Managing your money smarter starts with the right credit card. This SoFi credit card cashback review explains how you can earn rewards and grow your investments without extra effort.
You'll see how cashback works and how it's automatically applied. This article gives you what you need to decide if this card fits your goals.
SoFi Credit Card Overview and Main Benefits
The SoFi credit card is designed to help you earn on everyday spending. You get cashback rewards and the option to invest them automatically.
There's no annual fee, which keeps things simple. The card supports mobile payments and includes some security protections.
It works well with other SoFi accounts, mainly if you invest or save through them. This setup is for users who want to spend and save in one place.
Key Features of the SoFi Credit Card
This card includes features focused on rewards and automation. It’s built to connect spending with smart money management.
Cashback Structure: How It Works
You earn a flat 2% cashback on eligible purchases. The cashback is higher if you use it to invest or pay off SoFi loans.
If not used through SoFi, the rate may be lower. Cashback is credited as points that can be converted.
Automatic Investing of Rewards
Your cashback can be directly moved into investment accounts. Options include stocks, crypto, or SoFi’s own savings tools.
The process is automated, with no manual steps required. This helps you build investments without effort.
Special Introductory Offers
Sometimes there’s a welcome bonus for spending a set amount in the first weeks. Offers vary by time and credit profile.
You may also get lower APR or higher cashback during promos. Check SoFi’s site for current offers.
How Cashback Rewards Work?
This section explains how you earn and use cashback. It also covers how much you earn and where it can go.
Categories Eligible for Cashback
You earn cashback on most standard purchases. Below are key categories where rewards apply:
- Groceries
- Dining and takeout
- Streaming services
- Gas stations
- Online retail purchases
Percentage Rates of Cashback Earned
You earn 2% cashback if you redeem it toward a SoFi product. This applies when you invest, save, or pay loans through them.
If you take cashback as a statement credit, the rate drops to 1%. Rates are fixed, not rotating.
There's no cap on the total rewards you can earn. Rewards post after the transaction clears.
Redeeming Cashback for Investing or Other Uses
Cashback can be used for investment accounts, loan payments, or SoFi savings. Through the app, you choose how to use the points.
For outside redemptions, options are limited, and the value is lower. Using it within SoFi gets the full rate.
This encourages users to keep funds in the SoFi ecosystem. Changes to redemption rules can happen, so review updates often.
Automatic Investment Option
You can turn your cashback into investments automatically. This setup helps your rewards grow over time with no manual steps.
How Is Your Cashback Automatically Invested?
Once you earn cashback points, they can be sent to your SoFi Invest account. You set the default option during setup.
After that, every new reward goes there automatically. No need to log in each time.
Investment Account Types Available
You can invest in stocks, ETFs, or crypto. These options are available under the SoFi Invest platform.
You choose your target account when setting up rewards. Everything is handled inside the app.
Advantages of Automated Investing
Here’s why the auto-invest setup works well:
- Saves time and effort
- Keeps you consistent with saving
- Avoids forgetting to redeem rewards
- Grows your funds passively over time
Interest Rates and Fees
You should understand the rates and fees before applying. This part gives you clear info on what to expect.
Typical APR (Annual Percentage Rate) Range
The APR is variable, usually between 17.74% and 29.74%. Your rate depends on your credit score and other factors. Promotional APRs may be offered for a short time.
If you carry a balance, the full rate applies. It’s better to pay your bill in full. Always read the terms to know your exact rate.
Annual Fee (Usually None)
There’s no annual fee for using the SoFi card. You won’t be charged just for keeping the account open. This makes it easier to keep long-term.
It’s still wise to check for future changes. Terms may update anytime. So always review the fee section.
Other Common Fees
If you miss a due date, late payment fees may apply. However, there is no foreign transaction fee, which helps when spending abroad.
Cash advance fees might apply if you use ATMs. Returned payment fees may also be charged.
These are all listed in the card’s terms. Make sure you read everything before using the card.
Pros and Cons of SoFi Credit Card
This section gives you a simple view of what works and what doesn’t. Knowing both helps you decide better.
Advantages Overview
You’ll benefit from:
- Flat cashback on most purchases
- Automatic investing into accounts
- No annual fee at all
- Easy reward tracking in the app
Potential Disadvantages
Here are a few drawbacks:
- No bonus categories for extra cashback
- Cashback reduced if used outside SoFi
- APR is high if you carry a balance
- Investment options are limited to the SoFi platform
How Do You Apply for a SoFi Credit Card?
It’s easy to start your application online. Make sure you have the needed documents ready.
Step-By-Step Application Guide
Follow these simple steps:
- Visit the official site and click “Apply Now”
- Fill in your personal information
- Choose how to redeem rewards
- Submit the form and wait for approval
Documents and Eligibility Criteria Needed
Here’s what you’ll likely need:
- Government-issued ID (like a driver's license)
- Proof of income (pay stubs or tax return)
- Social Security Number for U.S. residents
- Fair to excellent credit score preferred
Customer Support and Contact Information
If you need help, you can reach SoFi customer service at 855-456-7634. The main office is located at 2750 East Cottonwood Parkway #300, Cottonwood Heights, Utah 84121.
Support is available through phone, chat, or the mobile app. It’s best to use official channels only for account issues or card questions.
Disclaimer: APR, fees, and terms can change at any time. Always review the latest card agreement before applying for or using the card.
Final Verdict: SoFi Credit Card Review
This SoFi Credit Card Review covered rewards, investing, and key fees. The card works well if you plan to redeem cashback into SoFi products.
It has no annual fee, and investing is automatic once set. Know the terms, understand the fees, and check if it matches your spending habits.
