SoFi Credit vs. Ink Business Cash®

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SoFi Credit Card SoFi Credit Card Ink Business Cash® Card Ink Business Cash® 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
8.9MyCreditCardLab Score

MyCreditCardLab Score 8.9

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
9.1
Regular APR
9
Rewards
9.3
Benefits
8.4
Welcome Bonus
9.4
Recommended Credit Score: 9.3
Foreign Transaction Fee: 7.3
Cash Advance Fee: 8.9
Balance Transfer Fee: 8.5
ANNUAL FEE
$0 $0
INTRO APR
N/A 0% intro APR on Purchases for 12 months, and then the ongoing APR of 18.49%-24.49% Variable APR.
REGULAR APR
20.24 percent to 29.99 percent (variable) 18.49% - 24.49% Variable
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
  • 0% Intro APR period
  • Rewards don’t expire
  • Good welcome bonus
  • Earns up to 5% cash back.
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
  • $5 or 5% Balance transfer fee
  • 3% foreign transaction fee
  • Spending cap on bonus categories
  • Minimum 2,000 points required for a redemption
WELCOME BONUS
None Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
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.
 Ink Business Cash® Card Rewards stand out as a highly versatile credit currency, offering a myriad of redemption options to suit your preferences. You can utilize your rewards in a variety of ways, including:
  • You earn 5% cash back on the first $25,000 spent at office supply stores and on internet, cable and phone services. This is for each account anniversary year.
  • You earn 2% cash back. This is on the first $25,000 spent at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability, you won't be held responsible for unauthorized charges. They are made with your card or account info.
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
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. Introductory APR - The Ink Business Cash® card typically offers an introductory 0% APR on purchases. It lasts for the first 12 months from account opening. it's helpfull for new businesses. This can help businesses make large purchases. They can pay them off over time without paying interest. Generous Cash Back Rewards - 5% cash back - Office internet, cable, and phone services. 2% cash back - gas stations and restaurants. 1% cash back - all other purchases with no limit Employee Cards at No Additional Cost - If you have multiple employees who will require additional cards issued, Business owners can issue employee cards for free. They can use the cards to easily manage and track employee spending. They can also earn rewards on their purchases. Remember, the 5% cash back category is capped at $25,000 per year across the account. It's not per authorized cardholder. Purchase Protection and Extended Warranty - The card provides purchase protection and covers new purchases against damage or theft for up to 120 days. It extends the time of the U.S. manufacturer's warranty by a year. This is for eligible warranties of 3 years or less.
CASH ADVANCE FEE / APR
Either $10 or 5% of the amount of each transfer, whichever is greater Either $15 or 5% of the amount of each transfer, 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 APR: 18.49% to 24.49% Variable, Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
RECOMMENDED CREDIT SCORE
670 - 850 (Fair - Exceptional) 690 - 850 (Fair - Exceptional)
FOREIGN TRANSACTION FEE
0% 3%
BEST FOR
  • Cash Back Seekers
  • Students
  • Hotel Stays
  • Foreign Travel
  • Cash Back Seekers
  • Small Business Owners
  • Everyday Spending
  • Gas and Groceries
  • Dining Out
More Details More Details

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