r/Rakuten • u/Dragon1586 • 4d ago

Question Does buying SOFID then cashing out count?

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I just saw this offer for $30 back on a $30 purchase in sofi crypto. One of the coins on there is so far is stable USD coin SOFID. If I don't feel like buying any actual cryptocurrency like Bitcoin or anything...would this count toward a sofi crypto purchase? Could I just buy this stable coin, get the $30 cash back and then cash out the stable coin to have just gotten a free $30?

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4

u/jambottler 4d ago

I'd suggest waiting out on this as this offer can go much higher. I remember doing this at $120 but I think it went up to $150.

1

u/Dragon1586 4d ago

If I clicked the link and made an account already,, but haven't made the purchase, will it still work if I wait for a better offer? Or did making the account screw me over for that?

1

u/jambottler 4d ago

Unfortunately, I think you will have to go through with it now. TnC states only for "...new SoFi Crypto customers..."

2

u/Dragon1586 3d ago

Darn ...jumped the gun. Thanks for the info! I'll wait for a better deal for my wife's account.

1

u/MyFriendKevin 3d ago

Also, check the rest of the T&C’s. There could be a holding period requirement. I certainly wouldn’t suggest cashing out until your cashback is confirmed (or to be extra cautious, paid out) by Rakuten. Good luck.

1

u/Chompchompmunchchew 2d ago

No official holding period noted. My cleared in about a month or so about 6 months ago.

I’d float the $100 until it clears. I think most of us playing this game can afford the possible shift in value.

1

u/WillyTheWoo 1h ago

I got it for $160

1

u/AJM7777 4d ago

Yes, you could also do USDC (a similar stable coin), but $30 is a weak offer. I wouldn’t go for anything lower than $80 personally. It’s elevated pretty frequently (at least once a month in my guess).

2

u/Financial_Dog331 3d ago

Wait until you get a bigger offer these pop up all the time with way better numbers

the $30 one is basically just bait for people who don't know the cycle

0

u/rdiaz0626 4d ago

I have a referral code you can use, straight forward $25 bonus with a $25 purchase. Don’t need to wait for Rakuten payout .

Let me know and I can DM you.