SoFi Money Offers, Save 3-15% at Local Merchants
Some Sofi Money customers are seeing a new section called Offers in their accounts. These SoFi Money Offers are not available for everyone, but work in a similar way to Amex Offers, Chase Offers and now Capital One Offers. These offers are backed by Empyr, a card-linked offer engagement platform. If you do not have a SoFi Money account, you can get a $75 signup bonus and 5% cashback everywhere, up to $100.
SoFi Money Offers
These SoFi Money Offers give you discounts at local business, mostly restaurants. You need to enroll your SoFi Money Debit Mastercard first, and then use it at eligible merchants to earn cashback. I see over 100 offers in my account, most of them being local restaurants and a few chains.
I also see some other businesses such as a few spas, cleaners, photography services, home renovations place etc.. Discounts seem to vary mostly between 3% and 15%. Here’s an example of what an offer looks like.
In the local cash back opportunities section of the offers page, tap on the merchant to see details on how to get cash back. Some offers require explicit activation while others will not. Make sure to note how long the offers last and other restrictions that might exist, but most offers do not have an expiration date for now. I also see a limit of $250 cashback for each offer.
How to Earn Cash Back
You can earn cash back by using your SoFi Money card at thousands of participating stores and restaurants. Before you can start earning cash back through local offers, you must have your SoFi Money card activated and linked for cash back. Once that is done, visit the offers page to find local stores and restaurants that have rewards enabled and then activate the specific offer(s).
When you use your card at participating merchants, you’re eligible to get cash back. Just keep in mind that you must swipe your card and run as ‘Credit’ to receive cash back. Making a debit payment or using your pin# will not allow you to collect cash back.
This seems like a great addition to the SoFi Money account. There are way more offers than what you normally see in Amex Offers and Chase Offers, but they are mostly focused on restaurants. For offers that give you 3%, you are better off using a credit card that earn a good rate at restaurants, but you can’t beat 15% cashback.