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The Offer
- SoFi Money is offering new users two deals:
- Get 5% cash back on all purchases made within 60 days of account opening, up to a maximum of $100 back
- Get $75 for setting up a direct deposit
The Fine Print
- The offer is open to new Accounts opened between April 20, 2020 at 12:01AM PT and Jun 30, 2020 at 11:59PM PT and will be in effect for 60 days from the date your new SoFi Money Account is opened. Note that in most instances, after you open a new Account, it will take 5-10 business days before you receive your SoFi Money Debit Card and can begin making eligible purchases.
- Participation in the Program is open to new SoFi Money Members who reside within the United States, who open new SoFi Money Accounts during the Promotion Period.
- Most purchase transactions using your SoFi Money Debit Card are eligible for cash back under the Program. Certain merchants and transactions are excluded, including DoorDash, Disney+, Hulu, Netflix, Spotify, HBO Now, Amazon Prime Video, CBS All Access, Pandora Music, and Google Music. Purchase transactions with the aforementioned excluded merchants are not eligible for the Stimulus Multiplier 5% Cash Back Program, but may remain eligible for other cash back programs offered by SoFi. ATM, Bill Pay, ACH transactions, and purchases via check are not eligible for the Program.
- For each eligible transaction made within 60 days of the date your new SoFi Money Account is opened, SoFi will credit your account for an amount equal to 5% of each eligible purchase, up to a maximum of $100 during the Promotion Period (“Cash Back”).
- SoFi reserves the right to exclude any Members from participating in the Program for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or make changes to the Program at any time.
Our Verdict
It looks like transactions that earn 20% back are excluded from earning the 5% back. Previously we’ve seen bonuses of $100 from SoFi Money, or referral bonuses of $75/$25. Unfortunately referral links do not show this new 5% bonus so it doesn’t look like you’ll be able to stack it. You’ll want to spend exactly $2,000 to earn the $100 bonus. You can see what has worked for a direct deposit in the past by clicking here. This is a bit of a weird bonus because it’s a bank account bonus, but the $2,000 in spend makes it more like a credit card bonus. I’ll still be adding this to our list of the best bank account bonuses.
Hat tip to reader Zac
