SoFi Credit Card 3% Cash Back Offer

SoFi Credit Card 3% Cash Back Offer

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    SoFi Credit Card

    SoFi has a 3% cash back offer for its Credit Card for the first 12 months of account opening or up to $12,000 dollars in purchases, whichever comes first. To be eligible for 3% cash back, you only have to have either SoFi Checking or SoFi Savings accounts with direct deposit.  SoFi Credit Card is a Mastercard World Elite card and comes with the extra benefits as well.

    Note: It is currently offering up to $300 bonus for opening SoFi Checking or Savings account and having qualifying direct deposit. 

    After the promotional period, SoFi Credit Card will offer unlimited 2% cash back on all eligible purchases and there is no limit to the amount of cash back you can earn. Cash back is earned as rewards points and you earn 2 rewards points for every dollar spent on eligible purchases.

    SoFi Credit Card 3% Cash Back Offer

    Cash Back Offer – 3% on all purchases, for the first 12 months or first 12,000 in purchases, whichever comes first

    Maximum Bonus – $360 cash back within 12 months.

    Requirement – SoFi Checking/Savings account with direct deposit

    Offer Expiry – 12/31/2022

    Annual Fee – $0 (None)

    Read more at 

    Link for the Offer

    Alternative Offer

    $200 SoFi Credit Card Bonus

    Additional Benefits

    1. DoorDash – 3 months of complimentary membership on DoorPash
    2. Shoprunner – Complimentary membership for Shoprunner, a program that offers free 2-day shipping and free return shipping at 100+ stores
    3. World Elite Concierge – A complimentary 24/7 concierge service that acts as a relentless personal assistant. Reserve that perfect table, locate hard-to-find items and more.
    4. No Foreign Transaction Fees
    5. Cell Phone Protection – Complimentary cell phone insurance coverage up to $1,000.

    Our Review of Best Cash Back Credit Cards

    Rewards Redemption

    Reward points can be redeem as:

    • 1 cent per reward point when redeemed to SoFi Money account
    • 1 cent per reward point when redeemed to SoFi Invest account (equity and crypto)
    • 1 cent per reward point when redeemed to SoFi Loan account (personal and student)
    • 0.5 cent per reward point when redeemed for statement credit for SoFi Credit Card

    The Fine Print

    • You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion.
    • A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

    Final Thoughts

    It seems like SoFi has multiple promotions going on right now.  The 3% cash back on purchases for the first 12 months or first $12,000 is not the best one as it is potentially worth only up to $120 dollars in cash back if you could make the whole spend (you would get 2% regardless of this promotion). In addition, you also need to have either a SoFi Checking or SoFi Savings account with direct deposit set up.

    This offer can be combined with SoFi Checking or Savings account bonus that is offering up to $300 dollars for opening and setting up direct deposit till 05/31/2022 (see below).

    We recommend users the other SoFi Credit Card offer which has a $200 sign up bonus. That offer might also be easier to receive for many users to achieve  ($1500 spend on first 3 months).

    BonusCoach’s List of Best Credit Card Bonus

    $300 SoFi Checking/Savings Bonus and 1.25% APR

    Currently, SoFi is offering a 1.25% APR on its SoFi Checking/Savings Account  and up to $300 bonus for getting qualifying direct deposits. Check out our article on SoFi Checking Account Bonus.

    SoFi Checking Account Bonus

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