The Sofi Money Wolrd Mastercard Debit Card is best for
- Everyday money management for users with no credit card;
- People who prefer online accounts to traditional banking;
- Situations that require ease of access to your money;
- Frequent online shopping and quick in-store purchases;
- Mobile connectivity, travel, and other on-the-go lifestyle choices.
Sofi Money Debit Card Advantages
The SoFi Money World Debit Mastercard is an upgrade from SoFi Money, which used to be a Visa debit card connected to the Sofi Money account. Tied to the all-in-one online money management platform, the new version of the card comes with numerous benefits like ease of use and paying on the go. The greatest advantages of using a Sofi debit card are:
- Cellphone insurance. Sofi Money works hard to provide an all-in-one approach to money management. To promote bill paying with their debit card, they offer cellphone insurance for “up to $200, up to 2 claims per year”. It’s both convenient and necessary.
- Shopping insurance and perks. Purchase assurance and extended warranty are designed with shopaholics in mind. If a new item you buy using your Sofi debit card gets damaged or stolen within the first 90 days after the purchase, Sofi Money gives you coverage with up to $1,000 per claim. Sofi Money will also double the manufacturer’s warranty on some of the new items. The Sofi debit card also offers a full refund on some new items for 60 days after the purchase, even if the store won’t accept the item for return. Though it has a few fine-print limitations, this coverage ensures a much-needed satisfaction guarantee for a modern-day shopper.
- Contactless payments. A frictionless shopping experience is reinforced with a contactless payments feature, which allows you to pay by tapping whenever you’re buying in-store.
- Mastercard ID Theft Protection. The Mastercard ID Theft Protection is one of the new features ensured by a switch to Mastercard. It offers credit monitoring and suspicious activity alerts, as well as a “white-glove service to help you resolve identity theft.”
- Mastercard Global Service. In addition to identity theft protection, another safety perk of using the Sofi debit Mastercard is the company’s Global emergency service, available 24/7 across the globe. It assists with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance.
- Mastercard Airport Concierge. The Mastercard Airport Concierge is a travel perk that gives you 15% off personal Meet and Greet agents whenever you’re traveling by airplane.
- Mastercard Golf. If you’re interested in golf or golf-related tourism, this is for you. Thanks to Mastercard, the Sofi debit card offers different discount programs for entering courses and tournaments, as well as traveling with golf travel packages, both in the country and abroad.
- No fees, high-interest rates. Using a Sofi debit card means opening an associated Sofi Money account with Sofi Bank, which comes with a couple of benefits of its own. Most notably, a Sofi Money checking and savings account comes with no account or overdraft fees. It also reimburses you every time an ATM charges a fee on 55,000+ ATMs worldwide. To help you save, it offers a fantastic 1.25% annual percentage yield on deposited funds.
Sofi Money Card Disadvantages
If you belong to Sofi Bank’s target group, you won’t find many downsides to using their new debit card. It seems like a lot of consumer research, and careful consideration has gone into designing the card’s many perks and features, making it a top-tier choice for online banking and on-the-go money management.
Potential volatility. The only possible disadvantage to using a new Sofi debit card is its potential volatility. Sofi Bank is known and loved for its dedication to keeping fees down to zero while simultaneously offering high-yield savings accounts. As they state on their landing page, this customer-centered approach to banking services implies that they must be flexible when it comes to their rates, terms, and policies. As a result, all Sofi Money payment solutions, including the Sofi debit card, are subject to change at any time. Luckily, the Sofi Bank has already earned a fair amount of trust among its users. This reputation is a reward for putting the customers’ needs first, which is the bank’s value proposition from day one. Even if times become less favorable for Sofi Bank, it’s unlikely it will disappoint its users.
What Makes SoFi Money World Debit Mastercard Different
On top of its many attractive features, the Sofi debit card offers a glimpse of what it is like to be a dedicated Sofi Money user. Sofi Money is a checking and savings account that takes an elevated approach to online banking and self-reliant money management. The platform is mobile-first, allowing you to manage your account, pay your bills, and set financial goals using only an app. Unlike most similar online-based money management platforms, Sofi packs enough features to help you manage all your funds from one place. If you prefer online banking to traditional financial institutions, you can use their debit card as your primary payment solution. And what’s so fresh about this debit card is that it offers incredible benefits typically reserved for credit card users.
Sofi Money Debit Card Alternatives
A Sofi debit card can be an excellent option if you prefer managing your funds the new-fashioned way – using a card but essentially paying with cash and relying on an app to pay your bills and track your budget. It’s great for both online and in-store purchases and ATM withdrawals and other scenarios that require ease of access to your money, and as a major plus, the SoFi Money World Debit Mastercard is completely fee-free.
Frequently Asked Questions