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Home > Credit Card Offers > SoFi Credit Card: Earn up to 3% Cash Back in First Year and $300 Bonus

SoFi Credit Card: Earn up to 3% Cash Back in First Year and $300 Bonus

May 23, 2022 | Leave a Comment

The SoFi Credit Card offers 3% cash back on all of your card purchases for a full year with a direct deposit, or unlimited 2% cash back without a direct deposit, plus you’ll qualify for a 1% lower APR with 12 monthly on-time payments, and there is no annual fee.

When you apply for the SoFi Credit Card and set up a qualifying direct deposit, you’ll earn 3% cash back for a full 365 days.

In order to set up a direct deposit, you will need to open a SoFi Checking and Savings account, if you don’t have one already, and you can earn an additional bonus of up to $300 when you set up your direct deposit.

However, you may wish to qualify for this SoFi Checking and Savings Account $50-$325 Bonus separately before you apply for your SoFi Credit Card.

SoFi Credit Card 3% Cash Back Promotional Rate

You will need to maintain a qualifying direct deposit every month with SoFi Checking and Savings in order to continue to receive this promotional 3% cash back rate, which is defined as deposits from your employer, payroll, or benefits provider via ACH deposit.

A maximum of 36,000 rewards points can be earned from this limited-time offer, and the 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, SoFi Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance, or they are worth $180 when redeemed as a SoFi Credit Card statement credit.

SoFi Credit Card 2% Cash Back Standard Rate

If you don’t set up a direct deposit, you will earn unlimited 2% cash back on all of your card purchases with no limits to how much you can earn.

If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money account, fractional shares or cryptocurrency in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point.

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

SoFi Credit Card 1% Lower APR with 12 Monthly On-Time Payments

When you make 12 monthly on-time payments of at least the minimum payment due on your SoFi Credit Card, you’ll qualify for a 1% reduction in your APR.

SoFi Credit Card No Annual Fee

With the SoFi Credit Card, there is no annual fee for all cardholders with no further requirements.

As long as you are a SoFi Credit Card member, there will be no annual fee for your SoFi Credit Card account.

In addition, there are no foreign transaction fees, so that you can travel internationally without worrying about the fees.

SoFi Credit Card Partner Perks

As a SoFi Credit Card member, you’ll get partner perks from participating brands like Lyft, Shoprunner, Doordash, and more.

For every 3 Lyft rides taken in a month, you’ll receive a $5 Lyft credit once per month.

For Shoprunner, you’ll receive a free annual membership, which has a value of $79.

For Doordash, you’ll receive a 3-month free trial of DashPass for non-members, plus a $5 discount on 2 orders each month for DashPass subscribers.

Check out the SoFi Credit Card to earn up to 3% cash back in your first year with no annual fee.

Filed Under: Credit Card Offers

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