SoFi Everyday Cash Rewards Credit Card

Rewards by category

Our take

The SoFi Everyday Cash Rewards is a no-annual-fee Mastercard with a short, legible reward structure: 3% back on dining, 2% at grocery stores, and 1% on everything else. None of those rates carries a spending cap, so the 3% pays the same in December as it did in January. Among no-fee cards that is genuinely uncommon, since most meter their best rate at a few thousand dollars a year and quietly drop you to the base.

Two things deserve saying plainly rather than at the bottom. Our dining ranking is led by 4% cards, U.S. Bank Altitude Go and Amex Gold among them, so treat this 3% as a strong uncapped floor and not the top of the table: on $4,000 of restaurant spending a year, that one-point gap is $40. And while SoFi covers most of the cost of buying abroad, it passes a 0.2% currency conversion fee through to you. That is not quite no foreign transaction fee, it is a very small one.

One more thing worth knowing before you compare the lineup: SoFi's other two cards, the flat 2% Unlimited and the Essential, are currently invitation only, so Everyday Cash is the one you can generally apply for. Carry it if you eat out often, refuse to pay an annual fee, and would rather not track quarterly activations. If groceries are the bigger line in your budget, 2% is beatable elsewhere, so pair this card with a stronger grocery earner and let it own the restaurant tab.

The math

Run $400 a month of dining through this card and you're earning about $144 a year at our conservative valuations. There's no annual fee to earn back — everything above the 1% base rate is pure upside.

Key benefits

• No annual fee

Common questions

Does SoFi Everyday Cash Rewards Credit Card have an annual fee?

No — SoFi Everyday Cash Rewards Credit Card has no annual fee.

What does SoFi Everyday Cash Rewards Credit Card earn on dining?

3% on dining.

What rewards does SoFi Everyday Cash Rewards Credit Card earn on everything else?

1% on all other purchases, in Cash Back.

Do the 3% dining and 2% grocery rates have a spending cap?

No. Both bonus rates are uncapped, so restaurants keep earning 3% and grocery stores keep earning 2% all year, no matter how much you run through the card. That is the card's real selling point, because most no-annual-fee competitors cap their headline rate and pay 1% on everything past it. Purchases outside those two categories earn the 1% base rate here.

Can you use the SoFi Everyday Cash Rewards abroad without paying a fee?

Almost, but not quite. SoFi covers most of the cost of a foreign purchase and passes through only a 0.2% currency conversion fee, a small fraction of what a standard foreign transaction fee costs. On $2,000 of spending overseas that works out to about $4. Cheap enough to pack for a trip, just not literally free, so read the marketing carefully.