Sofi Credit Card Review

SoFi credit card is issued by the Bank of Missouri. As a World Elite Mastercard, the SoFi credit card offers multiple advantageous features to its users. They offer unlimited 2% cashback on all the purchases you make via this credit card.

They impose absolutely no restriction on purchases for any category. Also, there is no cap for annual rewards or minimum threshold for withdrawing your cash reward. And another main reason that the SoFi credit card is the best is that there is no annual maintenance fee.

You can also make international or foreign transactions with literally no fee. Another selling point is that the SoFi credit card is one of the few credit card platforms that lets you host your investment, loan, banking, and credit card in one place. Using this credit card lets its users manage all their accounts and finance in a single place. This will save the users lot of time and confusion. Additionally, the UI of their website and app is unique and simple, allowing its users to use it with ease.

For every purchase of $1, you will receive an earning of 2 points. These 2 points are worth more than half a cent when redeemed. It will help you to expand your savings and pay your loans early. This gives you the advantage of investing early for better benefits.

Advantages:

● Zero Internation Transaction Commission
● No Annual Fee
● 2% cashback on all eligible purchases
● No limitation for earnings
● No minimum redemption amount
● Never expiring rewards
● Phone insurance

Sofi Rewards

Earning Rewards

For every eligible purchase with a SoFi credit card, you will earn 2 points. Each point is equivalent to 1 cent. These reward points will never expire, and there is no limit to your earnings.

Redeeming Rewards

You can start to redeem your rewards easily by setting up an online SoFI account. Choosing to apply your rewards to pay your SoFi loans or transferring the received rewards to your SoFi wallet will make you eligible to receive 2% cashback.

By transferring your rewards to the SoFi Money account, you can enjoy the whole 2% cashback rewards like the money in your checking account. This also allows you to get cash from ATMs and transfer money to other banks.

Rewards Potential

Research shows that the households that use a SoFi credit card earn almost $530 worth of rewards in the year. The 2% cashback will save you a lot of money. The best thing is that there is no minimum threshold to redeem your rewards or no cap to your earnings. With the SoFi credit card, you enter into a world with unlimited financial potential.

Additional Card Benefits

● After 12 on-time payments, you can receive an additional 1% APR discount
● Save 2-3% on international transactions with 0% foreign transaction fees.
● Receive $1000 worth of insurance for your phone by paying your cellphone bill with a SoFi credit card.
● You will receive an additional layer of ID Theft Protection
● EMV contactless chip card technology

Other Details:

Interest Rates

● Regular APR: 12.99%-24.99% APR
● Purchase Intro APR: NA
● Balance Transfer Intro APR: NA

Fee Structure

● Annual Fee: 0 USD
● Foreign Purchase Transaction Fee: 0 USD
● Balance Transfer Fee: Check the Terms

Comparison:

SoFi Credit Card vs. PayPal Cashback Mastercard

PayPal Cashback Mastercard is the only credit card that can rival the SoFi credit card. They both offer a great deal of 2% cashback on every eligible purchase. Both cards offer literally zero annual fees. Rewards can be redeemed by their respective app or web platforms.

If you are looking to finish paying your debt, increase the size of your savings account and invest in producing wealth, SoFi might be the better fit for you because you can directly redeem your rewards to your SoFi account without having any temptation of spending your money.

SoFi Credit Card vs. Citi Double Cash Card

Both these cards offer an astonishing 2% cashback on all eligible purchases. But the SoFi card gives you an advantage by letting you redeem these rewards completely. In contrast, the Citi Double cash credit card will give you the 1% of your cashback to your rewards and keep the remaining 1%. In return, you are allowed to use your Citi Double Cash Card without any annual fee.

There is another added advantage for SoFi credit card users who makes foreign transactions. You can make foreign transactions with virtually 0% fee. The Citi Double Cash Card charges you 3% for every foreign transaction you make.

Citi Double Cash Card has a higher minimum threshold for redeeming their rewards. In the SoFi credit card, there is no such thing as the minimum threshold for the redemption of rewards.

SoFi Credit Card vs. Chase Freedom Unlimited

The Chase Freedom Unlimited credit card offers flat-rate cashback of 1.5% on all purchases. But sometimes, the user gets rewarded with 5% cashback. This gives them an advantage over the SoFi credit card‘s 2% flat cashback rate.

Both the credit cards have no minimum rewards redemption threshold, which is an added advantage for both of them. But the Chase Freedom Unlimited card won’t be issued to every applicant. Unlike the SoFi credit card, which can be acquired easily by people with decent credit scores.

Why should you buy it?

The SoFi credit card has been mainly designed in a way to implement healthy financial habits. They ensure this by giving you rewards that will lead you to follow a healthy financial lifestyle. Their 2% cashback has multiple benefits like paying off your loan and starting a new investment.

There is no minimum threshold for rewards redemption, so you can make use of the rewards instantly. If you are a traveler, SoFi is the best credit card for you as they charge literally 0% for any foreign transactions. Typically, other credit cards charge from 2-3% per transaction.

Finally, the elegantly designed credit card helps you to become financially independent by providing you with a lot of useful features.