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If you’re looking for a hassle-free cash-back credit card with no annual fee, the Sofi Credit Card is an interesting option. Anyone can apply, but you’ll get the best return if you bank, invest, or have loans with SoFi.
Review: Is the SoFi Credit Card the best credit card for you?
SoFi (“Social Financial”) is a personal finance company offering banking (SoFi Checking and Savings), investments (SoFi Invest), and personal loans. In partnership with Mastercard*, SoFi now offers a credit card issued by The Bank of Missouri.
SoFi is reputable and customer friendly. But the SoFi Credit Card is a nonstarter unless you also plan to use a SoFi Checking and Savings account. the rewards you earn with the card are below mediocre if not used in tandem with these products.
At its core, the card is a 2% cash back card. That’s important to note, because there are other cash back credit cards with similar earning rates to consider. For example, the Citi® Double Cash Card effectively earns 2% cash back on all purchases (1% when you buy, and 1% when you pay). And the Fidelity® Rewards Visa Signature® Card also earns 2% back when you redeem to an eligible Fidelity account.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How to earn rewards with the SoFi Credit card
There’s no traditional welcome bonus, but if you’re approved for the Sofi Credit Card, you can earn SoFi Credit Card.
Also part of the intro offer is the ability to earn 3% cash back during your first year of cardmembership. To earn this, you must set up direct deposits and receive at least one qualifying direct deposit from your employer or benefits provider each month. You can earn a total of 36,000 points from this bonus.
After the promotional period is over, you’ll earn 2 points per dollar on purchases.
SoFi points are worth a maximum of 1 cent each, as we’ll see in a minute. That means this card is effectively a 2% cash back card.
How to use rewards from the SoFi Credit Card
SoFi Rewards Points are worth 1 cent each when you redeem for:
Cash deposited into your SoFi Checking and Savings account
Shares (fractional or whole shares) credited to your SoFi Invest account
Source:: Business Insider