SoFi Credit Card, Earn 5% Cash Back on All Purchases for 3 Months

SoFi Credit Card Review

SoFi Credit Card Review

Back in May 2021, SoFi launched its first-ever credit card, designed to incentivize healthy financial habits and further its mission to help people get their money right. The card was already available for select customers, but it is now publicly available for everyone.

The SoFi Credit Card’s rewards structure lets you earn 2% unlimited cash back. But you only get that when cash back is applied to a SoFi Money or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance.

Signup Bonus

For the first three months, earn 5% cash back in every category with the SoFi Credit Card. That’s 5% cash back on all spending to redeem toward saving, investing, or paying down an eligible SoFi loan, or 2.5% cash back toward SoFi statement credit.

A maximum of 20,000 rewards points can be earned from this limited-time offer. After the promotional period or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%.

When you apply, SoFi conducts a soft credit pull that will not affect your credit score. An approved application will result in a hard credit pull, which may impact your credit score. I received the offer by email, but it seems to be publicly available so everyone should be eligible. Apply by 10/31/21.


SoFi Credit Card also has an offer available through referrals only where you can earn 4% cash back on all purchases for 30 days, up to a maximum of $25,000 worth of purchases. While the cash back rate is lower with this offer, you get up to 25K in spend instead of $4,000 with the first offer.


Card Details

The SoFi Credit Card carries no annual membership fee† and is the only card that incentivizes cardholders to make on-time payments with a 1% annual percentage rate reduction after 12 consecutive on-time payments, with the reduced rate sustained with continued on-time payments.

  • Earn 2% unlimited cash back when you redeem it to save, invest, or pay down an eligible SoFi loan
  • Make 12 on-time payments to lower your APR by 1%.
  • No annual fee.
  • Get rewarded for spending on popular brands:
    • Take five rides in a month, and get a $10 Lyft credit.
    • Earn 5% cash back rewards on orders for use on future purchases.
    • Get unlimited free two day shipping and free return shipping on purchases with ShopRunner
  • Mastercard World Elite Benefits

Using Rewards

If you elect to redeem points as cash deposited into your SoFi Money account, as fractional shares into your SoFi Invest account, as cryptocurrency into your SoFi Active Invest account, or as a payment toward your SoFi Personal or Student Loan, then your points will redeem at a rate of 1 cent per point.

If you elect to redeem points as a statement credit into your SoFi Credit Card account, then your points will redeem at a rate of 0.5 cents per point.

Guru’s Wrap-up

There are already several credit card options that will earn you 2x for all your purchases. The signup bonus could be useful, since you can earn 5% cash back for three months. But it is limited to 20,000 points or $200, which is nothing outstanding. This card will be best for those who are heavily invested in SoFi and already have a Money and Invest account, or have loans. Having everything in one place makes it easier to manage.

2 thoughts on “SoFi Credit Card, Earn 5% Cash Back on All Purchases for 3 Months”

  1. I signed up for the card but didn’t get the 4% cashback rate. I’m currently fighting it now. anyone else get the same?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to Blog via Email

Enter your email address to subscribe to receive notifications of every new post by email.

Join 5,846 other subscribers

Support the site: Shop through our 

Stay Connected
Join our Facebook Group
Popular Posts
Homepage | About Us | Privacy Policy | Disclosure Policy

Subscribe to our Newsletter

Subscribe to receive one daily email (sent at 8PM ET, Monday through Friday) with all the news and deals.

%d bloggers like this: