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SoFi Credit Card Now Available, No Annual Fee and 2% Back and Up to $10K Bonus

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SoFi Credit Card Now Available

Update 3/16/21: The SoFi Credit Card is now available for applications. Earlier on SoFi targeted some customers with a $100 signup bonus. Now there’s a different kind of bonus available that can vary from $20 to $10,000. There’s also a chance that you don’t get a bonus at all.

If you are approved for the SoFi Credit Card during the Game Play Period, you will be presented with a chance to play for the chance to win a signup bonus. Regardless of when you are approved for a Sofi Credit Card, all game plays must be played by 11:59:59 PM PT on 3/29/21.

Not all participants will receive a prize. The following chart illustrates the total amount of SoFi Rewards Points prizes and their corresponding values available to be claimed during the Game Play Period:

Amount of Prizes Available To Be Claimed: Amount of SoFi Reward Points Won Per Prize: Value of Each Prize
4 1,000,000 Points $10,000.00
105 100,000 Points $1,000.00
84 50,000 Points $500.00
1,050 10,000 Points $100.00
840 5,000 Points $50.00
8,400 2,000 Points $20.00

So you could potentially get a $10,000 signup bonus for your SoFi credit card which would be amazing, but also highly unlikely. Most people will see no bonus, or a just $20.

Original article: We already learned earlier this year that SoFi is working on a new credit card product. Not many details were originally revealed, but the card showed up in the app briefly and of those details are correct, then this should be a no-fee Mastercard that will earn 2% back on all purchases.

SoFi Credit Card Details

Previously it was rumored that this would be a 2% card that will also have some 5% categories. It was also said that it would have an annual fee of $99. Now the details show the following, as reported at r/creditcards:

  • 2% cash back on all purchases
  • Make 12 on-time payments to lower your APR by 1%.
  • Mastercard World Elite benefits (including up to $1,000 cell phone insurance)
  • No foreign transaction fee
  • No sign up bonus currently
  • No Annual Fee


With no annual fee, Mastercard World Elite benefits, and 2% cashback everywhere, this is a decent product. However, considering that there are a few cards that already offer 2%, and the lack of a signup bonus makes it difficult to justify a hard pull.

Let us know what you think.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

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  1. PayPal Masters has 2%, no annual fee, no foreign transaction fee, is a MasterCard, and occasionally has a sign up bonus

    • “Mastercard World Elite benefits (including up to $1,000 cell phone insurance)” this is one of the difference. Paypal only has “standard” mastercard benefits, no cell insurance, no free hotel booking upgrade.

  2. Game changer..definitely for someone doing non category foreign transaction spend..I make some large insurance and utility payments overseas.
    Also my other observation over the foreign exchange rates, I have always got the best with MasterCard and Amex. Visa has been horrible.


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