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The Deal
- SoFi Money is offering the following deal:
- Create a Vault and make sure Roundups are enabled. Then every time you spend on your SoFi Money debit card, we’ll automatically round up your purchase to the nearest dollar, match it, and transfer the savings to one of your Vaults.
- My SoFi Money referral link. We’ll both get $50 if you apply & fund your account with $500+.
Key Terms
- Qualifying SoFi Money Members are opted into the Program by opting in to Roundups feature and using their SoFi Money debit card to make a purchase.
- Promotion Period: The Program will be available between 11/23/2020 at 12:00 AM PST and 12/24/2020 at 11:59 PM PST.
- Eligible Participants: Participation in the Program is open to all SoFi Members with a SoFi Money account with $500 in monthly deposits or more, or an account that was opened prior to June 9, 2020, who reside within the United States and have opted in to the Roundups feature.
- Eligible Transactions: All purchases using a SoFi Money debit card and posted during the Promotion Period, are eligible for Cash Back under the terms of the Program.
- P2P transfer transactions (e.g. Venmo/Paypal/Square) and wire transfer transactions are excluded.
- Cash Back Terms: For each Eligible Transaction posted during the Promotion Period, Members will receive a credit to their SoFi Money account equal to to 100% of the Roundup for that transaction, up to a maximum aggregate cap of $50 during the Promotion Period.
- Purchases of whole dollar amounts (e.g. $1.00) will not be rounded up and therefore will not receive cash back.
- Cash Back credits may post up to 5 business days after the eligible transactions are posted.
- There is a maximum aggregate cap on Cash Back bonuses of $50 per Account for this Program.
- Purchases that are made when Roundups are not enabled for an account will not receive cash back and cannot be backdated.
- SoFi is not liable for payment delays caused by named merchants or any third-party vendors.
- 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.
Tips & Ideas
The way this works is that you set up a Vault in your SoFi Money account and enable Roundups. If you spent $5.31 on your SoFi Money debit card, that would be rounded up to $6, with that extra $0.69 being saved in your Vault. SoFi Money would then match that, so you’d end up with $1.38. You can do that on up to $100 of savings in your Vault – $50 from you and $50 matched by SoFi Money. You can certainly save more than that in your Vault, it’s just that SoFi Money will only match that first $50 in savings.
This is a decent offer which, in theory, could be best maximized via Amazon. You could buy a $1.01 Amazon gift card or reload your Amazon balance with $1.01 using your SoFi Money debit card. That would be rounded up to $2, so you’d be contributing $0.99 to your Vault in Roundup savings and SoFi Money would do the same. Do that 51 times and you’ve reached the $50 limit in matched savings.
The potential issue with that approach is that it might go against one of the final things listed in the terms above:
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.
Going that Amazon route certainly isn’t fraud, but they could well deem it being misuse of the offer. If they simply refuse to match the savings – no harm, no foul. If they decide to close your account though, that might be a little more disappointing as SoFi Money sometimes runs good offers (e.g. here and here).
Another potential option might be to fund your Cash App account. You can reload a Cash App balance with the debit card on your checking account, so that might work with this offer too if you reload your balance multiple times. The potential issue is if SoFi Money regards Cash App as a P2P transfer transaction rather than a purchase.