SoFi credit card review

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:

Chase freedom unlimited
  • Fees: $0
  • Cashback: 1,5%-6,5%
  • Bonus: up to $300
  • Credit Score: 690-850
Wells Fargo Active Cash Card
  • Fees: $0
  • Cashback: 2%
  • Welcome bonus: $200
  • Credit Score: 690-850
Chase Sapphire Preferred Card
  • Fees: $95
  • Cashback: 1x-5x
  • Welcome bonus: 60.000 points
  • Credit Score: 690-850
Capital One SavorOne Cash Rewards Credit Card
  • Fees: $0
  • Cashback: 1%-10%
  • Welcome bonus:$200
  • Credit Score: 690-850
Capital One Venture Rewards Credit Card
  • Fees: $95
  • Cashback: 2x-5x
  • Welcome bonus:75.000 miles
  • Credit Score: 690-850
Discover it Cash Back
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: up to $300
  • Credit Score: 690-850
Citi Simplicity Card
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: $200
  • Credit Score: 690-850
BankAmericard credit card
  • Fees: $0
  • Cashback: up to 3%
  • Welcome bonus: $200
  • Credit Score: 690-850
Costco credit card image
  • Fees: $0
  • Cashback: up to 4%
  • Welcome bonus: $0
  • Credit Score: 690-850
Burlington credit card image
  • Fees: $0
  • Cashback: up to 5%
  • Welcome bonus: $0
  • Credit Score: 690-850
Sofi credit card
  • 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:

ProsCons
No feesOnly bonus with direct deposit
Up to 3% cash back first yearThere are cards with higher cashback
Welcome bonus up to $250
Pros and cons SoFi credit card

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:

InformationDescription
Websitehttps://www.sofi.com/
Twitterhttps://twitter.com/SoFi
Facebookhttps://www.facebook.com/SoFi
Phone 855 456-7634
Interest information about SoFi

Finally, you have related posts about credit cards:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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