If you have a SoFi Money account, there’s a great opportunity to save 10% on some popular spending categories at the moment.
SoFi offering 10% cash back on groceries and subscriptions
Between July 1 and September 30, you can receive 10% cash back with SoFi Money with select grocery and subscription services:
- Eligible groceries include Whole Foods, Trader Joe’s, and Instacart
- Eligible subscriptions include Netflix, Disney+, and Spotify
In order to take advantage of this:
- Pay with your SoFi Money debit card
- You can save at most $50 in the grocery category and at most $50 in the subscription category, so each category can be maxed out with $500 in spending
- The 10% cash back will be deposited in your account within two to four days of your purchase
Is this SoFi Money cashback promotion worth it?
Obviously the answer to this will vary depending on what credit cards you have. I’d say that in general this is a really lucrative promotion. In my specific situation:
- Personally I won’t benefit from the 10% cash back on subscriptions, because the Amex Platinum is offering a $20 monthly streaming credit through the end of 2020, and that more than covers my subscription costs
- The best credit cards for grocery store spending offers a return of at most 8.5% (by my valuation), so a 10% return is superior; the Chase Sapphire Reserve does have a limited time bonus of 5x points on Instacart, plus a $50 credit towards an Instacart Express membership, but even the 5x points isn’t as good as 10% back
I do intend to use SoFi Money to save with Instacart (I don’t typically shop at Whole Foods or Trader Joe’s, so Instacart is what’s useful here to me).
What is SoFi, and why should you care?
With details of this promotion out of the way, let’s talk about what SoFi is in general. It’s essentially an online bank with an excellent app, which I’ve had positive experiences with. On the most basic level, if you open a SoFi Money account:
- There are no account fees
- ATM fees are reimbursed worldwide
- There are constantly rotating cash back opportunities
That’s pretty compelling to begin with (especially the ATM fees being reimbursed on a no fee account for those who travel with any frequency).
On top of that, SoFi has an excellent referral program that offers $25 both to the person referring and the person being referred when an account is funded with at least $500.
You can read all about that process in this post, but it’s something that I’ve done, and it took just a few minutes, and it’s something I recommend others consider as well.
Tip: Get $50 with SoFi Invest account
In addition to the standard SoFi Money account, there’s also SoFi Invest, which is SoFi’s stock trading platform. SoFi Invest also has a great referral program. This offers $50 both to the person referring and the person being referred when an account is funded with at least $1,000 (this just needs to be cash, so there’s no need to even buy stocks).
Bottom line
SoFi Money is offering 10% back on select groceries and streaming services. This is potentially valuable, though just keep in mind the limit of $50 cash back per category.
I’ll absolutely be maximizing the grocery category for Instacart, since it’s better than the return offered by any credit card.
I continue to be impressed by SoFi, especially in terms of the ongoing promotions they have for what’s ultimately a free checking account.
Do you plan on taking advantage of this SoFi Money 10% cash back promotion?
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