New Perks With SoFi World Debit Mastercard

Filed Under: Credit Cards
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If you’re a SoFi member, then you should soon be issued a new debit card which also comes with new perks.

What Is SoFi?

SoFi is an online bank with an excellent app, which I’ve had positive experiences with. On the most basic level, if you open a SoFi Money account:

  • Receive a 1.60% APY
  • Pay no account fees
  • ATM fees are reimbursed worldwide

To me those are some pretty compelling perks, especially the waived ATM fees if you travel with any frequency.

SoFi’s Awesome Referral Program

On top of the above, SoFi Money has an excellent referral program that offers $25 both to the person opening a new SoFi Money account, and the person being referred. You can earn $25 when you open your account, and then start earning bonuses for referring your friends.

To get the $25 bonus you just need to fund the account with a minimum of $100.

In addition to the standard SoFi Money account, there’s also SoFi Invest, which is their stock trading platform, and it also has a great referral opportunity. With this program both the person referring and the person being referred get $100 worth of stock trades when funding a SoFi Invest account with at least $1,000.

You can read all about that process in this post, but it’s something that I’ve done, and it took just a few minutes, and it’s something I recommend others consider as well.

SoFi Debit Card Transitions From Visa To Mastercard

Starting in February 2020, SoFi Money will be issuing their debit card as a World Debit Mastercard, as opposed to the Visa that it’s currently issued as.

You’ll receive a new card in the mail in the next 30-60 days. SoFi claims that they’re making this change because the card being designated as a Debit Mastercard allows them to offer more benefits that they couldn’t previously provide.

Perks Of SoFi World Debit Mastercard

What are the perks of the new SoFi World Debit Mastercard? In addition to earning an APY of 1.6% on all of your cash, you’ll receive the following benefits:

  • Mastercard Airport Concierge: Available 24/7/365 at over 450 destinations worldwide, cardholders get 15% off personal Meet and Greet agents to escort them through the airport on departure, arrival and/or any connecting flights and expedite them through the security and/or the immigration process (at participating airports).
  • Cell phone protection: When you pay your cell phone bill with SoFi Mastercard, receive up to $200 per claim, $25 deductible, up to 2 claims per year. Unlimited lines associated with the cell phone bill.
  • Mastercard golf: ​Provides discounted access to golf courses, complimentary grounds passes for PGA Tournaments, access to domestic and international golf travel packages, and more.
  • Additional SoFi member experiences: On top of SoFi member experiences, SoFi Money Mastercard cardholders will have the opportunity to engage in bonus exclusive, once-in-a-lifetime experiences with the people they love in the cities where they live and travel.
  • Enhanced security with credit monitoring, alerts for suspicious activity, and white-glove service to help you resolve issues with Mastercard ID Theft Protection
  • Purchase Assurance: ​Provides coverage for most new items purchased with your SoFi Money card that are damaged or stolen within 90 days of the date of purchase, up to $1,000 per claim.
  • Extended Warranty: Doubles the original manufacturer’s (or store brand) warranty. Coverage is for eligible items purchased with your Mastercard.

My Take On SoFi Debit Card Changes

As someone who also has (lots of) credit cards, I don’t view any of these benefits as being game-changers. That being said:

Personally I’ve considered the single best SoFi Money benefit to be 20% off Lyft rides (especially since you could combine this with the Lyft Pink membership through the Chase Sapphire Reserve® Card), though that’s expected to end as of February 18, 2020.

What do you make of the changes to the SoFi debit card?

  1. Seems like a good strategy to differentiate your debit card from others, for people who are scared of credit cards for whatever reason.

  2. 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.

  3. @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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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