SoFi Credit Card Review | Guide For Crypto Casino Players

SoFi has made a big splash ever since it introduced banking and investment accounts. That, paired with a 3% cashback for a year when setting up direct deposit, has made it one of the credit card staples. But how does it fare in the world of crypto casinos? This Sofi Credit Card review explains it all.

What is SoFi Credit Card?

sofi credit card review

SoFi is a credit card from the World Elite Mastercard series and it belongs to the group of so-called rewards credit cards. The main purpose of the SoFi Credit Card is to borrow, save, spend, invest, and protect your fiat and cryptocurrencies with the help of career advisors and a flourishing community of open-minded, progressive users.

Online gambling, however, is not SoFi’s forte due to several factors we’ll discuss later on. Suffice it to say, this credit card is primarily designed for shopping, collecting rewards, and paying loans. It’s a card for conservative and prudent use, that works best when paired with a SoFi banking account, and although you can use it in online casinos like any other Mastercard product, you don’t get a wallet and you can’t move cryptos around freely.

Keep on reading and find out if SoFi Credit Card is your best option to deposit funds in an online casino.

SoFi Credit Card Overview

SoFi ecosystem comprises traditional banking, crypto, and stocks. The name stands for Respondent Social Finance Inc. and it’s a Delaware company with its HQ located in San Francisco, California. Total SoFi equity in 2021 was estimated at $4,4B and net income was at $484M.

Similar to competitors, this crypto credit card offers 2% unlimited cashback on eligible purchases when you redeem funds towards saving, paying down a loan, or investing. There’s no annual fee and eligible SoFi accounts include checking and savings accounts, as well as investing and debt paying.

You can use your SoFi card in other countries for purchases and ATM withdrawals wherever Mastercard is accepted. The funds will be withdrawn in the currency of the country where you made the purchase or ATM withdrawal. SoFi is a quite good solution if you travel a lot, especially if you already have a SoFi account open.

But, if you plan to use it for casino purposes only, we advise you to consider other options due to several SoFi limitations in this regard.

Pros and Cons of SoFi Credit Card



  • Applicable in hybrid crypto casinos, fiat money only
  • Excellent addition to the SoFi bank account
  • Zero annual fee
  • Competitive purchase rewards
  • Redeem rewards into an eligible SoFi account
  • 3% cash back when you set up direct deposit for one year
  • 2% unlimited cashback
  • Mastercard ID theft protection and cell phone protection up to $1,000


  • Fiat-dependant in online casinos
  • No crypto withdrawals
  • Does not include a crypto wallet
  • For US residents only
  • No staking
  • Statement credit redemptions could be better
  • High cash advance fees and balance fees (5% or $10)

Using SoFi Credit Cards in Online Casinos

sofi credit cardTruth be told, SoFi Credit Card is not what you would normally think about when talking about online gambling. In fact, the whole point of SoFi was to create “…its first-ever credit card that incentivizes healthy financial habits.”

With that in mind, we have to consider SoFi as a great tool and asset for sensible spending, investing, saving, and paying out your loans – not a card designed for online gambling.

On the other hand, SoFi is still a Mastercard product and as such, it is accepted in most online casinos. But here’s the problem – it does not offer a digital wallet and you can not manipulate cryptos freely in whatever way you please, including making a deposit into a crypto casino – you can only deposit your fiat money into a hybrid crypto casino, and use it to buy cryptos right there, or via a third party.

In conclusion, SoFi Credit Card can be used in online casinos and it is quite reputable, but it has way too many limitations by design to be considered a truly valuable asset in crypto casinos. If you already have a SoFi account then getting a credit card seems reasonable, but if you don’t, we advise you to seek better solutions for online gambling in crypto casinos.

Supported Cryptos and Fiat Currencies

SoFi is part of the Mastercard family and it accepts the majority of fiat currencies available today, including all major currencies (USD, EUR, GBP, AUD, CAD, etc). The company also supports 30 crypto coins, including:

bitcoin btc Bitcoin (BTC)
bitcoin cash bch Bitcoin Cash (BCH)
cardano ada Cardano (ADA)
dogecoin doge Dogecoin (DOGE)
ethereum eth Ethereum (ETH)
litecoin ltc Litecoin (LTC)
polkadot Polkadot (DOT)
ripple xrp Ripple (XRP)
solana sol Solana (SOL)
other Many other…

Remember, you can invest a part of every direct deposit into cryptos with no fees and you can turn your points into cryptos equally. We do not recommend buying cryptos directly due to the fact that credit cards tend to be more expensive for buying crypto than other purchase methods.

SoFi Credit Card Rewards and Benefits

SoFi customers gain SoFi reward points on eligible purchases and can redeem points however they see fit. You get 2% back in rewards value when you redeem into your SoFi Money Account or SoFi Invest Account, or if you transfer your rewards to a SoFi checking or savings account.

You also get the full 2% cashback when you redeem rewards to pay down the outstanding balance of your SoFi student refinance loan or SoFi personal loan, and it climbs up to a full 3% cash back for a year if you set up a direct deposit with SoFi and own a SoFi bank account.

Cardholders can earn 2 SoFi Rewards Points per $1 on qualified purchases, regardless of category. The value of your points will depend on how you redeem them. SoFi Rewards Points are worth $0.01 per point when you redeem them as cash back deposited into an eligible SoFi account. Here’s the list of additional perks and benefits you can get with a SoFi Credit Card:

  • Zero annual fee
  • Non-expiring rewards
  • No foreign transaction fees
  • EMV chip technology
  • ID Theft protection
  • Access to World Elite Mastercard perks and benefits

SoFi Welcome Bonus

When you get approved for the SoFi card you can play a game and try to win a welcome bonus. Prizes range from $10 to $10,000 and they are awarded in rewards points, not cash.

SoFi Invest Account

You can make up to $200 when you deposit assets in an Invest account, and after getting approved for SoFi Credit Card, you can get said the welcome bonus for a savings account and checking. However, there’s no introductory offer for purchases or balance transfers.

How To Get SoFi Credit Card?

SoFi Credit Card account opening takes little to no time and it’s as easy as it can get. Having said that, there are some rules, naturally, and this is what you must take into consideration before you take action in this regard:

  1. You have to be an American citizen, and you must live in one of the 50 states, or DC. Obviously, you have to be 18 years old, or older.
  2. You are expected to have a clean credit history. Although SoFi claims that the minimum score is around 650 to 680, most SoFi users have a credit score of 750 or better.
  3. Once you decide to get a SoFi Credit Card we advise you to download both the desktop and mobile apps and activate the application process.
  4. Once you are approved, your physical SoFi card should be in your mailbox in 7 to 10 business days.

SoFi KYC Procedure

In order to apply for a credit card, you will have to prepare and submit the following documents and information:

  • Name
  • Home address
  • Date of birth
  • Citizenship status
  • Social security number
  • Phone number
  • Email address

In some cases, SoFi personnel may need additional documentation, such as a copy of your driver’s license, or a current photo ID to verify your identity. It is not unusual for you to take a selfie while holding one of your legitimate documents and send it to SoFi to complete the KYC (Know-Your-Customer) procedure and verify your identity.

How to Withdraw Money with SoFi Credit Card

When it comes to withdrawing, the first thing you need to know is that SoFi does not support crypto withdrawals. If you want to withdraw your assets you have to sell your cryptos first. According to the SoFi support team, “once sold, the funds will be automatically deposited into your Active Invest account and be made available as buying power.”

Before you can withdraw the proceeds from selling your Crypto from your individual Active Invest account, you have to meet the following conditions:

  • The sale of cryptocurrency has settled, 1 business day after your trade has been executed.
  • All other holds on recently deposited funds must be cleared. Your withdrawable cash amount will reflect the cleared funds available.
  • Crypto, at SoFi, is only for investing purposes – you cannot link a wallet with SoFi, at this time.

Here are all the steps you need to take to Withdraw Crypto funds from an Active Individual Account:

SoFi App

sofi app

  1. Select the Invest Account you wish to withdraw from, tap on [Manage], and tap on [Withdraw].
  2. Choose the amount you would like to withdraw.
  3. Select the [From] and [To] accounts for transfer.
  4. Click [Review] when you are ready to submit your withdrawal.

Note: It can take 1-3 business days for your funds to post into the selected account based on normal ACH deposit timeframes.

SoFi Fees

When it comes to fees, SoFi is known for its affordable offers, but we still feel that the interest rate could be a little more forgiving. As you probably know, there’s no annual fee, and you will be rewarded for each direct deposit with a 3% cashback. Now, let’s take a closer look at the fee structure:

  • 1,25% on crypto transactions
  • A balance transfer fee of $10 or 5%, whichever is greater
  • Cash advances fee of $10 or 5%
  • Regular APR 15,24% to 27,24% variable
  • Foreign transaction fee $0
  • No annual fee
  • No sign-up bonus

Foreign Transaction Fees

Apart from a zero annual fee, SoFi Credit Card has no foreign transaction fee either. You can use it abroad without unnecessary expenses, which is one of the reasons why the SoFi card is a valuable asset for purchasing abroad and generally for people who like to travel a lot.

SoFi Credit Card Mobile App

sofi mobile

It seems quite logical for SoFi to produce mobile apps for both iOS and Android, and according to the polls, SoFi users are generally happy with the product. It’s a decently developed app that serves the function and you can do business on the go with little to no trouble. Still, some issues still remain and we will address them right away.

First of all, the app can crash for no apparent reason and it seems an overhaul is in order. Also, it’s cluttered with ads and in some instances, it looked more like an advertisement company and not a credit card company. Data updating is not the quickest in the world, so make sure to refresh the app from time to time.

SoFi Customer Support

sofi customer support

SoFi account owners can expect excellent customer support service, fitting to the Mastercard name and prestige. We have at our disposal a toll-free telephone number, followed by additional three direct phone lines for credit card issues, home loans, and investment support respectively.

We can also turn to several email support channels, namely customer service for users, business associates, accessibility support, security, investors, and media. You can even call them if you are looking for a job, and exceptionally good user reviews confirm our estimate – SoFi is truly home to a fantastic support team that’s very helpful, and quick to respond with utmost professionalism.

In terms of drawbacks, one has to nitpick a little and yes, there’s no live chat support, which is a shame because many users rely on 24/7 live chat. Having said that, it’s really a minor problem and as far as we are concerned, the SoFi customer support team has passed this test with flying colors.

SoFi Credit Card vs. Competitors

Chase Freedom Unlimited

This card has a flat-rate cash back on eligible purchases and it can be quite good for people capable of multitasking and keeping an eye on many factors. Chase Freedom Unlimited offers up to a 5% earning rate on travel purchases via Chase Ultimate Rewards, a 3% reward on drugstore purchases and eligible dining, and 1,5% on all other acquisitions.

Chase offers a 1,5% welcome bonus of up to $20,000 on everything bought during the first year, and it will let you redeem points with other Chase cards, like Sapphire Reserve and Saphire Preferred.

Compared to SoFi Credit Card – this is a clear advantage, just bear in mind that Chase Freedom Unlimited is known to be quite demanding. They turned down more than one credit card request and impeccable balance history is apparently a must.

PayPal Cashback Mastercard

As far as rivalry goes, we think that PayPayl Cashback Mastercard and SoFi Credit Card are close in terms of general usage, convenience, credit scores, and redeeming rewards. On top of it all, both credit cards do not charge an annual fee, and as long you are not planning to stimulate your savings account or pay out debt, it boils down to your personal preference.

However, if you are having trouble with debts and can’t handle the shopping temptation then SoFi Credit Card is probably the better way to go due to more redemption options. You can simply assign your points directly to savings, and loan balances.

Citi Double Cash Card

Just like SoFi Debit Card, Citi Double Cash offers 2% cashback on all purchases, but what separates the two is the 0% APR on all balance transfers for as long as 18 months and a starting balance fee of 3% or $5 (higher value) for the first four.

After that, the fee goes up to 5%, min. $5, and your variable APR will land somewhere between 18,24% and 28,24%.

Double Cash Card proves to be both valuable and hindering when it comes to traveling. While it does charge a 3% abroad/foreign fee, it’ll compensate with Thank You points transferred to airline partners, courtesy of your other Citi credit cards. Sofi Credit Card does not charge foreign transaction fees.

SoFi Credit Card Review Summary

So, is the SoFi Credit Card worth it? If you are an online gambler involved in crypto trading and playing, we believe that SoFi isn’t necessarily the best choice for you. Although seeing as it is a Mastercard, it is accepted on gambling sites.

SoFi only lets you use cryptos for investing and earning, not moving it to another wallet. At the moment, SoFi does not offer a wallet of its own, nor does it allow you to withdraw and move your cryptos as you please.

SoFi is best used for investing reward points into cryptos, paying off loans, saving some money, and enjoying cashback while shopping. It’s not ideal for online casinos, but you can still use it in any given hybrid crypto casino.

Once there, you should be able to buy some cryptos using your fiat money directly from your SoFi card. Remember, it’s impossible to transfer cryptos from SoFi – only invest them, or trade them.

Unlimited cashback is quite cool however and the World Elite Mastercard is a brand that leaves no doors closed. Having no annual fee and acceptable APR, SoFi is a dream come true for responsible saving and loan returning, as well as shopping domestically and abroad.

If you are a SoFi owner, we advise you to earn 2% unlimited cashback, redeem it, save it, invest it, or pay down an eligible loan with SoFi. We do not recommend buying cryptos with SoFi because credit cards are notoriously expensive when used for such purposes. It’s far more lucrative to invest your cashback points directly into cryptos, pay eligible SoFi loans, and get 2 reward points on each dollar spent.

SoFi has good customer support and a well-made mobile app, though some users complain about being rejected due to low credit ratings.

Bottom line – SoFi Credit Card is great for purchasing, investing, saving, and returning a SoFi loan, but not equally valuable in crypto casinos – it’s passable at best. Please, gamble responsibly!


  • Is SoFi Credit Card safe?

    Yes. funds deposited into checking and savings are insured via FDIC for up to $250,000 per depositor. In addition, SoFi features Mastercard ID theft protection, SSL encryption, two-factor authentication, and fraud protection.

  • Can I use SoFi Credit Card in online casinos?

    Yes, SoFi Credit Card is a Mastercard Infinite type of card and it’s widely accepted around the world, including online casinos. Unfortunately, SoFi does not offer a digital wallet and it doesn’t support crypto withdrawals, so it may not be ideal for casino players.

  • Can I get a SoFi Credit Card in my country?

    SoFi Credit Card is available to US citizens residing in the 50 States and the District of Columbia only.

  • How hard it is to get approved by SoFi Credit Card?

    For most citizens of developed countries – it is not hard, but it’s not easy either. In terms of credit scores, users need a minimum FICO credit score of 650-680, and most credit card owners have 750 or better. So, a good to excellent credit score is required.

  • What is the SoFi Credit Card minimum limit?

    The minimum credit limit is $1,000, and different reports from owners suggest that credit limits can go well over $20,000.

  • Will I be penalized for early payment?

    No. SoFi Credit Card offers unsecured personal loans and they charge no prepayment penalties.

  • Can I withdraw money at an ATM using my SoFi Credit Card?

    Yes, but keep in mind that cash advances are subject to a 5% charge or a $10 minimum fee per transaction, not counting any ATM fees. The withdrawal minimum is $40 per transaction, withdrawal maximum is $1,000 per day.

  • Are there any hidden fees?

    As far as we know – no. There’s no annual fee on SoFi Credit Card and SoFi Checking and Savings come with zero fees as well.

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