Do you want to see a complete review of the SoFi credit card? From Responsible Economy we show you all the features: fees, interest rate, requirements and everything you need to know about the Sofi credit card. You can also see a comparison of the best credit cards and an explanatory video. Welcome!
Video SoFi credit cards
We have made a video with the main features of SoFi credit card. If you like our content, subscribe to our YouTube channel to support us and receive videos every day:
Features
In this section we explain in detail each feature of the SoFi credit card.
Fees
Fees is one of the most important points because obviously nobody wants to pay commissions. The Discover credit card has no annual maintenance fees. It is a completely free card.
If we have an outstanding balance on the card and we want to pay it ahead of time, we have commissions of the greater of $10 or 5% of the Balance Transfer.
Cash back
The first year you have a 3% cash back if you make a direct deposit. After the first year or if you don’t make direct deposit, you have 2% cash back.
Bonus
You have a welcome bonus of up to $250 if you make a direct deposit. If the direct deposit is less than $5,000 the bonus is $50 and if it is more than $5,000 the bonus is $250.
Valid direct deposits are those that come from payroll, Government or Social Security.
Interest rate
If you pay the purchases at the end of the month you do not have to pay commissions but if you decide to defer the payments the interest is from 17.49% to 29.49% APR.
Comparison with the best credit cards
Here is a comparison of the Sofi credit card with the best credit cards you can apply for in the United States in 2023:
- Fees: $0
- Cashback: 1,5%-6,5%
- Bonus: up to $300
- Credit Score: 690-850
- Fees: $0
- Cashback: 2%
- Welcome bonus: $200
- Credit Score: 690-850
- Fees: $95
- Cashback: 1x-5x
- Welcome bonus: 60.000 points
- Credit Score: 690-850
- Fees: $0
- Cashback: 1%-10%
- Welcome bonus:$200
- Credit Score: 690-850
- Fees: $95
- Cashback: 2x-5x
- Welcome bonus:75.000 miles
- Credit Score: 690-850
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: $200
- Credit Score: 690-850
- Fees: $0
- Cashback: up to 3%
- Welcome bonus: $200
- Credit Score: 690-850
- Fees: $0
- Cashback: up to 4%
- Welcome bonus: $0
- Credit Score: 690-850
- Fees: $0
- Cashback: up to 5%
- Welcome bonus: $0
- Credit Score: 690-850
- Fees: $0
- Cashback: up to 3%
- Welcome bonus: $0
- Credit Score: 690-850
Pros and cons
Once we have seen all the characteristics of the SoFi credit card and we have compared it with the best credit cards, we have made a table with all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| No fees | Only bonus with direct deposit |
| Up to 3% cash back first year | There are cards with higher cashback |
| Welcome bonus up to $250 |
Requirements
Here you have a list with all requirements of Sofi credit card:
- Credit score: good to excellent (670 – 850)
- Live in the United States
- Have a Social Security
- Have an American Phone
Conclusions and opinions
After the review carried out, our opinion is that SoFi is not one of the best credit cards because it offers a $250 welcome bonus that is difficult to get, the cashback is lower than other credit cards, it does not offer deferred payments and ask for a good or excellent credit score. On the other hand, it offers a free credit card and if you make a direct deposit you have a 3% cash back for the first year.
Frequent questions
Here we answer all the questions you may have about the Discover credit card:
More information about SoFi
Here you have information of interest about SoFi:
| Information | Description |
|---|---|
| Website | https://www.sofi.com/ |
| https://twitter.com/SoFi | |
| https://www.facebook.com/SoFi | |
| Phone | 855 456-7634 |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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