SoFi 10% cashback on select grocery store and streaming purchases

SoFi Money has announced that their debit card will be earning 10% cashback on select grocery store and streaming entertainment purchases.  The earnings period is from July 1 through September 30, 2020, otherwise known as Q3 (3rd quarter).  You can earn up to $50 cashback for the following grocery stores and $50 for the following select streaming services ($100 total):
  • Grocery: Whole Foods, Trader Joe’s, Instacart
  • Subscriptions: Netflix, Disney+, Spotify

In other words, the 10% cashback is capped at spending of up to $500 in groceries and spending of up to $500 in streaming subscriptions.  SoFi has stated that the 10% cashback categories is based on the feedback they received over their Facebook Members Group.

An important condition for this cashback offer is that if your SoFi Money account was opened on or after June 9, 2020, then you must deposit at least $500 every month into your SoFi Money account to be eligible.  Existing accounts before June 9 do not seem to be bound by this requirement.  It's actually not a bad idea to be depositing funds into your SoFi Money account to begin with as funds earn a respectable 0.25%, and stock trading is all commission free.  I've written about SoFi in the past, and it's a gift that keeps giving with the following benefits:
  • Earn 0.25% APY on your account balance.
  • No account minimum balance requirements.
  • No account fees.
  • ATM fees reimbursed worldwide.  As long as there is the ATM is displaying the Visa®, Plus®, or NYCE® logo.
  • No foreign transaction fees.
  • No credit check required to sign-up.
  • The cash balance in SoFi Money accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance does not immediately apply. Coverage begins when funds arrive at a partner bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank).
Last quarter, SoFi offered a whooping 20% cashback on Doordash and select streaming services.  If you don't already have a SoFi Money account, you can get $25 for signing up for free and without a credit check with my referral link:

Bottom line

It's great to see SoFi listening to customer feedback when implementing cashback opportunities.  Many of us are spending more on grocery delivery services such as Instacart as well as streaming services as we're spending more time at home, so these are good categories that many of us should be able to max out on.  If your SoFi Money account was opened on or after June 9, remember to make at least $500 in monthly deposits to be eligible for these cashback offers.

From all of us at Flying for Fitness, please stay healthy during this trying time.  We hope you enjoyed this post.  Please consider visiting one of our sponsors by clicking on the advertisements.  Our sponsors pay us for customer visits and help us to keep the lights on.  Thanks!


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