SoFi Credit Card review: 2% cash back, with World Elite Mastercard perks like cell phone protection

Review: Is the SoFi Credit Card the best credit card for you?

If you're looking for a hassle-free cash-back credit card with no annual fee, the Sofi Credit Card is an option SoFi members should consider.  

SoFi ("Social Financial") is a personal finance company offering banking (SoFi Money), investments (SoFi Invest), and personal loans. In partnership with Mastercard, SoFi now offers a credit card to its members issued by The Bank of Missouri. 

Currently, the card is only available to SoFi members who have been invited to apply. You can become a SoFi member for free and join the waitlist. The card is expected to be generally available later in 2021. 

Unfortunately, there isn't a welcome bonus, but with no annual fee, World Elite Mastercard benefits, and 2% cash back when you redeem your SoFi Rewards to an eligible SoFi account, it's compelling for those looking for financial simplicity and straightforward earning.

If you don't bank with SoFi or don't want to bother with a waiting list, 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® Credit Card also earns 2% back when you redeem to an eligible Fidelity account.

Comparison: SoFi Credit Card vs other cash-back credit cards

SoFi Credit Card vs other credit cards with investable rewards

How to use rewards from the SoFi Credit Card

With the Sofi Credit Card, you'll earn 1 SoFi Rewards Point per dollar you spend on every purchase. You also earn points for other activities on a promotional basis, such as signing up for credit monitoring or activating a SoFi Money debit card. 

Redeeming SoFi Rewards Points for 2% cash back

While SoFi Rewards Points are worth 1 cent per point, SoFi will double your points giving you 2% cash back when you redeem for: 

• Cash deposited into your SoFi Money account
• Shares (fractional or whole shares) credited to your SoFi Invest account
• Cash applied to the outstanding balance of your SoFi Student Loan or SoFi Personal Loan

You can redeem points on a one-time basis or monthly by setting up an auto-redemption. To redeem, visit the SoFi Rewards Points dashboard and click on "See all the ways to redeem your points" link.

By redeeming for shares to your SoFi Invest account, the 2% return can grow even further. There is no minimum investment, no fees or commission charges for buying or selling stocks, and you have access to Certified Financial Planners to get the most from your investments. 

Other ways to use SoFi Rewards Points

You can redeem SoFi Rewards Points for a statement credit applied towards your credit card. However, you'll only get 1% cash back (you won't get bonus points for redeeming this way), so it's better to redeem for a 2% cash-back deposit to your SoFi Money account 

SoFi may offer promotional redemptions, and you should review those offers carefully to make sure you're getting at least 2% cash back. 

SoFi Credit Card benefits and features

In addition to cash-back, the Sofi Credit Card offers numerous benefits under the World Elite Mastercard program. 

World Elite Mastercard travel offers

With the Mastercard Travel & Lifestyle Services program, Sofi Credit Card cardholders receive perks like room upgrades and complimentary breakfast at more than 2,500 hotels worldwide. Hotels booked through the program are backed by a price and satisfaction guarantee. 

Additional travel benefits include a 10% discount with onefinestay's rental homes and villas, 15% discount on Airport Meet and Greet services, complimentary car rental elite status, Mastercard Priceless Golf, and discounts on private jets and limousine services. 

World Elite Mastercard shopping offers

The Sofi Credit Card offers several everyday shopping benefits, including:

• A $10 Lyft credit once per month after taking five rides in a month
• Free ShopRunner membership, giving you unlimited two-day shipping and free return shipping at over a hundred online retailers
• 5% cash-back rewards for use on future purchases with Boxed
• $5 off future movie tickets or at-home purchases with Fandango for every two movie tickets purchased through the Fandango VIP program

Mastercard Concierge Service

The 24/7 Mastercard Concierge Service offers telephone assistance with travel planning, restaurant reservations, entertainment, special occasions, and more. This service is complimentary with your Sofi Credit Card. 

Cell phone insurance

If you pay your eligible cell phone bill with your Sofi Credit Card, you'll receive complimentary insurance if your cell phone is stolen or damaged (subject to terms and conditions). 

The maximum liability is $800 per claim and up to $1,000 in a year. All claims are subject to a $50 deductible and you can't make more than two claims in a year. This is an excellent perk considering the card doesn't charge an annual fee.

Zero fraud liability

You will not be liable for unauthorized transactions made to your Sofi Credit Card if you immediately contact SoFi if your card is lost or stolen, if your credentials are compromised, or if your account has been accessed without your permission. 

SoFi credit card fees and costs

The Sofi Credit Card has a $0 annual fee and no foreign transaction fees. Like other cards, if you don't pay your balance in full, you'll pay interest — but SoFi will lower your APR by 1% after you make 12 on-time payments.

Like other cards, there are fees for late and returned payments, cash advances, and balance transfers.

Avery Campbell is a personal finance writer focusing on credit cards and travel rewards. He holds a law degree, specializing in air and space law.

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