You can still reap the full 2% rewards even if you don’t intend to keep your money within the SoFi ecosystem. Because of this, you’ll need to keep your account open and in good standing to earn 2% with the card. To receive the full 2% value, you can choose between applying your rewards to pay down SoFi loans, transferring rewards to your SoFi Banking account or adding to your SoFi Invest balance. Redeeming rewards is simple as long as your SoFi account(s) are already set up online. The structure keeps things simple-you don’t have to worry about bonus spending categories, expiration dates or earning limits-ideal features for a card designed to make budgeting, saving and investing easy. The SoFi credit card earns cash back in the form of points, with 1 point equivalent to 1 cent. One unique feature of the card is the ability to redeem your rewards for cryptocurrency via a SoFi investment account.Īnd, of course, if you transfer rewards to your SoFi banking account, you can use your balance toward anything-bills, spending or cash withdrawals.Īccumulating points is simple with the SoFi credit card since every purchase earns the same flat rate. If you use your rewards to pay down loans held with SoFi or to deposit into SoFi Banking or investment accounts, then points are worth 1 cent each. The card earns 2% back (in the form of points) per eligible dollar spent which is worth a half-cent each in cash back if you redeem as a statement credit. SoFi’s card is targeted to customers looking to build savings, pay down loans or start investing-that’s because rewards are worth half as much if not redeemed in an eligible SoFi account. Users who opt into all of SoFi’s accounts can manage their finances in one place on SoFi’s website and app. The card’s convenience is its primary selling point-SoFi is one of the few platforms that allows you to host your banking, investment, loan and credit card, all in one place. For customers who love to set it and forget it, this is an easy card to keep in your wallet. The card also has no annual fee and no foreign transaction fees. For starters, there are no purchase category restrictions and no cash-out minimums. The SoFi credit card joins several others offering unlimited 2% cash back on purchases, which can be taken as cash back to an eligible SoFi account or redeemed in other ways.
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