What the SoFi Unlimited 2 Credit Card is
The SoFi Unlimited 2 Credit Card is a cash-back rewards card issued by SoFi (Social Finance). It offers a flat 2% cash back on all purchases with no category restrictions, no rotating categories to track, and no spending caps. There is no annual fee.
SoFi markets this card primarily to people who want a straightforward rewards structure without complexity. Because the cash back rate is the same everywhere you use it, you do not have to remember which categories earn more or plan your spending around bonus categories.
The card is available only to SoFi members — you must have a SoFi checking or savings account to hold it. If you do not already bank with SoFi, you would need to open an account first.
Key Takeaways
- The card earns 2% cash back on every purchase, with no annual fee and no category bonuses to track.
- You must be a SoFi bank customer to hold this card; it is not available to non-members.
- Cash back posts to your SoFi account as a statement credit or can be transferred to a linked external bank account.
- The card has no foreign transaction fees, which can save money if you travel internationally.
- SoFi members may receive additional perks through their membership, such as fee waivers or account benefits.
How the 2% cash back works
Every dollar you spend on the card earns 2 cents back. This applies to groceries, gas, restaurants, online shopping, bills, travel — everything. There are no bonus categories, no quarterly rotations, and no upper limit on how much cash back you can earn in a month or year.
Cash back accrues as you spend and typically posts to your account monthly. You can choose to have it credited as a statement credit (reducing your balance due) or transferred to a linked external bank account. Some cardholders leave it to accumulate and use it as a lump sum later.
Unlike some rewards programs, SoFi does not require you to redeem cash back by a certain date. It does not expire, and you can let it sit in your account indefinitely.
Fees and costs to know about
There is no annual fee to hold the card. SoFi does not charge foreign transaction fees, which means you pay the same 2% cash back rate whether you use the card in the United States or abroad.
Like all credit cards, the SoFi Unlimited 2 carries a variable interest rate (APR) if you carry a balance. That rate depends on your creditworthiness and current market conditions. If you pay your full statement balance by the due date each month, you will not pay interest.
There are no fees for late payments, over-limit transactions, or balance transfers listed as standard charges, but your account agreement will specify what happens if you miss a payment or exceed your credit limit.
Who this card works well for
The SoFi Unlimited 2 is most useful if you spend consistently across many categories and do not want to think about which card to use for which purchase. A flat 2% rate beats many cards' base rates (often 1% or 1.5%) and matches or exceeds many competitors' flat-rate offerings.
It also suits people who already bank with SoFi and want to keep their finances in one place. If you use SoFi's checking account, savings account, or investment services, the card integrates into your existing dashboard and statements.
The lack of foreign transaction fees makes it a reasonable choice for frequent international travelers, though the 2% rate is not exceptional compared to some premium travel cards.
How to open the account
If you are already a SoFi member, you can request the card through your SoFi app or website. Log into your account, navigate to the cards or products section, and follow the prompts to explore. SoFi will review your process and let you know whether you are approved, usually within minutes to a few days.
If you are not yet a SoFi member, you will need to open a checking or savings account first. You can do this through the SoFi website or mobile app. The process typically takes 10 to 15 minutes and requires your Social Security number, date of birth, address, and employment information. Once your bank account is active, you can then request the credit card.
SoFi will send the physical card to your address on file. You can usually start using the card for online purchases before the physical card arrives by requesting a virtual card number through the app.
How the card compares to other flat-rate cards
Several other issuers offer flat-rate cash back cards. The Chase Freedom Unlimited offers 1.5% cash back with no annual fee and no membership requirement. The Citi Double Cash offers 2% cash back (1% when you buy, 1% when you pay) with no annual fee. The Discover it Chrome offers 2% on gas and restaurants, 1% elsewhere, with no annual fee.
The main trade-off with the SoFi card is the membership requirement. If you do not already use SoFi for banking, opening an account adds a step. However, if you are already a SoFi customer, the card integrates seamlessly and you may benefit from member-only perks or rate discounts on other SoFi products.
The 2% flat rate matches the Citi Double Cash and beats most competitors' base rates. It does not offer bonus categories like some cards do, so if you spend heavily in one category (such as groceries or travel), a card with category bonuses might earn more.
What happens after you open the card
Once approved and activated, you can use the card like any other credit card. Charges appear in your SoFi app within a day or two. You can set up automatic payments, make manual payments, or pay in full each month — the choice is yours.
Your credit limit is set at approval and may increase over time if you use the card responsibly and SoFi reviews your account. You can request a credit limit increase through the app.
Cash back earnings appear as a separate line item on your monthly statement. You can redeem it when ready or let it accumulate. If you close the card or your SoFi account, any unredeemed cash back is typically forfeited, so check your account terms.
Frequently Asked Questions
Do I have to keep a SoFi bank account open to use the card?
Yes. The card is only available to SoFi members, and membership requires an active checking or savings account. If you close your bank account, your credit card account may be closed as well. Check your cardholder agreement for the exact policy.
Can I use this card if I have fair or poor credit?
SoFi's credit card is typically available to people with good to excellent credit. If you have fair or poor credit, you may not be approved, or you may be offered a lower credit limit. SoFi does not publish a minimum credit score requirement, so the only way to know is to explore.
What is the difference between this card and other SoFi credit products?
SoFi offers other credit cards with different rewards structures. The Unlimited 2 is the flat-rate option. If SoFi offers other cards, they may have category bonuses, annual fees, or different cash back rates. Compare the terms on SoFi's website to see which fits your spending.
Does the 2% cash back explore to balance transfers or cash advances?
Cash back typically applies only to regular purchases, not to balance transfers or cash advances. Balance transfers and cash advances often carry their own fees and interest rates. Confirm the terms in your cardholder agreement or contact SoFi directly.
Can I transfer my cash back to pay down my balance?
Yes. You can choose to have cash back posted as a statement credit, which reduces your balance due. You can also transfer it to a linked external bank account if you prefer to keep the money separate. The redemption options are usually available in your SoFi app.