What is the SoFi credit card?
The SoFi Crypto credit card was launched in 2018 and allows users to link their crypto holdings to the card.
You can basically spend money on the card and use your crypto as either the funding source or collateral.
For every purchase made, you get a reward in the form of cryptocurrency cashback.
The card can be used at any merchant that accepts Visa, and users earn cash-back rewards in Bitcoin and Ethereum.
In addition, users can easily manage their crypto portfolio through the SoFi mobile app, which displays real-time market information on 20 different cryptocurrencies.
Pros of the SoFi crypto credit card
- No annual fee and no foreign transaction fee.
- Decent rewards rate when redeemed into an eligible SoFi account Points can be used for travel, dining, entertainment and more.
- Redeem them for cash back or gift cards.
- 0% APR on balance transfers for 12 months
- Access to exclusive events and experiences.
Cons of the SoFi crypto credit card
- Rewards must be redeemed into an eligible SoFi account for the best value. This means that if you don’t have a SoFi account, or if your current account isn’t eligible for rewards redemption, then you won’t be able to take full advantage of the benefits offered by this program.
- Even if you do have an eligible account, there may be restrictions on how much money can be redeemed at any given time.
- Reward programs not as generous as those offered by other companies. For example, some companies offer higher cash back rates or more points per dollar spent than what is available through SoFi.
- Some of their reward programs require a minimum purchase amount before they can be activated.
SoFi crypto card fees
With SoFi, the APR on purchases generally ranges from 17.24% to 29.24%.
SoFi crypto card rewards
You'll earn 3 points per dollar spent your first year when you make an eligible purchase and 2 points per dollar spent thereafter.
The points are equivalent to cash back, with 1 point equaling 1 cent. This structure keeps things straightforward—there are sadly no bonus spending categories, expiration dates or earning limits to worry about.
If you're using this for everyday purchases, it can be a great way to build up your savings for future investments.
With every purchase you make, you’ll be rewarded with points that can be redeemed for cash back or used towards other rewards such as travel or gift cards.
Plus, there’s no limit on how many points you can accumulate so you can keep earning more and more rewards over time. With the SoFi credit card, it’s easy to get rewarded for your spending habits and start building a brighter financial future.
Redeeming your SoFi reward points
Redeeming rewards with SoFi is a straightforward process.
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.
This means that even if you don't intend to keep your money within the SoFi ecosystem, you can still benefit from the card's rewards. F
or instance, if you redeem your rewards into a SoFi Banking account, you're free to treat it similar to all money in a checking account. You can easily pay bills, get cash from an ATM or transfer money electronically to another bank.
In order for these benefits to be available however, it is important that your SoFi account(s) remain open and in good standing.
This will ensure that you are able to make use of all the features associated with redeeming rewards with this card and maximize its potential for earning 2%.
With this in mind, it is important that users stay on top of their accounts and make sure they are up-to-date at all times.
Who can get a SoFi credit card?
Any American Citizen who is at least 18 years of age (or the legal age in their state of living) with a physical address inside the 50 U.S. states (or District of Columbia), and having a valid Social Security Number (SSN), is qualified to put in an application for a SoFi Credit Card.
How to get a SoFi crypto card
To apply for a SoFi Credit Card head to their site and click on the "get started" button. Follow the steps that come up to complete your application.
Your initial application won't impact your credit score, so you can feel confident that you won't be penalized for checking your eligibility.
Once you've submitted your application, SoFi will review it and let you know if you qualify for a card.
If approved, the next step is to complete the full application process.
This includes providing additional information such as employment history, income verification, and other documents to prove your identity and financial stability.
After that's done, SoFi will review it again and issue a decision within a few days. If approved, you'll receive your new card in the mail shortly after that.