SoFi Money is offering up $50 to new members who open up a SoFi Debit Card. While this card has many benefits (that I will write about below), the immediate benefit is the free money that you can earn right off the bat. Depending on the number of friends and family members that you are able to recruit, this could possibly be one of the best deals of the year. Thanks to Miles to Memories and Frequent Miler for introducing me to this!
For new members who open up an account through a referral link and deposit $100 into the account within the first 14 days, you’ll receive a $50 bonus. Then, for every additional person you refer, you’ll continue to receive an additional $100 bonus per referral, up to $10,000!
When I found out about this deal, it took me just a few minutes to get everything set up (I’d say 3 minutes max). Opening the account was seamless and then transferring the money into my account was also easy. For now, I personally just transferred the minimum of just $100.
I opened up my account and transferred my money in at about 10:30pm ET last night. I also sent my referral link to my husband at that time and he immediately opened up an account as well. When I look at my account this morning it still does not show any balance in my account — neither the amount I transferred in or the referral bonus. After reading reports and speaking to Nick over at Frequent Miler, it seems like the system might update around 6pm ET on a daily basis (although no hard facts on that). I’ll make sure to update this post once money shows up in my account.
You’ll also receive your debit card within 7-10 business days of opening your account. (Note: There is also an entire investing side, but I will get to that in another post).
To refer a friend, you’ll need to install the SoFi app. (I was able to find it quickly in the App Store). Once in the app, on the upper left-hand side of the welcome screen you’ll see a circle with a person icon enclosed. Click that button.
Then, click the link that says “Invite friends, earn up to $10k”
From there, you can refer a friend to SoFi money and get your $100. The app will then allow you to save your link and send it to friends, or you can directly send the link via a text message, email, Facebook, etc. Your friend will also get the same $50 that you received upon opening the account.
Benefits of the SoFi Money Debit Card
For starters, when you sign up for this debit card, there is no hard pull. It will not go against your Chase “5/24” status or show up as a ding on your credit reports. However, it is a cash management account. This is not a bank account and your money is not FDIC insured. With that being said, I am comfortable transferring over $100 for a huge upside.
Once you receive your card, it truly comes with no fees if you decide to use it as an actual debit card. You’re reimbursed ATM fees, there are no monthly fees, no account minimums, etc. Currently, you’ll also receive 1.8% APY on your balance. UPDATE: The new APY is 1.6%
This is a great way to get some money back into your pocket simply by signing up for a debit card account. Unlike credit card welcome offers, there is no minimum amount of spend needed, no hard inquiry, no wondering whether or not you are going to get approved, etc.
Right off the bat, you’ll receive $50 and then let’s say you refer your significant, combined you both will receive $200 total ($50 per sign up and then another $100 for referring the other). Then let’s say you continue to refer some friends or family members, that could get you an extra few hundred bucks pretty quickly. Of course if you have many many friends and continue to share your referral link, that could bring in some real cash. There is also a bonus and referral program for opening up a SoFi Invest account as well.
For those looking to sign up for an account through a referral link, here is my link. THANK YOU IN ADVANCE. Also, once you sign up, feel free to post your link to the comments section below.
Aside from your referral link, please comment below with your experience using SoFi and also let me know when your money appears in your account. Data points are always welcome! (NOTE: Comments offering to pay readers for using their links will be deleted).