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SoFi Unlimited 2% Credit Card Review: Earn Unlimited Rewards With No Annual Fee

Review Updated
Brittney Myers
Author: Brittney Myers
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Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

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SoFi cardholders will appreciate SoFi Unlimited 2% Credit Card rewards, designed to encourage members to save and pay down debt. There is no annual fee and cardholders earn an unlimited 2% cash back and unlimited 3% rewards when using the card to book trips through the new SoFi Travel powered by Expedia. Read our full SoFi Unlimited 2% Credit Card review to see what else the card has to offer.

Ratings Methodology

SoFi Unlimited 2% Credit Card

SoFi Unlimited 2% Credit Card
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

18.24% to 29.99%, variable

Rewards Circle with letter I in it. Get 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2%* unlimited cash back on purchases when redeemed toward investing, saving, statement credits, or paying down an eligible loan with SoFi. Earn unlimited 3% cash back rewards when you use your SoFi Credit Card to book trips through the new SoFi Travel powered by Expedia.

1% - 3% cash back

Annual Fee

$0

  • Offers cash back rewards on every purchase and higher rewards for SoFi Travel purchases, all for no annual fee. To maximize your rewards, you will need to redeem rewards into an eligible SoFi account, however.

    • Competitive purchase rewards
    • No annual fee
    • World Elite Mastercard benefits
    • Card perks
    • No intro APR offers
    • High balance transfer fees
    • Smart spending and budgeting tools. Set a budget for each month and get a notification when you are close to reaching your budget
    • 18.24% to 29.99% Variable APR on purchases and balance transfers
    • No annual fee
    • Get 2% unlimited cash back towards your financial goals
    • Get 2% cash back on all eligible purchases—and when you redeem it to pay down eligible debt, save, or invest with SoFi.
    • Earn unlimited 3% cash back rewards when you use your SoFi Credit Card to book trips through the new SoFi Travel powered by Expedia.
    • Get special discounts on popular brands like Lyft, Shoprunner, Boxed, and more
    • The SoFi app makes it easy to automatically redeem your cash back toward your eligible SoFi loans, saving, or investing each month
    • Complimentary cell phone insurance coverage up to $1,000
The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full SoFi Credit Card review

This credit card is a good fit for: SoFi Checking and Savings account holders who want to earn unlimited cash back on a credit card with no annual fee.

Top perks

Unlimited 2% cash back on purchases and unlimited 3% rewards on travel bookings

For every dollar spent on eligible purchases, members can earn 2 rewards points. When redeeming points, you have the option to receive cash deposited into your SoFi Checking and Savings account, your SoFi Money® account, fractional shares in your SoFi Active Investing account, or you can use your points as a payment towards SoFi Personal Loans or as a statement credit on your credit card bill. For these options, your points are redeemed at a rate of $0.01 per point.

In addition, cardholders can earn unlimited 3% cash back rewards when you use your SoFi Unlimited 2% Credit Card to book trips through the new SoFi Travel powered by Expedia.

No annual fee

Many rewards credit cards with higher-than-average purchase rewards charge an annual fee. But the SoFi Unlimited 2% Credit Card charges no annual fee whatsoever. In addition there are no foreign transaction costs. This is a nice perk because you won't lose any of your rewards earnings to balance out an expensive annual fee.

Plus, if you find you don't use your card much or decide to move on to bigger rewards, you don't have to worry about canceling your SoFi Unlimited 2% Credit Card. Without an annual fee, it won't cost you anything to hang onto the card regardless of how often you use it (or don't).

Card perks

Card holders get up to $1,000 of complimentary cellphone insurance coverage, can safeguard their personal information with Mastercard ID theft protection, and have access to free credit score monitoring. With SoFi Insights, you can track your credit score and earn rewards points every time it goes up.

Bonus cash back rewards for account loyalty

Cardholders who also have a SoFi Checking account with direct deposit can earn 10% more rewards on card purchases. So, eligible cardholders would earn a total of 2.2% unlimited cash back on purchases, plus 3.3% back on trips booked through SoFi Travel.

To start earning the 10% boost, you'll need to set up (or have) a SoFi Checking account and receive at least one direct deposit per 30-day statement period. You will start earning the 10% boost once you receive the first eligible direct deposit into your checking account.

World Elite Mastercard® benefits

Not only does the SoFi Unlimited 2% Credit Card operate on the Mastercard network, which is accepted at millions of businesses worldwide, but it's also a World Elite Mastercard®. This means you'll get a range of exclusive World Elite benefits, including:

  • $5 in Lyft credits when you take three rides or more a month*
  • $0 delivery fee, reduced service charges and exclusive savings and offers with DashPass, the membership service from DoorDash.
  • Unlimited two-day free shipping with ShopRunner
  • Spend $20 on movie tickets at Fandango or at home on Vudu and get a $5 Fandango Reward towards your next movie ticket
  • Exclusive PGA TOUR® experiences with Mastercard Golf

Other World Elite benefits include Mastercard global services, access to the World Elite concierge services, and $0 liability protection.*

What could be improved

No introductory 0% APR offers

Another standard feature the SoFi Unlimited 2% Credit Card lacks is an introductory 0% interest offer on new purchases or balance transfers. In fact, the card only accepts balance transfers from people who have received special promotional offers.

No introductory 0% APR offer for new purchases means you won't have the option to make a big purchase and pay it off over time interest free. Instead, cardholders are reliant on the standard grace period -- 25 days, in this case -- to avoid paying interest. The go-to interest rate will vary based on your credit history, and the card has a large range of potential APRs that goes from competitively low to shockingly high.

High balance transfer and late payment fees

The balance transfer fee is 5% ($10 min.), whichever is greater. Most cards charge 3% to 5%, so this fee is on the higher side. There are also late payment fees of up to $41.

Find the best credit card for your needs
Image of reviewer

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Compare Cards

Suggested credit score

SoFi states that this card is for customers with good or excellent credit. You'll likely need a credit score of 670 or higher to qualify for the SoFi Unlimited 2% Credit Card, as it's technically a World Elite Mastercard® product. Bear in mind that your score won't be the only factor considered when you apply.

The SoFi Credit Card is right for you if:

The SoFi Unlimited 2% Credit Card is an ideal flat-rate rewards card if you don't mind redeeming your rewards into your SoFi accounts or towards your SoFi loan. The field of 2% cash back cards with no annual fee isn't huge, and the SoFi Unlimited 2% Credit Card can be a good way to boost your savings, reduce your credit card bill, or pay down debt faster. However, if you're not a SoFi member or are looking for cash back you can redeem for anything, you may need to consider other card options. The card is also right for you if you plan on booking trips through the new SoFi Travel powered by Expedia, as you will be able to earn unlimited 3% rewards.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • According to SoFi, the minimum credit limit for the SoFi Unlimited 2% Credit Card is $1,000. Reports from cardholders indicate credit limits can range as high as $25,000.

  • The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

  • The SoFi Unlimited 2% Credit Card seems to be easy to get for applicants with good to excellent credit. As such, a credit score of 670 or above should give the best chances of approval.