SoFi Credit Card Review 2022

The sofa credit card comes with no annual fee it earns an unlimited two percent cash back on every purchase as an intro bonus 

You'll earn four percent back for the first 30 days after signing up and you can redeem those rewards into any of your sofi accounts like your checking investing crypto and loan accounts 

It works on the MasterCard payment network with world elite benefits and you'll need over a 700 credit score to be approved I've been using the sofi credit card since November of 2020 

As you can see by the wear and tear on this thing and it was released to the broader public in march of 2021 

But there have been a few changes since then by the end of this review you'll be able to make an informed decision on whether the sofi card is a good fit for you 

There's a lot you should know so let's get into the pros the first pro is the unlimited two percent cashback rate that the sofi card offers a card like

This can easily be used as the foundation of your cashback strategy because it guarantees that you at least earn two percent on every purchase

This is important because it doesn't require any extra thought or planning on your part to max out the rewards add up into your account the day after each transaction clears and they're available for you to redeem immediately 

They should really start advertising this because that's essentially daily cashback most other cards force you to wait until the end of the billing cycle to redeem in the early months of using the card 

I would redeem pretty much every day until the novelty wore off there's also no expiration or minimum redemption limit 

So you can redeem as little as one dollar and if that wasn't enough they take it a step further by giving you the choice to use automatic redemption which I always get excited about 

Because that completely removes the trivial task of cashing out your rewards it's well known that a large number of people's rewards go unused 

Because life happens and they inevitably forget and eventually lose them that's a waste and that will never happen here 

I set my account up to redeem whatever cashback i earn on the first of every month 

I'll just receive a notification that my rewards are now available in my sofi money checking account fully ready to spend r invests as I see fit even though 

This is just one of the five cards in my active lineup I've earned almost 500 dollars using it in the past year since sofi also offers a brokerage account you can redeem for stock and even crypto 

Which was added in April of 2021. I don't directly use this feature because I use the sofi checking account as a central hub for my money rewards 

My sofi credit card automatically moves into my checking account monthly and once a week a set amount moves automatically from that checking account into my sofi vesting account 

Because these movements take place under one roof they clear instantly so no waiting days on end with your money in limbo I'm just glad I don't have to manually trigger these actions myself 

Because I definitely forget along with no annual fee it charges no foreign transaction fees which would have been three percent of each purchase when traveling abroad sixty percent of cards on the market will slap you with that charge

I already have two other two percent cash back cards that have this fee so that makes me appreciate the sofi card, even more, it carries MasterCard world delete benefits including cell phone protection of up to one thousand dollars per year 

When you pay your entire bill with it plus you get monthly credits from Lyft showrunner and doordash personally I've taken advantage of the door dash credit to get the premium delivery service essentially for free every single month which is a 10 value that deal ends in September though in my time using the sofi credit card 

I have not needed to contact customer service but I've heard from a good amount of customers that say the service is good and they're able to reach a representative quickly 

The card does not come with a traditional cashback bonus it gives you 2x back for the first 30 days from account opening that turns your 2 percent into 4 back this all but guarantees that you'll earn extra money upfront since 

You don't have to meet minimum spending requirements to earn the bonus I really wish this deal was available when I first signed up there were no bonuses available at that time and 

If you take advantage of the other free accounts that sofi offers then you can easily earn an extra 75 I'll have links below here's some more good news 

You can apply for the sofi credit card and get pre-approved with only a soft credit pull which doesn't hurt your credit score I really like this benefit and I hope

It become a trend across the market you typically take a hit to your credit score every time you apply for a card on top of that sofi guarantees 

You have a starting credit limit of at least one thousand dollars which is a far cry from other cards that can start you in the 300 range the credit limit you get after you're approved is always a gamble 

So it's nice to know there's a decent minimum cutoff I know many of you won't even accept a low starting credit limit 

So there's a lot of good here but let's discuss the negatives the largest issue someone could have with the sofi credit card is it requires you to fully buy into the sofi ecosystem to earn 

The whole two percent back that it advertises you'll only earn one percent back if you redeem for just a statement credit which is definitely not a worthwhile endeavor this wasn't a problem for me because 

I was already using online banks for a few years and I could see the value of using all the sofi accounts together 

I would have definitely preferred a traditional cash signup bonus of 200 or more instead of a 2x rewards bonus for the month you can literally get 10 times 

The return on the spin with other cards when it comes to the intro bonus next there's currently no way to get a credit limit increase over a year ago 

I was approved for a ten thousand dollar limit when signing up and I still have that same limit today I should let you know 

I did find a page on the website that said at this time we are unable to offer a credit limit increase on your sofi credit card this feature is not yet released but should be coming soon 

So there is hope so far is currently lagging behind other credit card issuers by not offering a virtual card number solution virtual card numbers are like substitutes for your actual card number 

The virtual numbers are still linked to your credit card account but they allow you to use a different number to fill out payment information 

When you shop online they add a layer of privacy and security to your transactions if you're getting value from this.

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