Sofi Credit Card Details and Review

Do you know that there’s a credit card that allows you to redeem rewards directly into bitcoin? Yes, there is such a card. In this Sofi Credit Card review, I’ll reveal all its details to help you see if this credit card is the one that you are looking for.

A Sofi Credit Card is not like your ordinary card. With this card, you can redeem the 2% unlimited cashback that you earn as an investment, or as a savings, or as a payment to a loan authorized by Sofi. You can also redeem it directly into a cryptocurrency like Bitcoin.

The Sofi Credit Card does not charge any annual fee. It also earns cashback rewards on your purchases. Redeeming your rewards is also different. It is done by depositing them into your account with Sofi Money, such as a Sofi personal loan, a Sofi student refinance loan or a Sofi Invest account.

Read on to learn more about the Sofi Credit Card, its features, rewards, requirements, benefits, and pros and cons.

About the Sofi Credit Card

Sofi Credit Card

Not Like Your Standard Credit Card

The Sofi Credit Card is not like your standard credit card. Like some credit cards, it also earns its members 2% unlimited cash back on all their purchases. But when it comes to redeeming your rewards, this card is more flexible.

Redeem Cashback as a Deposit to Your Account

You can redeem your cashback as a deposit to your account or your personal or student loan payment. You can also let it grow by investing it into an investment account. This card also does not charge any annual fee.

Redeem into a Cryptocurrency

It is outstanding because it is the first credit card with cashback to redeem directly into a cryptocurrency like Bitcoin. Sofi charges a transaction fee for crypto redemptions, but only if it is outside their rewards redemption.

Earn 2% Cashback

All your purchases with this Sofi credit card will earn 2% cashback. Any cashback reward that you get can be redeemed towards your personal or Sofi student loan balance. If you want, you can deposit your cashback dollars into a Sofi Invest or Sofi Money account.

Most Useful to Those with Sofi Accounts

This credit card is most useful to those with Sofi accounts, such as Sofi personal loans, Sofi student loans, Sofi Invest, and Sofi Money. You can use the rewards that you’ve earned responsibly if you have any of these Sofi accounts.

You Must Have Excellent Credit Score

To get approved for a Sofi credit card, the number one requirement is that you have an excellent credit score. This means your FICO score should at least be 690 or even higher.

Sofi is not actually a real bank. This business entity’s name is Sofi Money, a brokerage product and a cash management account that SoFi Securities LLC offers to consumers. Sofi Securities is a member of FINRA/SIPC. SoFi, along with its affiliates, is not a bank.

Issued by the Bank of Missouri

The bank that issues the Sofi Credit Card is the Bank of Missouri. It is also a part of Mastercard’s network. The Sofi credit card gives its holders access to the benefits of the World Elite Mastercard. These include the World Elite Concierge and exclusive discounts on places such as ShopRunner and Postmates.

While it is not a real physical bank, Sofi is a legitimate business. It deals primarily with money management.

Key Features of the Sofi Credit Card

An easy way to determine if the Sofi Credit Card can be useful to your particular situation right now is to look at its key features. What are the features that are the most attractive to consumers?

  1. You can earn 2% unlimited cash back on your eligible purchases, if you redeem it through paying a loan balance, saving or investing it in a Sofi Money account.
  2. You can redeem your cash back directly to any crypto currency.
  3. If comes with a Welcome bonus of $100. This means you can earn up to $100 if you open a Sofi Money or Sofi Investment account and fund it after the company approves your Sofi Credit Card application.
  4. Zero annual fees
  5. Zero foreign transaction fees
  6. APCell phone protection (in the form of insurance coverage of up to $1,000)
  7. $10 Lyft credit if you take 5 rides in one month
  8. Mastercard ID theft protection

Key Benefits of the Sofi Credit Card

sofi credit card review

If you look at the benefits, you can get from the Sofi Credit Card, you will be easily persuaded into getting one. What are its key benefits?

1. Cash in on Crypto

The Sofi Credit Card is the first credit card that offers direct cashback redemption in a cryptocurrency like Bitcoin. Whatever amount you have earned as a reward for using this credit card, you can directly redeem it through your active Sofi Invest account.

However, Sofi will charge a fee for every crypto transaction you make outside of your redeem rewards. You also need to have a Sofi Crypto and a Sofi Invest account to redeem your reward into crypto.

2. Welcome Bonus

When you are approved for a Sofi Credit Card, you will be asked to open a Sofi Invest or a Sofi Money account and put a deposit on it. Right after that, you will earn a welcome bonus of $100.

3. Pay on Time, Lower Interest

If you can pay on time for 12 consecutive payments and at least the minimum amount due, your interest rate will be reduced by 1%. This will be good for your credit history because it will prove that you can pay your bills on time. It is a Sofi credit card feature that can help you achieve your money goals better.

4. Cell Phone Protection

If there is an eligible phone bill that you charged on your credit card, it is possible to get the amount reimbursed to either repair or replace a damaged or stolen (eligible) phone up to double its amount in every 12-month period.

The maximum reimbursement amount is $800 per claim and also $1,000 in a 12-month period. The reimbursement process will follow after you pay a fee of $50, which can be deducted from the amount reimbursed.

5. No Foreign Transaction Fees

Sofi Credit Card does not charge any foreign transaction fee. So, you can have worry-free traveling every time you go abroad if you use your Sofi Credit Card.

6. Instant Credit Card Access

As soon as you are approved, you will get instant access digitally. You can start using your Sofi card right away by adding it to any eligible wallet. There is no need for you to wait for the physical card to arrive at your doorsteps before being able to use and benefit from it.

7. Automatic Alerts

Sofi can also help you spend within your set budget. Just set up a realistic budget, and you will get automatic alerts from Sofi if you are already on the verge of getting over your threshold amount.

8. Mastercard ID Theft Protection

Every Sofi Credit Card comes with a security feature that can detect fraud before it happens. This will prevent any third party from accessing your sensitive personal information that will compromise your finances.

Again, what makes Sofi credit cards unique? Unlike other credit cards, you can use Sofi Credit Card to redeem your 2% cashback as an investment, savings, a payment to a loan, or as a cryptocurrency like Bitcoin.

How to Earn Rewards with the Sofi Credit Card

If you are a Sofi Credit Cardholder, each dollar you spend on eligible purchases will earn 2 rewards points. You can earn 2% unlimited cash back on these purchases by redeeming them through your Sofi account. It could be a Sofi Invest, a Sofi Money, or a Sofi Student or Personal Loans account.

However, if you cannot make the minimum payment by its due date for a billing cycle, you will not be able to earn reward points from the purchases you made on your Sofi account during that cycle.

Any earned points that you make will be forfeited if you cancel your Sofi account, whatever the reason. In addition, Sofi Money may cancel your earned points if it deems that you have violated the terms of their rewards program.

How to Redeem Rewards with the Sofi Credit Card

sofi credit card credit limit

You can redeem your earned reward points as cash rewards. Every eligible purchase that you make on your Sofi Credit Card will earn reward points, as long as your Sofi Money account is active. But you won’t earn reward points for returned purchases, reversed transactions, and similar transactions.

In redeeming rewards, the value of one point is 1 cent. You can deposit your points in their dollar values as a whole or part directly into any one of the following options:

  1. Your Sofi Money account
  2. Cash: Applied to your outstanding balance on your Sofi Student loan, Sofi Personal loan, or Sofi Refinance loan.
  3. Digital Currency: To be credited to your Sofi Crypto account
  4. Shares: Credited to your Sofi Invest account

You can also redeem your reward points towards a statement credit. But that will only give you a dollar value of 0.5 cents per point.

Your earned points are actually worth only 1 cent each. But since your purchases earn two points for every 1 dollar spent, that effectively translates into 2% cashback as long as you redeem it through any of the four options provided by Sofi.

Requirements of the Sofi Credit Card

As with any credit card, you need to satisfy Sofi’s minimum requirements to be approved. What are these requirements?

  1. You must have a credit score that is good or excellent. This means your score should be between 670 and 850.
  2. You are amenable to have a hard credit pull as a process in approving your application. This may affect your credit score.
  3. You must be a U.S. citizen
  4. You must be at least 18 years old

Sofi Credit Card Fees, Interest, and APR

In the matter of fees to be paid, APR, and interest charges, the rates that govern the use of the Sofi Credit Card are as follows:

  • Annual Fee – none
  • Intro APR – none
  • Regular APR – 12.99% to 24.99% (variable)
  • Balance Transfer and Cash Advance Fee – either 5% or $10 of the transfer amount, whichever is higher
  • Foreign Transaction Fee – none

The APR will be reduced by 1% if you make 12 monthly payments on time with at least the minimum amount due. You should also continue to make timely monthly payments.

Pros and Cons of the Sofi Credit Card

To round up our review of the Sofi Credit Card, I will now give you some of its pros and cons:


  • Reward points can be redeemed in crypto currency
  • Cell phone insurance
  • Zero annual fee
  • Redeeming of rewards is flexible


  • No intro APR
  • High balance transfer and cash advance fees

Conclusion: Sofi Credit Card

A Sofi Credit Card is different from a standard credit card. This card offers a reward redemption system that is different. You can redeem the 2% cashback that you will earn by saving it, or investing it, or as payment to any Sofi eligible loan. Your rewards can also be redeemed directly in crypto.

This means you can turn to use your rewards to pay off your loan. You can also grow your cashback dollars by investing them or depositing them into your Sofi Money account. This card has other attractive perks that make it worth considering if you consider getting a new credit card.