The SoFi® Unlimited Cash Back Credit Card is a top-tier choice for individuals looking to maximize their rewards while managing their finances effectively. Designed with the cardholder's financial health in mind, this card offers a suite of benefits that make it a standout in the crowded credit card market.
Key Features
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Budgeting Assistance. Cardholders can set a budget for each month and receive notifications when they are close to reaching their budget. This feature helps in maintaining control over spending and encourages disciplined financial habits.
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APR Range. The card offers an 20.24% to 29.99% Variable APR on purchases and balance transfers. This variable rate ensures that cardholders are aware of potential changes in their interest rates based on market conditions.
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Cost Savings. One of the most attractive features of the SoFi Unlimited Cash Back Credit Card is its no-annual fee policy. Cardholders can enjoy the benefits and rewards without the added burden of an annual cost, making it a cost-effective choice.
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High Rewards Rate. Cardholders earn 2% unlimited cash back on every purchase. This cash back can be used towards achieving financial goals such as saving or paying down debt, providing a practical and beneficial reward structure.
Pros and Cons
Pros
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Competitive Purchase Rewards. Cardholders earn 2% unlimited cash back on every purchase. This high rewards rate is competitive and straightforward, making it easy to earn cash back on all spending.
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No Annual Fee. There is no annual fee, allowing cardholders to enjoy the card's benefits without the added cost of an annual charge. This makes it a cost-effective choice for those looking to maximize rewards without paying extra fees.
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World Elite Mastercard Benefits. As a World Elite Mastercard, the card comes with a suite of additional benefits. These can include perks such as access to exclusive events, travel protections, and other premium services that enhance the overall cardholder experience.
Cons
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No Intro APR Offers. The card does not offer introductory APR rates for purchases or balance transfers. This means new cardholders won't benefit from a period of low or 0% interest, which can be a drawback for those looking to finance large purchases or consolidate debt.
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High Balance Transfer Fees. The card comes with high balance transfer fees, which can be a disadvantage for those looking to transfer existing balances. This makes it less appealing for individuals aiming to use the card for balance transfers to save on interest.
How to Apply for a SoFi® Unlimited Cash Back Credit Card
Online
Go to website
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Ensure You Are a SoFi Member. The best way to be considered for the SoFi Credit Card is to ensure that you are a SoFi member. If you are a member, you will be periodically considered for a pre-qualified offer based on your creditworthiness.
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Receive a Pre-Qualification Offer. If you’ve received a pre-qualification offer from SoFi, you can either click the “Apply Now” button in your offer email or navigate to the credit card page in your SoFi app or online and select “check for offers” to begin the application process.
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Begin the Application Process. Fill in your personal information. Enter your permanent resident address and click ‘Next’. Note that this cannot be a P.O. Box or a mailing address. It must be your physical residence address. If your mailing address is the same as your permanent address, check the checkbox that says ‘Send my credit card to this address’. If your mailing address is different, leave the box unchecked and enter your mailing address at the bottom. Enter your phone number to be sent a six-digit code to complete two-factor authentication for security purposes and click ‘Next’. Enter the six-digit code and click ‘Next’. Enter your social security number. Enter your date of birth and click ‘Next’. Note that credit card applicants must be at least 18 years of age.
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Fill In Your Financial Information. Enter your annual income and click ‘Next’. Enter how much you are spending per month on housing.
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Review the Application Information. Review your personal and financial information for accuracy and click ‘Next’ if all the information is correct.
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Submit the Application. Review the SoFi Credit Card Terms and Conditions and if you agree, check the checkbox indicating that you have read, understood, and consent to them. Then click ‘Submit Application’.
Branch Application
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Visit a SoFi Branch. Locate and visit the nearest SoFi branch. Ensure you have all necessary identification and financial documents with you.
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Speak with a Representative. Approach a SoFi representative and express your interest in applying for the SoFi Unlimited Cash Back Credit Card. They will guide you through the process and provide you with an application form.
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Fill Out the Application Form. Complete the application form provided by the representative. Ensure you fill in all required personal and financial information accurately.
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Submit Supporting Documents. Provide any necessary supporting documents as requested. This may include proof of identity, proof of address, and proof of income.
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Review and Submit Application. Review your application form and documents for accuracy. Once confirmed, submit the application to the SoFi representative. They will process your application and inform you of the next steps.
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Eligibility Requirements
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Age Requirement. Be 18 years or older (or of legal age in your state of residence).
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Residency. Individuals must reside in the United States.
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Contact Information. Have a valid mobile phone number and email account.
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Identification. Have a verifiable name, date of birth, and social security number.
Reasons You May Be Denied a Credit Card
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Low Credit Score. A low credit score indicates to lenders that you may be a high-risk borrower, which can lead to denial.
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High Debt-to-Income Ratio. If your monthly debt payments are too high compared to your income, lenders may view you as overextended and unable to take on additional debt.
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Limited Credit History. Having little or no credit history can make it difficult for lenders to assess your creditworthiness.
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Recent Credit Applications. Applying for multiple credit cards or loans within a short period can be seen as a sign of financial instability.
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Negative Information on Credit Report. Items such as late payments, collections, bankruptcies, or foreclosures can negatively impact your creditworthiness.
How to Pay Off Credit Card Debt
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Online. Log in to your online account or the SoFi mobile app to make a payment. This method allows you to quickly and easily manage your payments from anywhere.
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Phone. Call 844-945-7634 and follow the prompts to speak with an agent. This option provides assistance if you have any questions or need help with the payment process.
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Mail. Send a check to the following address: SoFi Credit Card, P.O. Box 981075, Boston, MA 02298-1075.
Editorial Opinion
The SoFi Unlimited Cash Back Credit Card offers a straightforward and rewarding option for consumers looking to maximize their cash back without the burden of an annual fee. With its 2% unlimited cash back on all purchases and additional 3% rewards on travel booked through SoFi Travel, it presents a compelling choice for both everyday spenders and frequent travelers. However, the lack of introductory APR offers and high balance transfer fees may deter those seeking to manage existing debt or finance larger purchases. Overall, the card aligns well with SoFi's mission to support financial wellness, making it a solid option for disciplined spenders.
Additional Resources
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Required documents
APR
Credit Limit
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