Sofi Credit Card

Sofi Credit Card Review

This is a cashback card issued by SoFi. If you're wondering whether Sofi Credit Card is the right card for you, read on.

Key Takeaways

• Competitive APRs. Sofi Credit Card has a variable purchase APR that ranges from 13.24% up to 25.49%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• Annual fee waived the first year. Sofi Credit Card gives you the chance to have the card for a year without paying the $0 annual fee.
• 5% Balance transfer fee. Sofi Credit Card charges a fee of 5% on balance transfers. For example, a balance of $1,000 could cost $50 in transfer fees. The minimum fee is $10.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.

Pros & Cons of Sofi Credit Card

The Good	The Bad
Potentially lower than average purchase APRs. No annual fee. Annual fee waived during the first year. Identity Theft Protection. No foreign transaction fee. Cardholders can earn rewards on their purchases. Sofi Credit Card reports to multiple credit bureaus.	Does not offer a signup bonus. You don't earn rewards on every purchase. Charges a 5% balance transfer fee. Does not include many credit card benefits.

Sofi Credit Card FAQ

Does Sofi Credit Card have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards.

Sofi Credit Card Rewards

Rewards rate (all purchases)	N/A
Max rewards rate	N/A
Annual rewards limit	N/A
Signup Bonus ($)

What are the Sofi Credit Card benefits?

It provides the following benefits:

• Cell Phone Protection
• Reports to major credit bureaus

What are the relevant APRs for Sofi Credit Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular APRs.

Sofi Credit Card has a variable purchase APR that ranges from 13.24% up to 25.49%. The card has a variable balance transfer APR that ranges from 13.24% up to 25.49%. It also has a variable cash advance APR starting at 27.24% .

What are the fees for Sofi Credit Card?

The following fees apply:

Sofi Credit Card Fees

Fees	Amount
Annual Fee	$0
Foreign Transaction Fee	0%

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does Sofi Credit Card report your account activity to credit bureaus?

Yes, Sofi Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Sofi Credit Card

• Visit the Sofi Credit Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.