SoFi Credit Card Review For 2023

SoFi has become a very popular company when it comes to investing, saving, and refinancing loans all in one place.

SoFi Credit Card Review
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The company has released a credit card that gives you many different rewards, including 2 percent back on all of your purchases. The Sofi credit card has a very high flat rate.

There are many pros and cons of using a SoFi credit card; we will explore these in this article. 

Pros

There are many pros to using a SoFi credit card; these include: 

  • You will get 3% cash back for one year when you set up a direct deposit using a SoFi account. 
  • When you redeem money as a statement credit, you will get 1% unlimited cashback. 
  • There is no annual fee involved in using a SoFi credit card. 
  • You will get cell phone insurance. 
  • You won’t experience any foreign transaction fees. 
  • When you have made 12 on-time payments, your APR will be lowered by 1%.
  • You will have access to the world elite MasterCard benefits.

Cons

While there are many benefits to a SoFi credit card, there are also some disadvantages. These include: 

  • SoFi doesn’t offer bonus categories when people are trying to optimize their spending in certain areas. 
  • A SoFi credit card will only be beneficial if you already use the platform.

Details Of A SoFi Credit Card 

Help Incentivize Working Towards Certain Goals 

SoFi credit cards are great for those who are working towards certain goals. The card will gently encourage you to participate in certain financial actions that can help you meet your monetary goals.

You will receive cashback in whatever area you want it to be in. For instance, it can be for debt repayment, investing, or cryptocurrency. 

It will take a while to gain cash-back rewards, and these rewards won’t help much with gaining lots of money, but they are a nice positive. 

Lower Interest Rate If Payments Are On Time 

When you use this credit card, you will experience lower interest rates if you can make your payments on time.

If you make 12 on-time payments, the interest rate you are working with will be reduced by 1%.

Be sure to pay your credit card bills on time because you will want to build a positive credit history.

This incentive will help you to do this even more. 

World Elite Mastercard Benefits 

You will also be able to make use of the World Elite Mastercard benefits. This comes with cell phone protection and discounts at certain companies.

For example, Lyft cooperates with Mastercard benefits. 

Cell Phone Insurance 

If you use your SoFi card to pay for your cell phone bill, then you will receive insurance for your cell phone. This covers the cost to replace or repair your phone up to $1000.

You will be able to get a maximum reimbursement of $800 per claim and $1000 for every 12 months. You will have to pay a $50 fee in order to make your claim, and the coverage is limited to 2 claims per year. 

Fraud Protection 

You will be able to protect yourself from unauthorized claims if your card is lost or stolen.

You will need to make sure that you report the card as lost or stolen or speak to the company if your account has been hacked into without your knowledge or permission.

Travel Offers 

This is another Mastercard offer, and the Sofi credit card cardholders will get lots of perks when they are traveling.

You will receive lots of different perks when you are traveling, such as room upgrades, free breakfasts, and other perks. These are available at more than 2,500 different hotels across the world.

You will also have access to a discount on onefinestay’s rental homes as well as some discounts on car rental policies.

Shopping Discounts 

If you have the SoFi credit card, you will have access to lots of shopping discounts and benefits. You will have access to a $10 Lyft credit each month as long as you take five rides every month. 

You will also have access to free ShopRunner membership, which gives you unlimited shipping that will arrive within two days, and the option for free returns.

This is available at over one hundred online retailers. 

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How To Make The Most Cash Back From SoFi Credit Card

In order to gain the most from your SoFi credit card in terms of cashback, you will want to use your card for as many purchases as you can.

You will be rewarded with 2% cashback on all your purchases, so the more purchases you make, the more money you will receive.

With every purchase, you will get back more money to pay off your loan.

How To Get The Most From SoFi Cashback

There are many ways that you can get the most from SoFi cashback. These include:

Paying Down A SoFi Loan 

The first thing that SoFi offered to its customers was loans. This allowed you to refinance some of your loan debts at favorable rates, including your student loan debt.

On the app, you are able to take out a loan.

This service requires you to pay back the loan. Otherwise, you will end up with debt problems.

The SoFi card will help you pay back these loans, as you can earn 2% cash back on whatever you are buying, helping you pay off the debt more quickly.

Invest Using SoFi

If you’re looking to increase your net worth, you can do this with SoFi. using the investment platform, you can purchase stocks through the app. 

Using the SoFi platform, you can buy and sell most stocks. You will be able to earn rewards whenever you make a purchase, and you can invest these into the stocks, allowing you to grow your stocks even further.

Save Money 

With SoFi credit cards, you will save money. No account fees are used, and it is free to withdraw money from any of the free ATMs. You will also be able to make your payments for free.

When you earn your 2% cashback, if you already have plenty of money to pay off your bills, it might be a good idea to invest this money so that you can make some more money over time.

Drawbacks Of SoFi Credit Card 

Lower Rewards Value 

You will find certain credit cards that will give you bigger rewards value than the SoFi credit card. There are other credit cards that will give you more of the value of a reward. 

The SoFi credit card rewards can only be redeemed towards the SoFI student loan, so you won’t be able to redeem it for a federal student loan or a private loan. 

Sign Up Bonus Is Not The Best 

There is no fee to sign up for this card. However, there is not a very generous signup bonus.

There are other credit cards that offer cash bonuses when you sign up; you could get up to a few hundred dollars as a reward. You should have a look at a few of the different credit card options. 

Is The SoFi Credit Card A Good Option?

A SoFi credit card is a good option for a credit card and can be a very helpful option to add to your wallet.

If you have a lot of accounts through other banks, this card is a good fit because it gives you rewards in different ways than other banks.

When Should You Get A SoFi Credit Card?

It is a good idea to get this credit card if: 

  • You want a card with no annual fee that will help you invest, save, and pay off debts. 
  • You are an existing LoFi customer.

It is not such a good idea to get this card if:

  • You are looking for flexible and good rewards that exceed other credit cards. 
  • You want to receive bonuses from your credit card.

Frequently Asked Questions 

How Many Credit Cards Should You Have?

There is no correct number of credit cards that any one person should have; you should have the number of credit cards that work for you. 

You should make sure that however many credit cards you have, you are able to pay these bills off when you get them.

Some people prefer the simplicity of just one card, while others prefer carrying multiple cards so they can earn additional rewards or have a backup payment method.

Final Thoughts 

The SoFi credit card is great. There are lots of benefits to this card; however, there are some problems with the card, and if you are looking for bonuses, other credit cards might be more suitable for you.

Andre Flowers
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