SoFi Unlimited 2% Credit Card Review

If you’re looking for a simple rewards card that lets you earn a high rate of cash back on every purchase, the SoFi Unlimited 2% Credit Card could be a nice addition to your wallet. You’ll earn a flat rate of 2% cash back on everything (plus 3% cash back SoFi Travel purchases) without any spending caps or minimum to redeem — all for a $0 annual fee. And since it’s a World Elite Mastercard, you’ll also get access to several useful benefits and discounts.

But unless you’re a SoFi member and use their full suite of products, redemption options are extremely limited. Plus, you’ll miss out on valuable benefits commonly found on other cash back cards, including a sign-up bonus and intro APR periods.

• Generous cash back rate

  The SoFi Unlimited 2% Credit Card boasts an impressive rewards rate, matching some of the best cash back credit cards out there. Cardholders earn 3% cash back rewards on trips booked through SoFi Travel and unlimited 2% cash back rewards on all other purchases.

  Since it’s a flat-rate card, you won’t have to worry about keeping track of categories or activating quarterly promotions. Plus, there’s no cap on how much you can earn, and your rewards never expire. The 3% rate on travel is a nice bonus, especially since the SoFi Travel portal is powered by Expedia. You’ll get access to their full catalog of flights, stays, packages and more, as well as 10% off select hotels.

• No annual fee or foreign transaction fees

  With the SoFi Unlimited 2% Credit Card, you won’t have to worry about an annual fee cutting into your hard-earned rewards. The card also comes with no foreign transaction fees, making it a great choice for a trip abroad.

• World Elite Mastercard benefits

  As a World Elite Mastercard, the SoFi Unlimited 2% Credit Card offers the following benefits, discounts and credits:

  • Cellphone insurance (up to $1,000)
  • Zero liability fraud protection
  • ID theft protection
  • 24/7 travel concierge
  • A $3 monthly discount on a Peacock Premium membership
  • Two free months of Instacart+ and $10 off your second order placed each month
  • A $5 Lyft credit for each month you take three Lyft rides
  • Complimentary ShopRunner membership

• Limited redemption options

  Unless SoFi is your all-in-one financial hub, you’ll find redemption options for the SoFi Unlimited 2% Credit Card extremely limited. Unlike most cash back cards, you aren’t able to transfer your rewards to another bank account or use them for other common redemption options, like cash, travel or gift cards. In fact, aside from redeeming rewards for a statement credit, you can only distribute them into a SoFi checking, savings or investment account, or use them to pay down a SoFi loan.

• No sign-up bonus

  Another drawback of the SoFi Unlimited 2% Credit Card is its lack of a sign-up bonus. Many of the best rewards credit cards come with sign-up bonuses worth $200 or more, including the comparable Wells Fargo Active Cash^® Card.

  Similar to the SoFi Unlimited 2% Credit Card, the Wells Fargo Active Cash^® Card lets you earn unlimited 2% cash rewards on purchases. But you can also earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

• No intro APR offer

  Some of the best credit cards offer 0% intro APRs on purchases and balance transfers for a year or longer. However, the SoFi Unlimited 2% Credit Card lacks this feature, bringing down its overall value.

  If you carry a balance on the card from month to month, you’ll be subject to an APR of 19.74% to 29.49% (variable). In addition, SoFi is currently only accepting balance transfers from customers who have received a special promotional offer.

  Tip: If you need to finance a large purchase or transfer an existing high-interest credit card balance, consider a card that offers an interest-free period for a year or longer. Check out our picks for the best 0% intro APR credit cards.

• Designed for consumers with excellent credit

  The SoFi Unlimited 2% Credit Card is intended for consumers with excellent credit, which FICO considers to be a score ranging from 800 to 850. SoFi will also take other factors into consideration when determining your eligibility, including whether you’ve been more than 30 days late on a payment in the last year. If you have excellent credit, there are a number of credit cards available that offer more generous and flexible rewards, premium perks and lower interest rates.

SoFi Unlimited 2% Credit Card vs. Wells Fargo Active Cash^® Card

 
Like the SoFi Unlimited 2% Credit Card, the Wells Fargo Active Cash^® Card comes with a $0 annual fee and lets you earn unlimited 2% cash rewards on purchases. However, the similarities end there, as it also boasts an easy-to-earn sign-up bonus, intro APR periods on purchases and balance transfers and a variety of redemption options.

The Wells Fargo Active Cash^® Card lets you earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. Plus, it offers a 0% intro APR for 12 months from account opening on qualifying balance transfers, then a 19.74%, 24.74%, or 29.74% Variable APR. It also provides an interest-free period on purchases for the same length of time.

However, the biggest advantage the Wells Fargo Active Cash^® Card has over the SoFi Unlimited 2% Credit Card is its redemption flexibility. You can redeem your cash back as follows:

• To cover past purchases (can be as little as $1)
• As a credit to a qualifying Wells Fargo credit card, checking account or mortgage
• For cash in $20 increments at an ATM (when you use your Wells Fargo ATM or debit card)
• Toward gift cards from a variety of retailers

SoFi Unlimited 2% Credit Card vs. Citi Double Cash^® Card

 
The Citi Double Cash^® Card is another popular 2% cash back card, although it comes with a catch. You won’t get your full rewards right away — instead, you’ll earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. While the elevated earning rate on travel is nice, note that you’ll have to pay a foreign transaction fee of 3% every time you use this card outside the U.S.

Still, the Citi Double Cash^® Card beats the SoFi Unlimited 2% Credit Card in terms of overall value, thanks to its more flexible redemption options, long intro APR on balance transfers and sign-up bonus. While marketed as a cash back card, the Citi Double Cash^® Card actually earns valuable Citi ThankYou® points. ThankYou® points can be redeemed for cash back (via a statement credit, check or direct deposit), travel, gift cards and more. You can also transfer points to several of Citi’s travel partners, but you’ll get the most value if you transfer to a premium Citi card, like the Citi Strata Premier^℠ Card. This will give you a better transfer ratio and access to even more travel partners.

The card also has an intro APR of 0% intro APR for 18 months on Balance Transfers, followed by a 18.74% - 28.74% (Variable) APR. Plus, you can earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

SoFi Unlimited 2% Credit Card vs. Chase Freedom Unlimited^®

 
If you don’t mind keeping track of a few bonus spending categories, the Chase Freedom Unlimited^® is a great alternative to the SoFi Unlimited 2% Credit Card. You’ll enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases. Plus, you can get even more value from your rewards when you transfer them to a Chase Ultimate Rewards® card (like the Chase Sapphire Preferred^® Card) and redeem for travel through Chase’s portal.

Another advantage of the Chase Freedom Unlimited^® is that, unlike the SoFi Unlimited 2% Credit Card, it also comes with a valuable sign-up bonus. Currently, you can earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases. To top it off, the card offers an intro APR on purchases and balance transfers for a year and a half.

If you’re an existing SoFi customer and you’re looking for a simple cash back card that pairs well with other SoFi products, the $0-annual fee SoFi Unlimited 2% Credit Card is an great option. You’ll earn a high flat rate of cash back on every purchase (including an elevated rate on SoFi Travel purchases) and get access to World Elite Mastercard benefits. And although redemption options are limited, they do encourage responsible financial habits.

However, if you aren’t already banking with SoFi — or you simply want better features and more flexible rewards — you’ll be better off with another cash back card. For example, the Wells Fargo Active Cash^® Card and Chase Freedom Unlimited^® boast comparable earning rates but also come with sign-up bonuses, intro APR periods and better redemption options.