Get 20% Back on Lyft Rides Through February 18, 2020 When You Use Your SoFi Money Card to Pay

A few weeks ago we wrote about SoFi and the SoFi Money account.

At the time, you were able to grab an easy $50 by opening and depositing $100 into a SoFi Money account. Actually, you still are.

But the real money-maker was referring others to open a SoFi Money account. Each referral generated a $100 payment. That referral promotion has ended, with referrals currently generating $50 each…which is still a pretty good deal, just not as lucrative as $100.

If you’re interested in SoFi Money, read our piece “Open a SoFi Money Account and Earn an Easy $50, or More, With a $100 Deposit.”

SoFi Money and Lyft

Now Sofi Money is out with a promotion that can be a major money-saver for those who regularly use the ride-hailing service Lyft.

Once you’ve set up your SoFi Money account, you’ll receive a SoFi Money card that can be used for purchases or getting money from ATMs fee-free.

The SoFi Money-Lyft promotion provides 20% cash back on every Lyft ride.

To take advantage of the 20% savings, you just need to add the SoFi Money card to your Lyft account and set it as your default payment method.

Every time you ride with Lyft, the payment will be made with your SoFi Money card and you’ll automatically receive 20% of the charged amount back.

This SoFi Money-Lyft promo runs now through February 18, 2020, and is capped at $1,000 cash back.

The only downside I see is that you’ll need to ensure money is available in your SoFi Money account to cover any charges you’ll make with your SoFi Money card. Not unlike the problem that can be had using a debit card that is attached to a traditional checking account.

Which is why I prefer credit cards for most purchases.

Although, in this case, the 20% savings needs to be factored into the equation. So, at least through February 18, and especially if you’re a regular Lyft rider, using a SoFi Money card to pay just might be a financially sound decision.