SoFi Unlimited 2% Credit Card Review: Earn Unlimited Rewards with No Annual Fee
The SoFi Unlimited 2% Credit Card offers a unique blend of rewards and benefits, perfect for savvy spenders looking to maximize their cash back with no annual fee.
Overview of the SoFi Unlimited 2% Credit Card
- Annual Fee: $0
- Rewards Rate: 2% cashback on all eligible purchases (3% in the first year with direct deposit setup)
- Intro Offer: $200 statement credit after spending $2,000 in the first 3 months
- Intro APR: 10.99% on balance transfers for 6 months (28.24% variable APR after)
- Regular APR: 28.24% variable
- Recommended Credit Score: 690-850 (Good to Excellent)
Pros:
- No annual fee
- High rewards rate with flexible redemption options
- Cell phone insurance and other World Elite Mastercard benefits
Cons:
- Best rewards limited to SoFi account holders
- No intro APR on purchases
Benefits and Perks
High Rewards Rate
The SoFi Unlimited 2% Credit Card offers 2% cash back on all eligible purchases. For the first year, if you set up direct deposit, you can earn 3% cash back. This is a significant perk for those who plan to make regular purchases and want to maximize their rewards.
Flexible Redemption Options
Redeem at 1 cent per point when you:
- Deposit cash back into a SoFi Checking and Savings account
- Credit it to a SoFi Invest account
- Apply it to an outstanding balance on a SoFi loan
Redeem at 0.5 cents per point when you:
- Apply it as a statement credit
Additional Perks
As a World Elite Mastercard, this card offers:
- Cell phone protection up to $1,000
- Discounts with partners like Lyft, ShopRunner, and DoorDash
- Complimentary concierge services and $0 liability protection
Drawbacks and Considerations
Limited Redemption Value for Statement Credits
If you prefer statement credits, the value is reduced to 0.5 cents per point, making other redemption methods more attractive.
No Introductory 0% APR
Unlike some competitors, the SoFi Unlimited 2% Credit Card does not offer an introductory 0% APR on purchases. This could be a disadvantage if you plan to carry a balance or make a large purchase soon after opening the account.
Comparison with Other Cards
Citi Double Cash® Card
- Annual Fee: $0
- Rewards Rate: 2% cash back (1% when you buy, 1% when you pay)
- Intro APR: 0% on balance transfers for 18 months
- Regular APR: 19.24%-29.24% variable
- Recommended Credit Score: 630-850
Discover it® Cash Back
- Annual Fee: $0
- Rewards Rate: 1%-5% cash back on rotating categories
- Intro APR: 0% for 15 months on purchases and balance transfers
- Regular APR: 18.24%-28.24% variable
- Recommended Credit Score: 690-850
Chase Freedom Unlimited®
- Annual Fee: $0
- Rewards Rate: 1.5%-5% cash back on purchases
- Intro APR: 0% on purchases and balance transfers for 15 months
- Regular APR: 20.49%-29.24% variable
- Recommended Credit Score: 690-850
| Card | Annual Fee | Rewards Rate | Intro APR | Regular APR | Recommended Credit Score |
|---|---|---|---|---|---|
| SoFi Unlimited 2% | $0 | 2% (3% in the first year) | 10.99% on balance transfers for 6 months | 28.24% variable | 690-850 |
| Citi Double Cash® | $0 | 2% | 0% on balance transfers for 18 months | 19.24%-29.24% variable | 630-850 |
| Discover it® Cash Back | $0 | 1%-5% | 0% for 15 months on purchases and transfers | 18.24%-28.24% variable | 690-850 |
| Chase Freedom Unlimited® | $0 | 1.5%-5% | 0% on purchases and transfers for 15 months | 20.49%-29.24% variable | 690-850 |
World Elite Mastercard Benefits
Being a World Elite Mastercard, the SoFi Unlimited 2% Credit Card comes with several exclusive benefits, including:
- $5 Lyft credits when you take three rides a month
- No delivery fees with DoorDash’s DashPass
- Two-day free shipping with ShopRunner
- Fandango Rewards for movie ticket purchases
These perks can add substantial value, especially for frequent users of these services.
Who Should Consider This Card?
Ideal for SoFi Customers: If you have or plan to open SoFi accounts, this card offers significant value through its high rewards rate and flexible redemption options tailored to SoFi products.
Not Ideal for Non-SoFi Users: If you prefer cash back in the form of statement credits or have accounts with other financial institutions, other cards like the Citi Double Cash® or Chase Freedom Unlimited® might be more beneficial.
FAQs
What is the credit limit for the SoFi Unlimited 2% Credit Card?
The credit limit varies based on your creditworthiness and other factors determined during the application process.
What bank issues the SoFi Unlimited 2% Credit Card?
The card is issued by SoFi Bank, N.A., pursuant to a license by Mastercard International Incorporated.
Is the SoFi Unlimited 2% Credit Card hard to get?
Applicants typically need a good to excellent credit score (670-850). Other factors such as income and existing debts are also considered during the application process.
The Bottom Line
The SoFi Unlimited 2% Credit Card stands out for its high rewards rate and no annual fee, especially for those who are already part of the SoFi ecosystem. While it offers significant benefits and perks, it’s essential to consider how you’ll redeem your rewards to maximize their value. For those seeking flexible redemption options or an introductory APR on purchases, other cards might offer more suitable alternatives.
