back and unlimited 3% rewards when using the card to book trips through the new SoFi Travel powered by Expedia. Read our full SoFi Unlimited 2% Credit Card review to see what else the card has to offer.
SoFi Unlimited 2% Credit Card
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
18.24% to 29.99%, variable
Rewards Get 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, statement credits, or paying down an eligible loan with SoFi. Earn unlimited 3% cash back rewards when you use your SoFi Credit Card to book trips through the new SoFi Travel powered by Expedia.
1% - 3% cash back
Annual Fee
$0
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Offers cash back rewards on every purchase and higher rewards for SoFi Travel purchases, all for no annual fee. To maximize your rewards, you will need to redeem rewards into an eligible SoFi account, however.
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- Competitive purchase rewards
- No annual fee
- World Elite Mastercard benefits
- Card perks
- No intro APR offers
- High balance transfer fees
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- Smart spending and budgeting tools. Set a budget for each month and get a notification when you are close to reaching your budget
- 18.24% to 29.99% Variable APR on purchases and balance transfers
- No annual fee
- Get 2% unlimited cash back towards your financial goals
- Get 2% cash back on all eligible purchases—and when you redeem it to pay down eligible debt, save, or invest with SoFi.
- Earn unlimited 3% cash back rewards when you use your SoFi Credit Card to book trips through the new SoFi Travel powered by Expedia.
- Get special discounts on popular brands like Lyft, Shoprunner, Boxed, and more
- The SoFi app makes it easy to automatically redeem your cash back toward your eligible SoFi loans, saving, or investing each month
- Complimentary cell phone insurance coverage up to $1,000
The SoFi 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.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
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Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Full SoFi Credit Card review
This credit card is a good fit for: SoFi Checking and Savings account holders who want to earn unlimited cash back on a credit card with no annual fee.
Top perks
Unlimited 2% cash back on purchases and unlimited 3% rewards on travel bookings
For every dollar spent on eligible purchases, members can earn 2 rewards points. When redeeming points, you have the option to receive cash deposited into your SoFi Checking and Savings account, your SoFi Money® account, fractional shares in your SoFi Active Investing account, or you can use your points as a payment towards SoFi Personal Loans or as a statement credit on your credit card bill. For these options, your points are redeemed at a rate of $0.01 per point.
In addition, cardholders can earn unlimited 3% cash back rewards when you use your SoFi Unlimited 2% Credit Card to book trips through the new SoFi Travel powered by Expedia.
No annual fee
Many rewards credit cards with higher-than-average purchase rewards charge an annual fee. But the SoFi Unlimited 2% Credit Card charges no annual fee whatsoever. In addition there are no foreign transaction costs. This is a nice perk because you won't lose any of your rewards earnings to balance out an expensive annual fee.
Plus, if you find you don't use your card much or decide to move on to bigger rewards, you don't have to worry about canceling your SoFi Unlimited 2% Credit Card. Without an annual fee, it won't cost you anything to hang onto the card regardless of how often you use it (or don't).
Card perks
Card holders get up to $1,000 of complimentary cellphone insurance coverage, can safeguard their personal information with Mastercard ID theft protection, and have access to free credit score monitoring. With SoFi Insights, you can track your credit score and earn rewards points every time it goes up.
Bonus cash back rewards for account loyalty
Cardholders who also have a SoFi Checking account with direct deposit can earn 10% more rewards on card purchases. So, eligible cardholders would earn a total of 2.2% unlimited cash back on purchases, plus 3.3% back on trips booked through SoFi Travel.
To start earning the 10% boost, you'll need to set up (or have) a SoFi Checking account and receive at least one direct deposit per 30-day statement period. You will start earning the 10% boost once you receive the first eligible direct deposit into your checking account.
World Elite Mastercard® benefits
Not only does the SoFi Unlimited 2% Credit Card operate on the Mastercard network, which is accepted at millions of businesses worldwide, but it's also a World Elite Mastercard®. This means you'll get a range of exclusive World Elite benefits, including:
- $5 in Lyft credits when you take three rides or more a month*
- $0 delivery fee, reduced service charges and exclusive savings and offers with DashPass, the membership service from DoorDash.
- Unlimited two-day free shipping with ShopRunner
- Spend $20 on movie tickets at Fandango or at home on Vudu and get a $5 Fandango Reward towards your next movie ticket
- Exclusive PGA TOUR® experiences with Mastercard Golf
Other World Elite benefits include Mastercard global services, access to the World Elite concierge services, and $0 liability protection.*
What could be improved
No introductory 0% APR offers
Another standard feature the SoFi Unlimited 2% Credit Card lacks is an introductory 0% interest offer on new purchases or balance transfers. In fact, the card only accepts balance transfers from people who have received special promotional offers.
No introductory 0% APR offer for new purchases means you won't have the option to make a big purchase and pay it off over time interest free. Instead, cardholders are reliant on the standard grace period -- 25 days, in this case -- to avoid paying interest. The go-to interest rate will vary based on your credit history, and the card has a large range of potential APRs that goes from competitively low to shockingly high.
High balance transfer and late payment fees
The balance transfer fee is 5% ($10 min.), whichever is greater. Most cards charge 3% to 5%, so this fee is on the higher side. There are also late payment fees of up to $41.
Find the best credit card for your needs
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Suggested credit score
SoFi states that this card is for customers with good or excellent credit. You'll likely need a credit score of 670 or higher to qualify for the SoFi Unlimited 2% Credit Card, as it's technically a World Elite Mastercard® product. Bear in mind that your score won't be the only factor considered when you apply.
The SoFi Credit Card is right for you if:
The SoFi Unlimited 2% Credit Card is an ideal flat-rate rewards card if you don't mind redeeming your rewards into your SoFi accounts or towards your SoFi loan. The field of 2% cash back cards with no annual fee isn't huge, and the SoFi Unlimited 2% Credit Card can be a good way to boost your savings, reduce your credit card bill, or pay down debt faster. However, if you're not a SoFi member or are looking for cash back you can redeem for anything, you may need to consider other card options. The card is also right for you if you plan on booking trips through the new SoFi Travel powered by Expedia, as you will be able to earn unlimited 3% rewards.
Our credit card methodology
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
FAQs
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According to SoFi, the minimum credit limit for the SoFi Unlimited 2% Credit Card is $1,000. Reports from cardholders indicate credit limits can range as high as $25,000.
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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.
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The SoFi Unlimited 2% Credit Card seems to be easy to get for applicants with good to excellent credit. As such, a credit score of 670 or above should give the best chances of approval.
Our Credit Cards Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
*Cell Phone Insurance Protection, Mastercard ID Theft Protection™, Lyft and Other Partner Rewards have additional terms and conditions, which can all be accessed through the World Elite Mastercard® Benefits portal. Please see your guide to benefits for details or call 1-800-MASTERCARD
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase, Mastercard, Target, and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Mastercard.