With this change comes new added benefits like cell phone protection and travel perks. The current benefits of the card, such as the high APY earning of 1.6%, and free ATM fees worldwide will not change. With this change, SoFi is attempting to get current customers to use the card more regularly. Here is what you need to know.
The New Benefits
Along with the switch to World Debit Mastercard comes a handful of new benefits.
- Cell phone protection: When you pay your cellphone bill with the card you will receive up to $200 per claim, $25 deductible, up to two claims per year.
- Enhanced protection: Mastercard ID Theft Protection, credit monitoring, and suspicious activity notifications.
- Mastercard Airport Concierge service: Cardholders get 15% off of a Meet & Greet agent that will escort them through the airport upon arrival or departure at over 450 destinations worldwide.
- Mastercard Golf: Recieve discounts on certain golf courses, complimentary passes to select PGA events, and access to golf packages.
- SoFi Member Experiences: Gain access to what SoFi is calling once-in-a-lifetime bonus experiences.
- Purchase Assurance: Up to 90 days of coverage for most new items purchased with the card. Up to $1000 per claim for breakage or theft.
- Extended Warranty: Manufacturer's warranty is doubled on items purchased with the card.
- In-App Card Activation
- In-App Pin Setting
- Google Pay
Sign up for SoFi Money today and earn a $25 bonus after funding your account with at least $100!
Current SoFi Money Visa Holders
The new benefits are in addition to the current benefits which will not be changing. Cardholders will still get the high APY, currently, at 1.6%, pay no account fees, and pay no ATM fees worldwide.
Current cardholders will be sent the new SoFi Money Mastercard automatically in the mail. All SoFi Money Visa cards will be automatically deactivated once you activate your new Mastercard. The SoFi Money Visas will no longer work after May 15, 2020.
Why the Change? Our Analysis
SoFi Money just recently came out with the Visa debit card. Just a few months later they are already making major changes. The switch to Mastercard may be for multiple reasons. SoFi states that reason is to offer cardholders more benefits.
It may also be that due to the signup and referral bonuses, at one point that were as high as $100, SoFi money has thousands of new cardholders, many of whom might not be using the card. On their FAQ page about the transition to the Mastercard, SoFi writes “I haven't been using my Visa card why should I use my new Mastercard?”. The reasons listed are all of the new benefits.
Offering more reasons for cardholders to actually use their cards (outside of ATM withdrawals) allows SoFi to earn money on merchant swipe fees, which are very lucrative for financial institutions.
Should You Start Using your SoFi MasterCard
For those that use credit cards for the rewards they earn, switching your spending to a debit card that doesn't earn rewards likely doesn't make sense. What is enticing about the new SoFi card is the cell phone protection benefit offered if you pay your phone bill with your SoFi Money account. This is a potentially very useful benefit, and it may be worth considering switching your phone plan to the SoFi Mastercard.
Our favorite use of the SoFi Money card is as an ATM card while traveling abroad. With no ATM fees worldwide this card, and the Charles Schwab debit card, are the best ways to get local currency while traveling.
If you are responsible with credit cards, all of your other spending should be earning you travel rewards.
The SoFi Money debit card, as a Visa or a Mastercard, is one of our favorite ways to get cash while abroad. The change to a Mastercard and added benefits will make the card more useful to some customers.
Sign up for SoFi Money today!