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Choosing a credit card for rewards points can feel overwhelming if you don’t know much about credit cards or rewards programs. However, there is no one “best” credit card for rewards points. Everyone has different priorities and limitations for choosing a rewards credit card.
Key Points
• Rewards credit cards allow users to earn value on their everyday spending in the form of points, cash back, or travel miles.
• Choosing the right rewards card requires evaluating your personal spending habits, financial goals, and credit score against a card’s specific fees and benefits.
• SoFi provides two no-annual-fee options: the Unlimited 2% Credit Card for flat-rate earnings and the Everyday Cash Rewards card for higher return rates on dining and groceries.
• For a $10 monthly fee, the SoFi Plus membership enhances these rewards by offering benefits, including an elevated Annual Percentage Yield (APY) on savings.
• To truly maximize the value of any rewards credit card, cardholders should always pay their balances in full and on time to avoid carrying a balance.
What Is a Rewards Credit Card?
A rewards credit card is one that allows you to earn rewards when you make purchases on the card. Credit card rewards are similar to membership rewards, which offer various benefits to customers who engage with certain products and services. For every dollar you spend with your credit card, you will earn rewards. There are three main types of rewards credit cards: rewards points, cash back, and travel miles.
Through points-based rewards credit cards, cardholders are able to earn reward points on their purchases. The value of the points will vary depending on the credit card and how you redeem the points. Some credit cards will let you redeem points for travel, gift cards, cash back, merchandise, concerts, sporting events, or statement credits.
With cash back rewards, you earn a percentage of cash back on each eligible purchase you make with the card. Some cash back cards earn a flat rate on all purchases, while others offer higher rates for bonus categories of spend or for rotating categories. SoFi offers two credit cards with cash back rewards.
The SoFi Unlimited 2% Credit Card gives you unlimited 2% cash back rewards on all eligible purchases with no annual fee. The SoFi Everyday Cash Rewards card gives you 3% cash back rewards on dining, 2% on groceries, and 1% on all other eligible purchases, with no annual fee.
To explore the annual fee, see pricing, terms, and conditions.
Credit cards that earn miles are typically co-branded airline credit cards. These cards earn miles on every dollar you spend. You can then redeem miles for flights, seat upgrades, or other travel-related expenses.
How to Choose a Credit Card for Rewards Points
When choosing a credit card for rewards points, you should research the fees and features of the credit card, like any annual fees, sign-up bonuses, travel protections, extended warranties, transfer partners, or other benefits. Weigh the pros and cons of the card for your specific wants and needs.
Before you apply for a credit card, you should understand your credit card approval odds. You don’t want to apply for a credit card that you definitely wouldn’t get approved for, due to your credit score or other factors. You can do a free credit score check before applying. You can also sign up for credit score monitoring to get an understanding of what your credit score is.
You should also understand the difference between preapproval vs prequalify offers and how a soft vs. hard credit inquiry affects your credit score.
Benefits of a Rewards Credit Card
Credit card rewards programs can let you take advantage of money that you would already be spending, and also earn cash back, travel experiences, or merchandise on that spending. If you use your card responsibly and choose the right credit card program for you, you can even earn more value than you spend on the card’s annual fee.
How to Maximize Credit Card Reward Points with SoFi Plus
To earn and maximize credit card reward points, existing SoFi members must first enroll in SoFi Member Rewards. You can earn rewards points when you pay a bill or when your credit score increases by five or more points. With SoFi Plus, you can also get a 10% boost on SoFi credit cards, 5% cash back rewards points on all SoFi travel bookings (except airfare) and 2x rewards points on qualifying account activity.
SoFi Plus Calculator
SoFi has long offered premium banking services. SoFi Plus is SoFi’s premium membership that helps members earn, save, and invest. Members can earn reward points on eligible SoFi Credit Card purchases, as well as gain access to additional benefits and rewards.
The SoFi Plus calculator can help you estimate your annual membership rewards based on credit card purchases and deposits into savings and investment accounts when you have SoFi Plus. SoFi Plus members can earn 4.70% Annual Percentage Yield (APY) on a SoFi Bank savings account up to $20,000 and 3.30% APY on all other savings balances.
SoFi Plus members may get matching funds, including 1% of eligible deposits into non-retirement SoFi Invest accounts and 1% on crypto purchases.
Additional SoFi Plus perks include services with SoFi Wealth Financial Planners and special discounts on travel and SoFi Plus experiences. The $10 monthly membership fee may be offset by rewards points.
You can visit the SoFi Plus page for details on specific membership and promotional offerings.
SoFi Plus Example Use Case
If you keep $20,000 in a SoFi Bank Savings account and earn 4.70% APY, you could earn about $900 in interest over one year.
Another example use case of SoFi Plus Benefits is through the unlimited 1% match on eligible non-retirement SoFi Invest deposits. For example, if you deposit $1,000 monthly, you could earn an extra $120 over the course of the year.
How to Sign Up for a SoFi Plus Subscription
You can enroll in SoFi Plus by paying a subscription fee of $10 a month. You can enroll online at SoFi.com/sofi-plus.
SoFi Plus Tips
If maximized, SoFi Plus benefits may total over $1,000 in annual value with qualifying activities. For only $10 a month, this could equate to a savings of about $880 per year. To maximize the SoFi Plus benefits, it is best to have a SoFi Bank Savings account with $20,000 in it.
The Takeaway
Choosing a credit card for rewards points is a personal decision. When deciding which credit card is best for you, you should consider your credit score, spending habits, and financial goals, as well as the card’s rewards, interest rate, annual fee, and benefits. Some rewards credit cards charge a high annual fee but offer a lot of benefits or a high sign-up bonus that may offset the annual fee. Other people may want a card with a 0% introductory APR if they are trying to pay down credit card debt. It is important to try to never carry a balance on your credit card if you can avoid it.
SoFi Plus is America’s most rewarding financial membership—all in one app.* Unlock extra savings, rewards, discounts, and more.
FAQ
How much is 20,000 points worth on a credit card?
The value of 20,000 points on a credit card will depend on which rewards program the credit card is a part of and how you redeem those reward points. On average, 20,000 reward points are worth around $200, but your reward points could be worth a lot more or a lot less.
What’s the best credit card to use for rewards for SoFi?
There are two attractive options for SoFi credit cards that earn rewards. The SoFi Unlimited 2% Credit Card gives you unlimited 2% cash back rewards on all eligible purchases with no annual fee. The SoFi Everyday Cash Rewards card gives you 3% cash back rewards on dining, 2% on groceries, and 1% on all other eligible purchases, with no annual fee.
Which credit card is best for points?
There is no one best credit card for points. Everyone will have different priorities and limitations for choosing a rewards credit card. However, you should look for a rewards credit card that earns more than one point per dollar spent on everyday purchases. There are some cards that offer higher rates on certain bonus categories of spending.
How do I decide which credit card is best for me?
To decide which credit card is best for you, you should consider your credit score, spending habits, and financial goals, as well as the card’s rewards, interest rate, annual fee, and benefits. Some rewards credit cards charge a high annual fee but offer a lot of benefits or a high sign-up bonus that may offset the annual fee. Other people may want a card with a 0% introductory APR if they are trying to pay down credit card debt. It is important to try to never carry a balance on your credit card if you can avoid it.
How many credit cards should I have?
Having at least one credit card can help you build credit and improve your credit score. If you are a beginner, having one or two credit cards is likely the most responsible and easiest choice. If you have good or excellent credit and can use a credit card responsibly, you could consider additional credit cards. Some people have several credit cards open at once.
What to avoid on a credit card?
If you have a credit card, the biggest thing to avoid is carrying a balance. Always pay your credit card balance in full and on time.
Photo credit: iStock/Ake Ngiamsanguan
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