SoFi Unlimited 2% Credit Card vs. Bank of America Unlimited Cash Rewards Credit Card Benefits
By Caren Weiner | Updated September 29, 2026
Cash-back-reward credit cards can be a handy financial tool. Paired with responsible money management, the extra cash — typically 1% to 5% of purchase amounts — can help spenders defray their day-to-day expenses, giving their budgets a bit more breathing room.
The cards are particularly useful when users can earn cash-back rewards on all types of purchases, regardless of spending category or schedule. Two credit cards that provide this versatility are the SoFi Unlimited 2% Credit Card and the Bank of America Unlimited Cash Rewards card.
- Key Points
- • Both the SoFi Unlimited 2% Credit Card and the Bank of America Unlimited Cash Rewards card offer cash-back rewards on all purchases without charging an annual fee.
- • The SoFi Unlimited 2% Credit Card provides 2% cash back rewards on eligible purchases, which can be boosted to 2.2% by joining the SoFi Plus premium membership tier.
- • The Bank of America card earns 1.5% cash back rewards and features temporary incentives like a 0% introductory APR for 15 months and a $250 bonus for spending $1,000 in the first 90 days.
- • For a $10 monthly fee, SoFi Plus members receive banking perks, such as access to a SoFi Bank savings account that earns 4.70% APY on the first $20,000.
- • SoFi Plus also provides investment benefits to its users, including complimentary one-on-one sessions with SoFi Wealth planners and a 1% match on eligible deposits into non-retirement SoFi Invest accounts.
Subscribe to SoFi Plus today.
What Is SoFi Unlimited 2% Credit Card?
SoFi Unlimited 2% Credit Card is a credit card that can give users rewards points worth 2% of the amount they spend, with no restrictions on categories or dates. Cardholders may redeem their rewards points as statement credits or apply them to SoFi accounts that include checking, savings, investing, personal or student loans, and credit cards. Points can also be applied to certain SoFi Travel purchases. As a Mastercard, SoFi Unlimited 2% Credit Card provides benefits and protections to cardholders traveling in the U.S. and overseas.
Benefits of SoFi Unlimited 2% Credit Card
• Cash-back rewards: All eligible purchases earn 2% cash back rewards.
• No annual fee: Cardholders pay $0 upfront and $0 yearly to use the card. To explore the annual fee, see pricing, terms, and conditions
• SoFi Plus benefits: Premium membership can boost cash-back rewards by 10%
• Fraud defense: Cardholders are protected from identity theft and fraud at no charge
• Cell phone insurance: Phone is covered for up to $1,000 per year against malfunction or theft
• Travel benefits: Card users can get 3% cash-back rewards when they book through SoFi Travel; money spent abroad earns reward points and no foreign transaction fees
What is the Bank of America Unlimited Cash Rewards Credit Card?
The Bank of America Unlimited Cash Rewards credit card is a general-purpose Visa that awards users cash-back rewards points on every purchase; the rewards equal 1.5% of their spending, without category or calendar restrictions. Points can be redeemed as cash, account deposits, statement credits, or payments via PayPal. The Unlimited Cash Rewards card also offers temporary incentives to new cardholders, including 0% APR on purchases for more than a year and a $250 bonus to users who spend at least $1,000 in the first three months.
Benefits of Bank of America Unlimited Cash Rewards Credit Card
• Cash-back rewards: Users can receive 1.5% cash back rewards on all purchases
• Welcome bonus: By spending $1,000 in purchases within 90 days of opening their account, cardholders earn $250 in cash rewards
• No annual fee: Card costs $0 per year
• Low introductory APR on purchases: New cardholders pay 0% for the first 15 months
• Low introductory APR on balance transfers: As with purchases, the cost is 0% for the first 15 months on transfers made within the first 60 days
• Fraud protection: Users have no liability for unauthorized transactions and can report misuse right away, before transactions post
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SoFi Unlimited 2% Credit Card vs. Bank of America Unlimited Cash Rewards Credit Card
Feature |
SoFi Unlimited 2% Card |
Bank of America Unlimited Cash Rewards Credit Card |
|---|---|---|
Cash-back rewards |
2% |
1.5% |
Annual fee |
$0 |
$0 |
Welcome bonus |
None |
$250 cash rewards if user makes $1,000 in purchases in first 90 days |
Intro APR for purchases |
Standard APR |
0% for first 15 months |
Maximum APR for purchases |
29.99% |
27.49% |
Balance transfer APR |
Standard APR |
0% for first 15 months on transfers made within first 60 days |
Maximum balance transfer fee |
$10 or 5% of the balance transfer, whichever is greater |
Intro rate: 3% of advance amount (first 60 days); 5% thereafter |
Late payment fee |
Up to $41 |
Up to $41 |
Cash advance fee |
5% of the advance amount |
Intro rate: 3% of advance amount (first 60 days); 5% thereafter |
SoFi Plus Advantages for SoFi Unlimited 2% Credit Card
SoFi Plus is the bank’s premium membership tier, which provides a slew of benefits and perks for a monthly membership fee of $10. Holders of the SoFi Unlimited 2% Credit Card can get even more membership rewards from joining SoFi Plus. Notably, having a SoFi Plus membership increases the card’s 2% cash-back rewards rate to 2.2%. For example, a cardholder with SoFi Plus status gets $22 in rewards for every $1,000 in eligible purchases.
When planning overseas travel, SoFi Plus members can reap even bigger rewards. Members who book their hotel stays and car rentals through the SoFi Travel portal can earn cash-back rewards of up to 5.5% when paying with an eligible SoFi Credit Card.
If it makes sense for you to apply for a credit card from SoFi, you can make the most of a SoFi Plus membership. You can also get guidance through SoFi’s new Coach platform. Coach offers:
• Debt summaries to help with budgeting
• Spending analysis
Tracking and strengthening credit scores with tools like these can help improve credit card approval odds.
Visit the SoFi Plus page for details on specific membership and promotional offerings.
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SoFi Plus Benefits
SoFi Plus also makes other premium banking services available to members. Beyond the credit card enhancements, SoFi Plus membership unlocks access to:
• SoFi Bank savings accounts earning 4.70% APY on the first $20,000 (and 3.30% after that on all other savings balances)
• One-on-one sessions with experienced SoFi Wealth planners
• Discounts on various types of loan fees, such as a 0.25% rate discount on personal loans and an extra $500 discount on a SoFi mortgage
• Matching funds, including 1% of eligible deposits into non-retirement SoFi Invest accounts and 1% on crypto purchases
The SoFi Plus calculator can show you how SoFi Plus benefits apply to your specific situation.
Tips to Maximize SoFi Plus Benefits
SoFi Plus membership rewards extend beyond those linked to the SoFi Unlimited 2% Credit Card. The array of SoFi Plus Experiences, for example, gives SoFi Plus members special access to eligible live music, sports, and entertainment events in many cities across the U.S.
Here are a few more ways to make the most of a SoFi Plus membership:
• You may book individual sessions with SoFi Wealth-affiliated financial planners — as many as you need, at no extra cost. Their tax, investment, or planning guidance may help set you up financially for years to come.
• It may be best to deposit up to $20,000 into a SoFi Savings account to earn the premium 4.70% APY that’s available to SoFi Plus members.
• Where possible, put money into non-retirement SoFi Invest accounts so you can capture the 1% match on eligible deposits.
The Takeaway
Both credit cards offer cash back rewards on purchases with no annual fee. SoFi’s card awards you cash-back points worth 2% of each purchase, which can be boosted by 10% if the cardholder joins SoFi Plus. The Bank of America Unlimited Cash Rewards card pays rewards equal to 1.5% of each purchase, and sweetens the deal with a $250 cash bonus for newcomers who meet spending requirements. It also charges 0% interest on purchases for the first 15 months.
SoFi Plus is America’s most rewarding financial membership—all in one app.* Unlock extra savings, rewards, discounts, and more.
FAQ
Is the Bank of America Unlimited Cash Rewards Credit Card difficult to get?
The answer depends on your financial situation. Typically, your odds are better for credit card approvals if you have a good to excellent credit score (generally defined as 670-850), a steady income that’s sufficient to cover monthly payments, a clean credit history, and a low credit utilization ratio.
What credit score do I need for a Bank of America Unlimited Cash Rewards Card?
Bank of America does not publish its approval criteria. In general, though, it’s easier to qualify for any credit card if you have a good to excellent credit score and are creditworthy in other ways, such as having a solid history of timely payments and a low debt-to-income ratio.
What is the minimum credit line for a Bank of America Unlimited Cash Rewards Credit Card?
Bank of America doesn’t identify a minimum credit line for all users. Instead, according to its credit card agreement, the bank determines each cardholder’s credit line individually and provides that information when the user receives their new card. The bank may change the cardholder’s total credit line based on payment and transaction history, along with other considerations.
What is the Bank of America Unlimited Cash Rewards Credit Card?
It’s a Visa-branded credit card that issues cash-back rewards points equivalent to 1.5% of every purchase. Rewards points can be redeemed as cash, account deposits, statement credits, or payments via PayPal. It offers incentives to new cardholders, including a temporary 0% APR on purchases and a $250 bonus to users who spend $1,000 in the first three months.
What is the cost of a SoFi Plus subscription?
A SoFi Plus subscription costs $10 per month.
Is SoFi Plus worth it?
The benefits of SoFi Plus membership can easily offset the subscription cost if your financial priorities align with its perks. For example, funding a SoFi savings account can pay off: SoFi Plus members earn 4.70% APY on savings balances up to $20,000.3 Other rewards that will show up on your personal balance sheet include 1% investment matches and, with a SoFi Unlimited 2% Credit Card, cash-back rewards of up to 5.50% on hotel stays and car rentals.
How do I sign up for SoFi Plus?
If you don’t yet have an account with SoFi, it’s possible to go to the SoFi Plus application page at the website and begin the membership process there. If you do have a SoFi account, you can use the website or the app. Go to your profile and click on the Membership & Rewards section there. You’ll see the option to upgrade to SoFi Plus. Once you select that, the app will help you complete your enrollment.
