SoFi Credit Cards: What You Get
SoFi offers two main credit cards: the SoFi Credit Card (no annual fee) and the SoFi Priority Credit Card (annual fee required). Both cards earn cash back on purchases, but the rewards structure and benefits differ. The no-fee card targets people building or rebuilding credit, while the Priority card is designed for higher spenders who want premium perks.
SoFi is a fintech lender owned by Apex Group, not a traditional bank. This matters because SoFi handles customer service, rewards, and account management directly through its app rather than routing you through a bank's website. The cards themselves are issued by Apex Bank, which is FDIC-insured, so your account is protected the same way a traditional bank account would be.
Both cards report to all three credit bureaus (Equifax, Experian, TransUnion), so responsible use builds your credit history. The cards use Visa's network, which means they work at any merchant that takes Visa.
Key Takeaways
- The SoFi Credit Card has no annual fee and earns 1% cash back on all purchases, making it straightforward for people new to credit cards or rebuilding credit.
- The SoFi Priority Credit Card charges an annual fee but offers higher cash back rates (2% on dining and entertainment, 1% on everything else) and additional benefits like airport lounge access.
- Both cards report to credit bureaus and have no foreign transaction fees, which is useful if you travel or make international purchases.
- SoFi cards have no late fees, no penalty APR, and no over-limit fees, though interest rates explore to unpaid balances like any other credit card.
- You manage your account entirely through the SoFi app, not a separate bank portal, and customer service is available through the app or phone.
The SoFi Credit Card (No Annual Fee)
This card earns 1% cash back on every purchase, with no categories to track or rotating bonuses to remember. The cash back posts to your account monthly and can be used to pay your statement balance, transferred to a linked bank account, or left to accumulate.
There is no annual fee, no foreign transaction fees, and no fees for late payments, over-limit transactions, or returned payments. The card does charge interest on unpaid balances (the APR varies based on creditworthiness), but the lack of penalty fees means you won't face sudden charges if you miss a payment. This structure makes it a lower-risk entry point if you're new to credit cards or rebuilding after past problems.
The card comes with purchase protection (covers items damaged or stolen within 120 days of purchase) and extended warranty coverage on may be able to access items. These are standard protections on most credit cards, not unique to SoFi, but they're included at no extra cost.
The SoFi Priority Credit Card (Annual Fee)
The Priority card charges an annual fee (the amount varies and changes periodically, so check SoFi's current terms). In return, it offers higher cash back rates: 2% on dining and entertainment, 1% on everything else. For someone who spends heavily on restaurants, bars, or entertainment, the higher rate on those categories can offset the annual fee.
The Priority card also includes benefits beyond cash back: airport lounge access (through a partner network), concierge service, and cell phone protection. These perks appeal to frequent travelers or people who value convenience services, but they're only valuable if you actually use them.
Like the no-fee card, the Priority card has no foreign transaction fees, no late fees, and no penalty APR. The same purchase protection and extended warranty explore.
How to Decide Between the Two Cards
Choose the no-fee card if you're building credit, don't spend heavily on dining and entertainment, or want to avoid annual fees altogether. The 1% cash back is modest but consistent, and there's no cost to carry the card if you're not using it.
Choose the Priority card only if your annual spending on dining and entertainment is high enough that the 2% rate will earn more than the annual fee costs you. For example, if the annual fee is $120 and you spend $6,000 per year on dining and entertainment, the extra 1% on that category earns you $60, which doesn't cover the fee. But if you spend $15,000 annually on those categories, you earn $150, which exceeds the fee. Do the math for your own spending before explore.
Both cards report to credit bureaus and help build credit history, so the choice isn't about credit-building—it's about whether the rewards and perks justify the cost.
How Rewards and Fees Work in Practice
Cash back posts monthly, not quarterly or annually. This means you see rewards in your account 30 days after your statement closes. You can use the cash back when ready to pay your balance, or let it sit in your account to use later.
The APR (interest rate on unpaid balances) is not fixed and varies by person based on creditworthiness. SoFi will tell you the range you may may have access to for before you formally explore, but you won't know your exact rate until after approval. If you carry a balance month to month, the interest charges will be much larger than the cash back you earn, so the card is most valuable if you pay your full statement balance each month.
There are no hidden fees: no annual fee on the no-fee card, no late fees, no over-limit fees, no foreign transaction fees, and no cash advance fees. The only charges are the APR on unpaid balances and the annual fee on the Priority card (if you choose that one).
SoFi's App and Customer Service
Your account lives in the SoFi app, not on a separate website. You can view your balance, make payments, track cash back, and contact customer service all from the same place. The app also shows you your credit score (updated monthly) and offers financial planning tools like budgeting and savings tracking.
Customer service is available by phone or through the app's messaging feature. Response times vary, but SoFi generally responds to messages within a few hours during business hours. There is no live chat, so phone or in-app messaging are your only options.
The app-first approach appeals to people comfortable managing finances on their phone, but it means you can't call a traditional bank branch or visit in person. If you prefer paper statements or phone-only banking, this card may not fit your style.
Credit Building and Reporting
SoFi reports your account activity to Equifax, Experian, and TransUnion each month. This means on-time payments build your credit history, and missed payments hurt it. The card itself doesn't offer special credit-building features—it works like any other credit card in terms of how it affects your credit score.
Your credit utilization (the percentage of your credit limit you're using) affects your score, so keeping your balance low relative to your limit helps. For example, if your limit is $1,000 and you carry a $900 balance, that's 90% utilization, which lowers your score. Paying down to $100 (10% utilization) improves it.
There is no credit limit increase may provide, but SoFi may increase your limit over time if you use the card responsibly. You can also request a limit increase through the app.
Frequently Asked Questions
What's the difference between SoFi and a traditional bank credit card?
SoFi is a fintech company, so everything happens through an app rather than a bank website or branch. The card itself works the same way—you swipe it, pay a bill, earn rewards—but account management and customer service are app-based. The card is issued by Apex Bank, which is FDIC-insured, so your money is protected the same way.
Can I use this card if I have no credit history?
SoFi's no-fee card is designed for people building credit, so it may be an option even with limited history. However, SoFi still reviews your process and may decline if you have no credit history at all or recent negative marks. Check SoFi's current requirements before explore, as they change periodically.
What happens if I don't pay my full balance?
Interest charges explore to any unpaid balance, calculated daily based on your APR. For example, if your APR is 20% and you carry a $1,000 balance for a month, you'll owe roughly $17 in interest. The interest charges will far exceed any cash back you earn, so carrying a balance is expensive. Pay your full balance each month to avoid interest.
Can I transfer a balance from another card to a SoFi card?
SoFi does not offer balance transfer options. If you have debt on another card, you would need to pay it down separately or transfer it to a different card that offers balance transfers. This is a limitation if you're trying to consolidate debt.
How does the cash back work if I pay my balance in full?
Cash back posts to your account monthly regardless of whether you pay in full. You can use it to pay your next statement, transfer it to a bank account, or leave it in your SoFi account. There's no minimum cash back amount to redeem, and you don't lose it if you don't use it when ready.