The SoFi Essential Credit Card does not offer ongoing rewards for everyday purchases. However, it does provide 3x back on purchases made through the SoFi Travel Portal. Some applicants may qualify for a welcome offer based on their credit and SoFi member history. SoFi markets the Essential credit card as a tool for building or improving credit scores. It does not have over-limit or foreign transaction fees and reports to all three credit bureaus. Unlike other credit-building cards, the Essential card does not require a deposit to determine the credit limit. Instead, factors such as income, debt, and credit history are considered. There is no option to upgrade to a different card.
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