SoFi Credit vs. Discover it® Student Cash Back

Easily compare up to three credit cards side by side with our intuitive comparison tool. Assess features, offers, and more to find the best fit for your financial needs.

SoFi Credit Card SoFi Credit Card Discover it<sup>®</sup> Student Cash Back Card Discover it® Student Cash Back Card
8.5MyCreditCardLab Score

MyCreditCardLab Score 8.5

We've meticulously evaluated this card using MyCreditCardLab's exclusive credit card rating system. Our assessment considered various cardholder needs, ultimately assigning a rating based on the need with the highest score, currently at "." Our rating scale ranges from 1 to 10, with 10 representing the best possible score.

Annual Fee
10
Intro APR
7
Regular APR
7.3
Rewards
9
Benefits
9
Welcome Bonus
6
Recommended Credit Score: 9.1
Foreign Transaction Fee: 10
Cash Advance Fee: 8.6
Balance Transfer Fee: 8.8
9.0MyCreditCardLab Score

MyCreditCardLab Score 9.0

We've meticulously evaluated this card using MyCreditCardLab's exclusive credit card rating system. Our assessment considered various cardholder needs, ultimately assigning a rating based on the need with the highest score, currently at "." Our rating scale ranges from 1 to 10, with 10 representing the best possible score.

Annual Fee
10
Intro APR
10
Regular APR
8
Rewards
8.8
Benefits
8
Welcome Bonus
8.5
Recommended Credit Score: 9
Foreign Transaction Fee: 10
Cash Advance Fee: 9.5
Balance Transfer Fee: 8.2
ANNUAL FEE
$0 $0
INTRO APR
N/A 0% APR on purchases for six months from account opening
REGULAR APR
20.24 percent to 29.99 percent (variable) 10.99% intro balance transfer APR for six months from date of first qualifying balance transfer, 18.24% to 27.24% ongoing variable APR
PROS
  • No membership fees
  • Cell phone insurance
  • No foreign transaction fee
  • Excellent rewards rewards rate when redeemed into an eligible SoFi account
  • No annual fee
  • Making it accessible for those with limited or bad credit
  • Earn cash back in bonus categories
  • Take advantage of an introductory APR period
  • Your activity is reported to all three major credit bureaus.
CONS
  • No initial rewards bonus
  • No intro APR on purchases
  • No intro APR on balance transfers
  • Must redeem rewards into an eligible SoFi account for best value
  • New credit users may find the quarterly category rewards system complex
  • The card lacks an introductory APR on balance transfers, which may not be ideal for those looking to consolidate debt.
WELCOME BONUS
None Discover will match all cash back earned at the end of your first year with the card.
REWARDS
SoFi Credit Card Rewards program offers remarkable versatility in credit currency. Utilize your earnings across a diverse array of options, such as:
  • Earn 2 points on all eligible purchases. You can redeem them for 2% cash back. Use it for investing, saving, or paying an eligible loan with SoFi. Or, you can use it as a statement credit.*
  • You earn 3 points per $1 spent. You get them when you use your SoFi Credit Card to book trips through the new SoFi Travel, powered by Expedia.
Discover it® Student Cash Back Card Rewards program is renowned for its flexibility in credit currency. Explore various redemption options for your earnings, including:
  • Enjoy 5% cash back on rotating quarterly bonus categories, up to $1,500 per quarter, with enrollment required.
  • Earn 1% cash back on all other purchases.
  • Plus, receive a cash back match at the end of the first year.
BENEFITS
Free cellphone insurance - Receive up to $1,000 of coverage when you pay your cellphone bill with your SoFi card. ID theft protection - World Elite Mastercard benefits - It has Mastercard World Elite benefits. These include cellphone protection. And, they come with savings for Lyft, DoorDash and more. No foreign transaction fees - Save 2% to 3% on foreign transactions, it might be the best fit for consumers who make regular purchases outside the U.S. This card might be good for consumers. They want a business credit card with simple rewards and no annual fee. Sofi balance transfer - The basics of balance transfer credit cards are simple. First, you must open a new card with lower or no interest. Then, you’ll move your credit card balance from the high-interest card to the new one. Once the transfer goes through, you’ll start paying down the balance on your new card. Freeze it® - Easily place holds on stolen or missing cards directly through the app for added security and peace of mind. Access to Credit Education - This feature is best for credit scores to improve. Gain access to Discover's Credit Scorecard with your FICO® Credit Score, monthly updates, and tips to help you understand and improve your credit. Cashback Match™ - At the end of your first year with the card, Discover matches all the cash back you've earned, effectively doubling your rewards without any limit. so students benefit from doubling reward points for other spending. Rotating Bonus Categories - Earn 5% cash back on everyday purchases in rotating quarterly bonus categories, such as gas stations, grocery stores, restaurants, and more, up to the quarterly maximum. Good Grade Reward - Get a $20 statement credit each school year if your GPA is 3.0 or higher for up to the next five years. it's not a big reward but a small credit combination helps your spend.
CASH ADVANCE FEE / APR
Either $10 or 5% of the amount of each transfer, whichever is greater Either $10 or 5% of the amount of each cash advance, whichever is greater.
BALANCE TRANSFER FEE
APR: 17.99% to 29.99% variable based on creditworthiness and the Prime Rate, Fee: Either $10 or 5% of the amount of each transfer, whichever is greater 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 18.24%-27.24% Variable APR
RECOMMENDED CREDIT SCORE
670 - 850 (Fair - Exceptional) 630 - 689 (Poor - Fair)
FOREIGN TRANSACTION FEE
0% None
BEST FOR
  • Cash Back Seekers
  • Students
  • Hotel Stays
  • Foreign Travel
  • Cash Back Seekers
  • Students
  • Bad Credit
  • U.S. Supermarket Spending
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