Free SoFi Mastercard Debit Card Triples Initial Bonus

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SoFi Money has a new initial bonus offer that’s three times as large. They will give you $75 when you sign up and make 2 direct deposits of $500 or more, and you can leverage this by referring friends – which gets you $25 each (and they get $75 for their direct deposits too). You can get up to $10,000 per year this way.

Now that SoFi Money has gone from Visa to Mastercard they’ve picked up a bunch of new benefits, though the lucrative referral program is still the best reason to get the card. For anyone using a debit card on an ongoing basis though there are many many more reasons. Here are 11:

  1. $75. Open an account using a referral link and make 2 direct deposits of $500 or more each to earn a $75 bonus.

  2. Leverage referrals for up to $10,000 a year since you earn $25 per person you refer who makes their own qualifying deposit, and they earn their $75 also. Once you have an account download the SoFi app to find your referral link.

  3. Earn 1.6% APY interest. That’s not a bad rate of return on the cash you’ve got sitting in the account, of course rates are variable and subject to change (say if the Fed brings down rates again).

  4. No account fees at all – no transaction fees, foreign transaction fees, annual or monthly fees, account inactivity fees or account minimum fees. Nada.

  5. ATM fee reimbursement SoFi will credit your account for ATM fees at all Plus, NYCE, and Visa ATMs worldwide.

  6. Mastercard Airport Concierge 15% off meet and great airport service at 450 destinations around the world for escort throgh departure, arrival or connections and expediting through security and immigration.

  7. Cell phone protection pay your bill with the SoFi Mastercard debit card nad you get up to $200 per claim (with a $25 deductible) up to twice annually.

  8. Mastercard golf discounts on courses.

  9. Purchase Assurance gives coverage for a majority of new items purchased with the card in case of theft or damage within 90 days (up to $1,000 per claim).

  10. Extended Warranty doubles the original manufacturer’s warranty for eligible items.

You’ll get $75 after signing up and making the direct deposits. You can keep getting $25 for each person you refer with your SoFi Money link.

Bear in mind you should be in the U.S. when you sign up for an account or their security systems will flag you. I was traveling internationally and called in once I got back to open my account no problem.

About Gary Leff

Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel - a topic he has covered since 2002. Co-founder of frequent flyer community, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »

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Editorial note: any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Comments made in response to this post are not provided or commissioned nor have they been reviewed, approved, or otherwise endorsed by any bank. It is not the responsibility of advertisers Citibank, Chase, American Express, Barclays, Capital One or any other advertiser to ensure that questions are answered, either. Terms and limitations apply to all offers.


  1. Do you know if an ACH transfer counts as a direct deposit? I heard of one small bank where it worked.

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