The SoFi Essential Credit Card doesn’t earn ongoing rewards on everyday purchases. However, like all SoFi credit cards, it earns 3x back when used for purchases made through the SoFi Travel Portal. It, too, comes with a welcome offer in some cases, based on an applicant’s credit and SoFi member history. SoFi pitches the Essential credit card as a product that offers a reliable credit line for those who want to build or improve their credit scores. It doesn’t charge an over-limit fee or foreign transaction fees, and it reports to all three credit bureaus. But unlike some other credit cards for building credit, the Essential card doesn’t require a deposit that determines your credit limit. Rather, your credit limit is determined by factors like income, debt and credit history. There’s no upgrade path that allows holders to graduate to a different card.
