If you’re a SoFi member, then you should soon be issued a new debit card which also comes with new perks.
Continue reading: New Perks With SoFi World Debit Mastercard
Share your questions, experiences, and thoughts below.
Seems like a good strategy to differentiate your debit card from others, for people who are scared of credit cards for whatever reason.
This is shallow I know, but...
The current card has a really cool physical design. It's probably the best-looking card I have right now, of any type. The new card looks very standard.
@Ben the current card is unique for printing initials and the back is neat, but having contactless is worth so much more than design IMO.
I'm still waiting for word on the foreign exchange fee on this card. The Visa said it had a 1% FOREX that SoFi didn't waive. It was very controversial with reports on both sides. No info on this with the new press releases.
Mastercards generally get slightly better exchange rates over visa’s historically for withdrawing cash. The standard explanation was mastercard allows more daily fluctuations for exchange rates, while visa adds a henge against big fluctuations that generally lowers the rate except in big dollar declines.
The Schwab Bank Investor Checking has the best features for a debit card which I use exclusively for withdrawing cash abroad because there is no forex fee and all atm fees are reimbursed no matter where you are.
SoFi apparently blocked all old Visa Debit card when the new MC debit cards came out. Needless to say, this inconveniences me greatly as I am abroad and cannot get the new MC. I use SoFi exclusively for foreign travel, and now I am screwed.
I picked this card up when they were offering a 50 USD bonus. That and the reimbursed ATM fees were the major attractions. The interest rate paid on funds on deposit is also outstanding. That said if they indeed do charge for foreign transactions all bets are off. Most of my travel is international and paying those fees is a non-starter.
The change-over to MC from Visa is a wash. The touted benefits are vanilla at best.
I’m not thrilled with the new change, as hardly anyone in my area accepts MasterCard..... I wish this change would’ve been given to us as an option instead of being automatic.... I’m currently searching for a different bank now. This is disappointing because SoFi was excellent and I had no problems.