SoFi Unlimited 2% Credit Card
- Best for: Readers SoFi invites who want one no-fee 2% card for home and travel
- What Sets It Apart: Full 2% as a statement credit or toward SoFi accounts and loans; no foreign transaction fee; 2.2% for SoFi Plus members
- Cost: $0 annual fee; variable purchase APR of 20.24% to 32.99%; SoFi Plus, for the boost, $10 a month
- Features: 2 points per $1, worth 1 cent each; 3% back on SoFi Travel; cell phone protection up to $800 per claim and $1,000 a year
- Pros: Same value however you redeem; no caps or redemption minimum; full 2% abroad
- Cons: Invitation only; no welcome bonus or intro APR; a late minimum payment forfeits that cycle’s rewards
Take the SoFi Unlimited 2% Credit Card if SoFi invites you. It pays 2% back on purchases with no annual fee or foreign transaction fee, whether you take a statement credit or move rewards into SoFi. Without an invitation you can’t apply, so pick a 2% card that takes open applications.
SoFi Bank issues this Mastercard and sends its invitations by mail or online. It suits anyone who wants one card for everyday and overseas spending, and SoFi customers can send rewards straight into their savings, investments, or loan payments.
Key Features
- 2 points per dollar on eligible purchases, worth 1 cent each as a statement credit or toward SoFi accounts and loans
- 3% back on travel booked through SoFi Travel
- No annual fee, and a variable interest rate (APR) of 20.24% to 32.99% on purchases
- By invitation only, for applicants with excellent credit
- 10% boost, to 2.2%, for members of SoFi Plus, a $10-a-month membership
Pros
- Same 2% value as a statement credit, a deposit, or a SoFi loan payment
- No foreign transaction fee, so purchases abroad earn 2% at no added cost
- Cell phone protection up to $800 per claim and $1,000 a year
- No caps on rewards and no minimum to redeem
Cons
- No way to apply without an invitation
- No welcome bonus or intro APR, and balance transfers only through a SoFi promotional offer
- A late minimum payment forfeits rewards on that billing cycle’s purchases
- The boost’s extra 0.2% covers SoFi Plus’s $120 yearly cost only on spending above $60,000 a year
Anyone SoFi invites should make it their everyday card, since it pays 2% at home and abroad with no annual fee. Without an invitation, apply for the Wells Fargo Active Cash Card, which also pays 2% on purchases and adds a welcome bonus and a 0% intro APR for 12 months.
Learn more about the SoFi Unlimited 2% Credit Card or see how it compares to the best cash back credit cards.
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