Starting on January 6, 2016, the Softcard version of Serve (‘SoftServe’) will have a $4.95 monthly fee. The fee will be waived if you have a direct deposit into your account each month.
There is no mention of a minimum direct deposit amount and probably even $1 will trigger a waiver on the monthly fee. In the past, Serve has considered any ordinary ACH transfer to be a direct deposit. Set up an automated recurring transfer of $1 from your regular checking account to Serve and that will hopefully work to waive the monthly fee.
Also note that residents of NY, TX, and VT will not have any monthly fee.
Even if the monthly fee does not get waived, the SoftServe card is still well worth the $5 monthly fee since it can be loaded with an extra $500 per month via credit card, which is a minimum value of $10. And the fact that it can be loaded with any credit card is a huge adavantage as it helps us meet minimum spend requirements.
Don’t cancel that SoftServe too fast….
See also Six Different Flavor of Serve and How to Remain Fee-Free for all the details on the various Serve cards. It appears that Serve is in the process of shaking up the lineup and I would not be surprised to see additional changes in the future.
HT: Mileswhip
