If you're looking for a great rewards rate on every purchase, the SoFi Unlimited 2% Credit Card should be on your radar. But unless you use other SoFi products to manage your money, redemption flexibility is limited. The card also lacks some notable features that other top cash-back credit cards provide.

SoFi Unlimited 2% Credit Card

• Annual fee: $0

• Welcome offer: None

• Rewards: Earn 3% cash back on SoFi Travel purchases and 2% cash back on everything else

• More details: The card offers up to $800 in cell phone insurance coverage

APR

The SoFi Unlimited 2% Credit Card charges a variable APR that ranges from 20.24% to 29.99%, depending on your creditworthiness.

Annual fee

The card doesn't charge an annual fee.

Welcome offer

The SoFi Credit Card doesn't offer a welcome bonus to new cardholders.

Intro offer

Unlike most of the best cash-back credit cards, the SoFi Credit Card doesn't offer an introductory 0% APR promotion.

Rewards rate

• 3% cash back on SoFi Travel purchases

• 2% cash back on all other purchases

How to earn rewards

The SoFi Credit Card's rewards program is pretty straightforward: you'll earn 2% cash back on all of your everyday purchases.

If you use SoFi's travel platform, which is powered by Expedia, to book flights, hotel stays, rental cars or vacation packages, you'll earn 3% on those purchases. Note that SoFi members also enjoy special discounts on travel reservations that aren't available to non-members.

How to redeem rewards

When it comes to using your cash back, the SoFi Credit Card doesn't offer as much flexibility as other top cash-back credit cards.

Anyone can use their rewards to request a statement credit on their account, but if you want to deposit it into a bank account, it has to be a SoFi Checking & Savings account—other rewards cards typically allow you to deposit your cash back into any U.S.-based checking account.

That said, you can also easily deposit your cash back in a SoFi Invest account or use it to pay down a SoFi loan, which can be a nice way to easily boost your portfolio or tackle your debt.

Additional benefits

On top of its rewards program, the SoFi Credit Card offers cell phone coverage, which protects you in the event that your phone is stolen or needs certain repairs. You'll get up to $800 in coverage per claim and up to $1,000 in total coverage and two claims per year.

As a World Elite Mastercard, the SoFi card also offers select perks through Mastercard, including:

• Complimentary two-month subscription to Instacart+

• $5 Lyft credit when you pay for three Lyft rides in a month

• Free two-day shipping with dozens of online retailers through ShopRunner

• $3 discount on a Peacock Premium membership

Finally, the card doesn't charge any foreign transaction fees, making it a good option if you have plans to travel abroad.

Who is the SoFi Credit Card best for?

The SoFi Credit Card is best suited for people who use SoFi's other financial products and want to streamline rewards redemption with their SoFi Checking & Savings account, SoFi Invest account or SoFi loan.

If you don't have an existing SoFi account and don't want to switch your banking or investing to the bank's platform, you'll get more redemption flexibility elsewhere. The same is true for people who want more upfront value from a rewards card, such as a welcome bonus or introductory 0% APR promotion.

SoFi Credit Card pros

• High base rewards rate: The card offers a minimum of 2% cash back on every purchase you make, with no limitations. If you don't want to keep track of different bonus rewards categories, this card's straightforward and valuable rewards structure could be a good fit.

• Offers cell phone protection: Just use your card to pay your phone bill, and you'll get valuable coverage if your phone is stolen or damaged.

• No annual fee: You don't have to worry about keeping track of your rewards or other perks to make sure you're getting enough value to cover the card's cost.

SoFi Credit Card cons

• No welcome bonus: Other top cash-back credit cards, including 2% cards like the Citi Double Cash® Card, offer a cash bonus or an accelerated rewards rate to new cardholders. While the SoFi Credit Card has offered a similar bonus in the past, it doesn't have one currently.

• No introductory APR: Most of the best cash-back credit cards offer an introductory 0% APR on purchases, balance transfers, or both. This benefit allows you to pay down a large purchase or high-interest debt from another credit card over several months without paying a dime in interest. Unfortunately, the SoFi Credit Card doesn't offer this valuable feature.

• Limited redemption flexibility: Unless you have an eligible SoFi account, you're limited to redeeming your rewards for statement credits.

Where can you use SoFi Credit Card?

As a Mastercard credit card, you can use the SoFi Credit Card just about anywhere you want, both within the U.S. and abroad.

How to make a SoFi Credit Card payment

There are a few different ways you can make a payment:

• Online: Log in to your online account or the SoFi mobile app

• Phone: Call 844-945-7634 and follow the prompts to speak with an agent

• Mail: Send a check to SoFi Credit Card, P.O. Box 981075, Boston, MA 02298-1075

Once your payment has been processed, your card balance will update within 24 hours.

SoFi Credit Card customer service info

• Customer service availability: Phone 24/7

• Phone number: 844-945-7634

• Customer service email: SoFi doesn't offer email support, but you can chat with a customer service representative after logging in to your account.

• SoFi Credit Card login page

Alternative cards to consider

If you're unsure about whether the SoFi Unlimited 2% Credit Card is the right fit for you, here are some alternative credit cards to consider.

Capital One Quicksilver Cash Rewards Credit Card

Why we like it: The Capital One Quicksilver Cash Rewards Credit Card offers a lower rewards rate, giving you 1.5% cash back on everything. While that's lower than the SoFi Credit Card's rewards rate, the Quicksilver card also offers a one-time $200 cash bonus when you spend $500 in the first three months, plus a 0% APR on purchases and balance transfers for 15 months; after that, the variable APR ranges from 19.99% to 29.99%.

The card also offers more redemption flexibility, allowing you to request a check, get a statement credit or buy gift cards.

Capital One SavorOne Cash Rewards Credit Card

Why we like it: If you spend a lot on food and entertainment, the Capital One SavorOne Cash Rewards Credit Card is tough to beat. The card offers 8% cash back on Capital One Entertainment purchases, 5% back on hotels and rental cars booked through Capital One Travel, 3% back on dining, other entertainment, popular streaming services, and grocery store purchases, and 1% back on everything else.

On a limited-time basis, the card also offers 10% cash back on Uber and Uber Eats purchases, plus an Uber One monthly membership fee covered through Nov. 14, 2024. Finally, new cardholders can earn a $200 cash bonus when they spend $500 in the first three months and also get an introductory 0% APR on purchases and balance transfers for 15 months, after which a 29.99% variable APR is applied.

Blue Cash Preferred Card® from American Express

Why we like it: The Blue Cash Preferred® Card from American Express offers best-in-class rewards on eligible grocery purchases, making it a great choice for foodies and families. You'll earn 6% on up to $6,000 spent at U.S. supermarkets each year (then 1%), as well as on select U.S. streaming services, 3% cash back on transit and at U.S. gas stations, and 1% back on everything else. (Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.)

On top of that, you'll receive $250 back when you spend $3,000 in the first six months, along with an introductory 0% APR on purchases for 12 months, after which the variable APR ranges from 19.24% to 29.99% (terms apply; see rates and fees).

That said, the card does charge a $0 annual fee the first year, then $95 after that. You can offset a chunk of that by using your card to pay for a Disney Bundle subscription—you'll get up to $7 in monthly statement credits and get access to Disney+, Hulu and ESPN+. Enrollment required. Also, keep in mind that the Blue Cash Preferred Card only allows you to redeem cash back in the form of a statement credit or at Amazon.com, so if you want a lot of redemption flexibility, this one may not be the right fit.

Can’t decide on a credit card? Check out Yahoo’s best credit card picks

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers.