UPDATED as of Feb. 25, 2020

*️⃣*️⃣*️⃣NEW SoFi current sign up bonus offer = $75

This is a new and different offer SoFi Money Account
Here’s how it’s different. For this bonus offer to work, you will need to make TWO direct deposits of at least $500 each. Once you get your $75 bonus, you can choose to cancel the direct deposit.
Offer is subject to change without notice. For the latest offer, please send me a message.

I received an email from SoFi Money Account that they will be issuing new Mastercard debit cards.

SoFi Money Account is the financial institution that I’ve been using quite a bit with my worldly travels.

SoFi Money Accounthas been my reliable debit card during my recent trips to Bali and the Philippines. I took out local money only as needed I received excellent local exchange rate (without having to go to money changing booths.

Here’s what I wrote why it’s better to use an ATM in getting foreign money vs. buying foreign money from a bank, or from a Money Changer Booth.

Why you should use a debit card in taking out foreign currency & how to stop paying ATM fees

My SoFi Visa Debit Card – Bali, Indonesia Nov 2019

Why is SoFi moving from Visa debit card to Mastercard debit card

According to SoFi’s Frequently Asked Questions (FAQs) page:

With Debit Mastercard, you now get access to many benefits we could not previously provide, including travel perks like discounts on airport concierge services, cell phone protection when you use SoFi Money to pay your cell phone bill, and purchase protection on damaged or stolen items. These are all now provided at no extra cost in addition to the same great features and benefits we already offer with SoFi Money.

Image courtesy of SoFi

Benefits of the new SoFi Money debit Mastercard

In addition to all of the current features of your Visa card (e.g. Apple/Samsung Pay capabilities) and the existing SoFi Money benefits (1.60% Annual Percentage Yield on all your cash, pay no account fees), you will now get:

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.

PLUS: • In-app card activation and PIN setting • Contactless payments • Mobile wallet support for Google Pay

To access more of the FAQs from this transition, click here.

ATM Debit Card Machine

My personal experience with SoFi Debit Card

The debit card that I have with SoFi today is a Visa debit card. I’ve never really used it for purchases. My main purpose was to use it for ATM withdrawals within the US, and outside. It’s great to know all of the additional benefits with the new SoFi Debit Mastercard should I ever choose to use the card for other purposes. In my case, as long as I can still use any ATM worldwide and NOT be charged any fees, I’m happy.

SoFi had fulfilled its promises:

  • NO ATM fees – SoFi reimbursed the ATM fees (immediately in my experience in the US, Philippines, Bali)
  • NO account fees – with a deposit of $100, back in October, it’s now my third month and I have NOT been charged an account fees
  • NO hard credit check – SoFi did not run a hard credit check when I applied for a new account
  • NO need to keep the account open for a length of time – I could’ve closed the account earlier with no early termination fees

To get started, click here for SoFi Money Account.

By Jason

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