SoFi Credit Card vs. Venmo Credit Card Benefits

What Is SoFi Credit Card?

The SoFi Unlimited 2% Credit Card offers 2% cash back rewards on your eligible purchases and 3% cash back rewards on trips you book through SoFi Travel. You can redeem your rewards as statement credit or put rewards into another SoFi account, such as SoFi Checking & Savings, SoFi Active Invest, and SoFi Automated Invest.

The card doesn’t charge annual fees or foreign transaction fees, and APRs range from 19.99% to 29.99%, based on several factors, including your creditworthiness. This card is currently available on an invite-only basis to SoFi members. If you get an invite via direct mail or email, you can enter your unique reservation code when you apply for the credit card.

To explore the annual fee, see pricing, terms, and conditions

Benefits of SoFi Credit Card

The SoFi Unlimited 2% credit card offers a host of benefits:

•   Earns 2% cash back rewards on eligible purchases: Your cash back rewards will automatically be applied to your SoFi account.

•   Earns 3% cash back rewards on trips booked through SoFi Travel: Your rewards rate bumps up to 3% on eligible purchases you make through SoFi’s travel portal.

•   Doesn’t charge certain fees: This card doesn’t charge an annual fee or foreign transaction fees.

•   Comes with cell phone protection: It comes with up to $1,000 of complimentary cell phone insurance coverage.

•   Grants you access to Mastercard World Elite benefits: These include 24/7 travel concierge services, $5 in Lyft credits each month, a two-month Instacart free trial, and more.

•   Comes with zero fraud liability and ID theft protection: You shouldn’t be liable for unauthorized charges with this card’s enhanced fraud protection.

What is Venmo Credit Card?

The Venmo Credit Card is a cash back rewards card that integrates with the Venmo app. It has a tiered rewards structure that automatically adjusts to your spending, so you don’t have to track your spending or activate bonus categories.

Since it syncs with the Venmo app, it’s only useful if you use Venmo. If you do, you may appreciate that the card sends cash back rewards straight to your Venmo account. You can then use your rewards to send money, transfer it to your bank account, make eligible purchases (including crypto), or pay your credit card bill.

You can also track your card activity in the Venmo app. Plus, the card has a unique QR code printed on the front, making it easy to collect payments from others. If you go out to eat with friends, for instance, they can scan the QR code and send you money to split the bill.

The Venmo credit card doesn’t charge annual fees or foreign transaction fees. Interest rates range from 18.74% to 30.74% based on your creditworthiness.

Benefits of Venmo Credit Card

The Venmo Credit Card has several benefits for cardholders:

•   Earns up to 3% cash back rewards: The Venmo Credit Card earns 3% cash back in your eligible top spend category, 2% cash back rewards on your next top spend category, and 1% cash back on all your other eligible purchases. Eligible categories include dining, travel, groceries, gas, bills and utilities, and entertainment. You don’t have to opt into categories to earn rewards points; the Venmo Credit Card automatically detects your spending and adjusts your cash back rate from month to month.

•   Doesn’t charge an annual fee: You don’t have to worry about paying an annual fee or foreign transaction fees with the Venmo Credit Card.

•   Integrates with the Venmo app: The card syncs with your Venmo account, so you can track your spending, redeem rewards, and pay your credit card statements from the app.

•   Has a QR code so friends can split bills: By scanning the QR code on your credit card, friends can send money to your Venmo account.

•   Offers multiple ways to redeem rewards: Your cash back rewards go into your Venmo account. You can then transfer them to your bank account, put them toward your credit card statements, send money to friends, buy crypto, or make purchases with a merchant that accepts Venmo.

SoFi Credit Card vs. Venmo Credit Card

The SoFi Unlimited 2% Credit Card offers 2% cash back rewards on all your eligible purchases, while the Venmo credit card offers between 1% and 3% cash back depending on the category and your spending habits. Here’s a fuller comparison between the two credit cards.

SoFi Plus Advantages for SoFi Credit Card

If you’re a SoFi Plus member, you could earn even more cash back rewards with a SoFi Credit Card. SoFi Plus is a premium membership that unlocks premium benefits, including a 10% boost on cash back rewards points on your SoFi Credit Card eligible purchases. If your purchase would have normally earned 100 points, for example, it would earn 110.

You can also earn 5% cash back rewards on all your bookings through SoFi Travel except for airfare, as well as 2x rewards points on qualifying account activity.

SoFi Plus Benefits

A SoFi Plus membership unlocks premium banking services that include over 20 perks and $1,000 or more in annual value with qualifying activities. Some SoFi Plus membership rewards include:

•   10% boost on cash back rewards on your SoFi Credit Card, 5% cash back rewards on bookings through SoFi Travel (except airfare), and 2x rewards points on qualifying account activity

•   4.70% APY on up to $20,000 in a SoFi Bank savings account and 3.30% on all other savings balances

•   Unlimited 1% match on eligible deposits into non-retirement SoFi Invest^® accounts

•   Unlimited one-on-one sessions with experienced SoFi Wealth Financial Planners

•   1% match on SoFi bank crypto purchases, earned in rewards points

•   Extra $500 discount on SoFi home mortgages

•   Rate discounts on SoFi student loans and personal loans

•   Discounts and bonuses on other services and SoFi Plus experiences

Visit the SoFi Plus page for details on specific membership and promotional offerings.

Tips to Maximize SoFi Plus Benefits

The value you get from a SoFi Plus membership depends on your financial habits. Here are a few tips for maximizing your benefits:

•   Use the SoFi Credit Card to earn cash back rewards: You’ll get a 10% boost on your cash back rewards on an eligible SoFi Credit Card, which you can redeem for statement credits or transfer them to other SoFi products, like a checking or savings account, investment account, or loan. Avoid spending beyond your means, though, as interest charges would exceed your cash back rewards. Aim to pay your credit card balance in full each month to avoid interest charges.

•   Work toward the $20,000 savings cap: SoFi offers 4.70% APY on up to $20,000 in a SoFi savings account.

•   Aim to capture the investing match: Make the most of SoFi’s 1% match on eligible deposits into SoFi invest accounts (non-retirement). You can also claim up to $2,000 in stock in the SoFi app when you fund your active invest account.

•   Explore your rate discount on loans: If you need a parent loan, student loan, or personal loan, you can check with SoFi to see if you can get a competitive rate with your SoFi Plus discount. Homebuyers can also get an extra $500 home mortgage loan discount on fees.

•   Book through the SoFi travel portal: If you’re planning travel, review your options through the SoFi travel portal to earn 5% cash back in rewards points on all bookings except for airfare.

•   Discuss your goals with financial planners: Schedule meetings with SoFi’s experienced planners for one-on-one guidance on managing your finances.

The Takeaway

Both the SoFi Credit Card and Venmo Credit Card are designed to work within their own ecosystems. You’ll get the most value from the SoFi card if you’re a SoFi member, while the Venmo card may be well-suited to people who regularly use Venmo to send and receive money.

The SoFi Unlimited 2% Card becomes especially valuable if you’re a SoFi Plus member thanks to a boost in cash back rewards and 5% back on eligible travel purchases through the SoFi Travel portal.

SoFi Plus is America’s most rewarding financial membership—all in one app.* Unlock extra savings, rewards, discounts, and more.

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