But it's since expanded its financial footprint to include credit cards. Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Enjoy new 5% categories each quarter! That's important if you think you'll need to borrow money, get a cellphone in your name or rent an apartment. NerdWallet strives to keep its information accurate and up to date. When evaluating offers, please review the financial institution’s Terms and Conditions. Read the full Chase Freedom Unlimited Card editor's review. Aside from helping you save, invest and pay down debt the SoFi Credit Card offers another benefit. Access to Chase’s Ultimate Rewards® site to earn more cash back, If you value simplicity, a flat-rate cash-back card may be better. This content is not provided or commissioned by the bank advertiser. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. It brings you promo code discounts, price comparisons and cash back when you shop at one of its affiliates. You can add as many Offers as you'd like to your Card, then just use that Card to pay, and enjoy rewards directly on your statement. Or those headphones. In this SoFi Credit Card review, we'll explore the card's features and benefits in more detail and compare to similar credit card options available on the market. The SoFi Credit Card doesn't come with a lot of fees. ... consider the SoFi credit card, which also earns 2% cash back when you redeem your rewards to a linked SoFi account and has no annual fee. Update 1/7/21: Deal is back for January 4 - January 31. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Any cash back gets credited to your account. Here's What to Do, Earn unlimited 2% cash back when you redeem rewards to save, invest or pay down debt, Added card perks and benefits, including cellphone protection, Other cards can offer a more generous cash back rewards rate on specific categories, You'll need a SoFi loan, savings or investment account to get the most value from this card, Redeem rewards for a deposit into a SoFi savings account (, Redeem cash back as payment toward an eligible SoFi loan (including student loans), Easy account management through the SoFi app (including SoFi loans, investment accounts and savings accounts), Unlimited free two-day shipping with ShopRunner, 5% cash back rewards when you use your card to make purchases at Boxed, $10 Lyft credit when you use your card to take five rides per month, Cellphone protection insurance of up to $1,000, Deposit into a linked checking or savings account, 5% cash back on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services. 55,000+ Fee-free ATM network. Pre-qualified offers are not binding. This site may be compensated through the bank advertiser Affiliate Program. The content that we create is free and independently-sourced, devoid of any paid-for promotion. Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee. Card is the same as the Discover it Miles mentioned above (but you get the 3% straight away rather than waiting a year). APRs are accurate as of 1/1/21 and will vary with the market based on Prime Rates (as defined in your credit card agreement). Rebecca is a writer for MyBankTracker.com. Compared to other cash back rewards cards, these benefits make the SoFi Credit Card more valuable. In terms of the regular variable APR, the range of rates offered by the SoFi Credit Card typical of most credit cards. Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. The SoFi Credit Card may be worth a look if you're a SoFi member. Just answer a few questions and we’ll narrow the search for you. This card comes with a decent introductory bonus offer, something the SoFi Credit Card lacks. In terms of redeeming cash back, you can redeem them for: You can also exchange cash back for ThankYou points, allowing even more flexibility for redeeming rewards. Other cash back credit cards could put more money back in your pocket. MyBankTracker generates revenue through our relationships with our partners and affiliates. Cash Back rewards do not expire as long as your account is open. This site may be compensated through the bank advertiser Affiliate Program. You can earn unlimited 2% cash back when you redeem it to save, invest or pay down debt. But if you have accounts with SoFi already, consider where the SoFi Credit Card might fit in your financial plan. If you're adding them to a SoFi savings or investment account or paying down debt, then you'll get more mileage out of the card. See if you qualify for a better offer with Chase: on Discover's website, or call (800) 347-0264. Or pretty much anything in our store. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. Every three months, Rakuten sends you your cash back by check or Paypal. That's a good thing if you carry a balance from month to month. How valuable this card turns out to be depends on the amount of rewards you earn and how you use them. These offers do not represent all deposit accounts available. But if you redeemed all of your cash back to saving, investing or paying off debt with SoFi, you'd double rewards to $400. And of course, on-time payments to a credit card can help boost your credit score. American Express isn't accepted at as many merchants as Visa or Mastercard. 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). Exclusively offered to Verizon Wireless customers. You could turn $150 cash back into $300. Not all cards offer cellphone protection or ShopRunner, for example. Direct Link Every time you make a purchase on your SoFi Money debit card, SoFi will automatically round up to the nearest dollar and match it. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. The SoFi Credit Card could make sense if you're already a SoFi customer. For back-end DTI, the standard benchmark is typically 35% or less. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Say, for example, you charge $20,000 per year to your card. MyBankTracker and CardRatings may receive a commission from card issuers. After the first 60 days of account opening, the fee for future balance transfers is $10 or 3% of the amount of the transfer, whichever is greater. 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Or even put the rewards toward your Verizon Wireless bill. Amex Offers rewards you at places you like to shop, dine, travel, and more. There is a fee for balance transfers but since there's no promotional APR, you might skip that option anyway. 1% Unlimited Cash Back on all qualifying purchases, $100 in statement credit after you spend $500 on qualifying purchases, in the first 3 months after account opening, 3.25% for the first 36 months for all Balances transferred within 60 days of account opening, Earn a $150 cash rewards bonus after spending $500 in the first 3 months, Earn unlimited 1.5% cash rewards on purchases, 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49% to 24.99% variable APR; balance transfers made within 120 days qualify for the intro rate and fee, 1.8% cash rewards on digital wallet purchases including Google Pay™ or Apple Pay® during the first 12 months from account opening, Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® card, No category restrictions or sign ups and cash rewards don’t expire as long as your account remains open, Select "Apply Now" to learn more about the product features, terms and conditions, Intro APR period on Purchases and qualifying Balance Transfers, Offers cell phone protection when bill is paid with card. Rakuten partners with thousands of stores to get you cash back when you shop online. To learn more visit www.verizon.com/verizonvisacard. Cash Back is received in the form of Reward Dollars that can be redeemed for statement credits. You can earn unlimited 2% cash back when you redeem it … Worth a look if you don’t have a solid cashback credit card in your wallet yet. Again, the best way to avoid interest with this card is to pay your balance in full each month. 6 Best Luxury Credit Cards for the Wealthy, How Closing an Account Could Affect Your Credit Score, Late Credit Card Payment? Minimum Interest Charge is $2. User Generated Content Disclosure: These responses are not provided or commissioned by the bank advertiser. Cash back is unlimited. Earn a decent rewards rate on all purchases. A lower APR means less money you have to pay in interest charges. Plus, card holders can get up to $10 per month off each eligible account or line when they use the card to enroll in Verizon's Auto Pay, up to 10 lines max on select plans. You won't pay an annual fee or a foreign transaction fee. Use the Verizon Visa® Card everywhere it's accepted to earn Verizon Dollars rewards that can be redeemed for the best things at Verizon. While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. All financial products, shopping products and services are presented without warranty. The Chase Freedom Unlimited Card offers unlimited 1.5% cash back on all purchases. We may mention or include reviews of their products, at times, but it does not affect our recommendations, which are completely based on the research and work of our editorial team. INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! No minimum to redeem for cash back. The SoFi Credit Card is a cash back rewards card that's designed to help you reach your financial goals. And if you spent $40,000 a year instead, you could get up to $800 in cash back. The cash back program is tempting if you need help saving, investing or getting rid of debt. Save over $300 a year in fees. Petal® 2 "Cash Back, No Fees" Visa® Credit Card. SoFi is best known for its well-regarded personal loans. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. No Annual Fee/No Foreign Transaction Fee - For New Accounts: Variable Purchase APRs are 21.74% or 25.74% for Verizon Visa Cred Card or 18.74%, 21.74% or 25.74% for Verizon Visa Signature Credit Card. The SoFi Credit Card may be a worthwhile card option if you already have accounts with SoFi. Rakuten. The SoFi Credit Card is a cash back rewards card that's designed to help you reach your financial goals. When evaluating offers, please review the financial institution’s Terms and Conditions. You also get the benefit of no foreign transaction fees and a low introductory APR on purchases. Open an Aspiration Account. Whether you want to pay less interest or earn more rewards, the right card’s out there. Pay no balance transfer fee when you transfer a balance during the first 60 days your account is open. Basically, if you're not a SoFi member and don't plan to become one, you likely won't have much use for this card. Read the full Citi Double Cash Card editor's review. You do have to pay at least the minimum due to earn cash back each month. There’s no minimum spending or maximum rewards. Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases. There's no annual fee and you can earn an introductory cash back bonus. At a 1% cash back rate, you'd earn $200. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Disclaimer: NerdWallet strives to keep its information accurate and up to date. When you're ready to redeem rewards, you can do so for travel, gift cards, cash back or statement credit. Redeem Verizon Dollars on that phone you've been wanting. But you can boost that to 2% cash back when you: You'll need to be a SoFi member to get the most benefit from this card. Variable 11.24%–21.24% APR thereafter. Low intro APR: 0% for 15 months on purchases from the date of account opening, then a variable rate, currently 13.99% to 23.99%. Get up to 5% cash back on socially conscious spending. You might consider this card if you want to earn cash back instead of points or miles on travel purchases. 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). Read the full Capital One Quicksilver Cash Rewards Card editor's review. This $0-annual-fee card earns up to 1.5% cash back on every purchase with on-time payments. 5. The SoFi Credit Card comes with a few other features you might appreciate. get everything offered with an Aspiration account, plus. Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases. Redeem cash back in any amount, any time. View our list of partners. You can redeem your rewards for any promotional offers listed in your SoFi member account dashboard. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. There's no annual fee and no foreign transaction fees. Discover is accepted nationwide by 99% of the places that take credit cards. Typically, lenders would like your front-end DTI to be 28% or less. No limits on earning, no expiration dates. Unlimited 1.5% Cash Back on your purchases. Pre-qualified offers are not binding. | SoFi Credit Card Review: 2% Cash Back With C... Are Credit Card Balance Transfers a Good Idea? This time it caps out at $25. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. On the other hand, you may prefer a card that leaves you more wiggle room for earning or redeeming rewards. Plus, earn unlimited 1% cash back on all other purchases – automatically. Rewards are unlimited so you can earn cash back by spending a little or a lot. Earn cash rewards – usually around 1% to 2% but sometimes more – on every purchase with these credit cards, some of which are from our partners. (At the time of this review's publication, application invitations are being emailed to SoFi members. Being able to manage all of your accounts through the SoFi mobile apps is another advantage. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. If you haven't gotten one yet, you can request to be added to a waitlist.). If your money goals include saving, investing or getting rid of debt, the SoFi Credit Card's rewards program could be a good fit. Apply for the card with no annual fee and worth its weight in rewards. 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%. You can sell it on sites like Raise , CardCash, Giftcard Zen, and Cardpool that’ll buy your Visa gift card in exchange for cash. High rewards rate and no minimum redemption, One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening, Earn unlimited 1.5% cash back on every purchase, every day, No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn, 0% intro APR on purchases for 15 months; 15.49%-25.49% variable APR after that, Pay no annual fee or foreign transaction fees, Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening, Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases, No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn, 0% intro APR on purchases for 15 months; 15.49% - 25.49% variable APR after that, Card holders earn 4% on grocery store & gas purchases, 3% on dining purchases, including takeout and delivery, 1% on all other purchases everywhere Visa® credit cards are accepted. She is an expert in consumer banking products, saving and money psychology. Should Teens Be Allowed to Use Credit Cards? Amplify your impact with Aspiration Plus open an aspiration plus account. But it's important to consider how the card compares to other cash back rewards options. Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. When you make 12 on-time payments SoFi will lower your APR by 1%. Our review of the SoFi Credit Card looks at the card's cash back program, fees and features that are most beneficial to existing SoFi members. The Capital One Quicksilver Cash Rewards Card offers unlimited 1.5% cash back on every purchase, every day. Rewards never expire. This card has no annual fee. SoFi also offers a 0.25% AutoPay discount, Unemployment Protection where they’ll temporarily pause your payments and help you find a new job, discounts of 0.125% on other SoFi products, and other benefits for SoFi members. This card is also low on fees -- notably, there are no annual fees or foreign transaction fees. Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. 1.5% cash back on everything else. (4 out of 5) MyBankTracker Editor's Rating. Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. But, if you're not able to do that, getting an interest rate cut for good payment behavior is a nice plus. 6% Cash Back on select U.S. streaming subscriptions. Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. The Citi Double Cash Card uses a simplified approach to cash back rewards. You may not able to get cash back on a Visa gift card in the traditional ways, such as at an ATM or cash back after a purchase, so you can consider selling it online. 3 year introductory offer at Prime Rate (currently 3.25% variable APR) on balance transfers made in the first 60 days after account opening. Cently That's good if you want to keep credit card rewards simple. Cash back match at the end of your first year, Intro APR period on Purchases and Balance Transfers, Slightly less merchant acceptance for Discover in US - acceptance outside of US can be an issue, If you value simplicity, a flat rate cash back card may be better. The better your credit score, the lower your APR may be. And you'd have more ways to use those rewards later. Alliant Cash Back 3% Cash Back First Year, Then 2.5% ($99 AF Waived First Year) Read our full review. Earn unlimited 1.5% cash back on all other purchases. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Leading cash-back rewards at U.S. supermarkets, Has annual fee — but if you spend more than $31 per week at U.S. supermarkets, the rewards offset the fee, American Express isn’t accepted at as many merchants as Visa or Mastercard. She has contributed to numerous online outlets, including U.S. News & World Report, and more. All financial products, shopping products and services are presented without warranty. NerdWallet's ratings are determined by our editorial team. SoFi loans can be 5, 7, 10, 15, and 20 years and SoFi lends in all 50 states and Washington, D.C. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. MyBankTracker has partnered with CardRatings for our coverage of credit card products. You can easily view your savings balance, investment balance, credit card balance and loan balances in one place. 6. With a SoFi Money Account, a SoFi Invest account or an eligible SoFi loan, the cash back rewards has its maximum value. #1 Most Trusted Credit Card according to Investor’s Business Daily. This kind of cash back rewards structure could appeal to you if you'd rather not deal with tiered rewards or rotating bonus categories. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. And it offers a promotional APR for balance transfers if that's something you're interested in. That's a big shift from the typical cash back redemption options. We believe by providing tools and education we can help people optimize their finances to regain control of their future. The Wells Fargo Cash Wise Visa Card also has a $150 cash bonus after you spend $500 in purchases in the first three months of account opening.. That’s an unlimited 1.5% cash back credit card on all purchases too with $0 annual fee. If you decide not to redeem rewards for SoFi savings, investing or debt repayment, they won't go to waste. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. The best way to avoid interest is to pay your balance in full each month. With this card, you earn unlimited 1% cash back on purchases. Your back-end debt-to-income ratio is how much of your gross income goes toward all of your debt obligations, including credit card payments, student loan payments, mortgage — even child support and alimony. Since you can decide how to redeem rewards, you're in control of what they're worth. Year two onwards you get 2.5% cash back but have to pay an annual fee of $99. Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.