Update, May 29, 2020 (1:24 AM ET): Weâ€™ve updated the original article with more information about Samsungâ€™s new debit card for the US. Read on for everything you need to know.
Original article, May 7, 2020 (3:53 AM ET): Samsung Pay is already quite popular with anyone who owns one of the companyâ€™s many phones such as the Samsung Galaxy S20. Now, it looks like Samsung is going even harder on payments by introducing its own debit card and cash management account. The offering is called Samsung Money by SoFi.
The cash management account that Samsung is planning to use will be created in partnership with SoFi, a US-based personal finance company. Meanwhile, the debit card will be issued by The Bancorp Bank.
According to Samsungâ€™s announcement, it will release its new Mastercard-branded debit card alongside the Samsung Money by SoFi cash management account later this summer. Samsung is calling it a new â€œmobile-first money management systemâ€� and its members will also be eligible for exclusive Samsung Pay benefits.
How will the new Samsung debit card work?
To get a Samsung debit card, youâ€™ll also have to sign-up for a Samsung Money By SoFi account. Samsung says that the cash management account will have no account fees. It also promises to reward users with higher interest earnings relative to the national average of transactional accounts.
If you want to sign up for the Samsung debit card, youâ€™ll be able to choose between opening an individual or a joint cash management account. Account setup can be completed through the Samsung Pay app and a virtual debit card will appear within the app once approved.
After that, users will also receive a physical ready-to-use debit card in the mail that they can activate using the Samsung Pay app.
For security, the physical Samsung debit card will not display the card number, expiration date, or CVC. If users want to access that information, they will find it within the â€œMoneyâ€� tab of the Samsung Pay app.
The Samsung Pay app will also let users check their balance, review past statements, flag suspicious activity, freeze or unfreeze their card, change the PIN, search previous transactions, and more.
Samsung says users will earn reward points for every transaction done through their Money By SoFi cards. Those with 1,000 or more rewards points will be able to redeem them for cash in their Money By SoFi accounts.
How to sign up for the Samsung debit card?
Those interested in getting the new Samsung Debit card and Money By SoFi account can head here to join a waitlist and get more updates. For now, this is a US-only service.
Samsung is offering customers a chance to win $1,000 in Samsung reward points for opening a new account. Those who get the reward will be able to use it towards buying a new Galaxy S20, QLED 4K TV, or any other Samsung product
This isnâ€™t the first time a company like Samsung has decided to get into the physical payment card game. Apple has its own credit card â€” the aptly named Apple Card. Google is rumored to be releasing a debit card as well. Itâ€™ll be interesting to see if consumers are looking for more forms of physical payment or if most are looking to move into contactless options.