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:
- For those who pay for things with debit cards and/or who don’t have credit cards, the purchase assurance and extended warranty protection are awesome benefits
- The cell phone protection is also great to have on a debit card, though personally I’d rather take advantage of the cell phone protection benefits on cards like the Ink Business Preferred® Credit Card (review) or IHG® Rewards Club Premier Credit Card (review)
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?