Lyft passengers have a nice opportunity to enjoy at least 20% cash back — plus stackable bonuses — on rideshare purchases through mid-February.
Lyft is my preferred ridesharing company. Sure, I like the monthly Uber Cash my Amex Platinum card gives me. But outside of that — or if Lyft isn’t available in a city — I don’t use Uber very often. Plus, Delta and Lyft award bonus SkyMiles for each purchase. (We’ll discuss that in a few minutes).
I usually use my Chase Sapphire Reserve card for rideshares because it awards 3X on travel spend. (Read about the cards we recommend for rideshare spend.)
But for the next month and a half, I’m using my SoFi debit card.
20% Cash Back on Lyft Rides
SoFi is awarding 20% cash back on Lyft rides paid for with your SoFi debit card. This promotion is in effect through 11:59 AM EST on February 18.
–> Don’t forget: you can score a free $25 just for depositing a hundred bucks into a new SoFi account. I did it — and hope you did, too! — back when the referral bonus was $50. René and his wife also took advantage of the deal. <–
The 20% cash back is based on the quoted price. Gratuities, cancellation fees, etc, are not eligible for cash back. A maximum of $1,000 per SoFi user may be awarded during the promotional period.
The cash back is credited to your SoFi account. (FWIW, I recently transferred more money from my “standard” savings account to SoFi — because the interest earnings are significantly higher.)
Get a 25-Cent Bonus Through Rakuten/Ebates!
But wait! There’s more!
Lyft is a Rakuten/Ebates cashback partner. Each Lyft purchase you initiate through Rakuten/Ebates earns $.25 cashback. That should stack with the SoFi promotion. (If you’re not yet a Rakuten/Ebates member, join now for free and receive a $10 bonus after making minimum qualifying purchases totaling at least $25 within 90 days of signing up.)
Rakuten also now gives you the option of earning either cash back or American Express Membership Rewards points.
Don’t forget that Delta and Lyft award two SkyMiles for each fare dollar on rides to/from airports. Lyft rides not involving airports earn one SkyMile per eligible dollar.
Example of Savings and Bonus Earnings
Say you need a ride from your house to the airport. We’ll say the base fare is $40. Here’s what you can earn:
- $8 cash back into your SoFi account
- $.25 cash back through Rakuten/Ebates (if you start your Lyft purchase through the Rakuten app)
- 80 Delta SkyMiles
Total: $8.25 cash back and 80 Delta SkyMiles.
Sure, the Delta SkyMiles aren’t anything major. But free miles are free miles.
Nice Timing for This Promotion
There are several great ways to save money during the SoFi-Lyft promotion period.
- Airport rides (especially for those escaping the cold and/or taking mileage runs!)
- Super Bowl parties (February 2)
- Valentine’s Day (February 14)
- Presidents Day weekend (February 14-17)
Happy riding and saving!
- Receive 80,000 bonus points after spending $5,000 on purchases within three months of being approved. That’s $1,000 toward travel when you redeem through Chase Ultimate Rewards.
- 3X on the first combined $150,000 spent yearly on:
- Travel (flights, hotel, rideshare, parking, etc)
- Shipping purchases
- Internet, cable and phone services
- Advertising purchases made with social media sites and search engines
- Trip interruption and cancellation benefits
- No foreign transaction fees
- $95 annual fee
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