After several teasers, Samsung has announced further details for its upcoming debit card program called Samsung Money by SoFi. This will tie in directly with the existing Samsung Pay app.
Today’s news offers more concrete information on what Samsung Money will actually offer — specifically, a cash management account and a Samsung Money debit card (a Mastercard issued by The Bancorp Bank). If you currently don’t use Samsung Pay in your country, don’t expect to make use of this new service.
Samsung is promising that Samsung Money will feature no account fees (although the fine print reserves the right to change that in the future) and “higher interest” compared to the national average (although Samsung doesn’t go into specifics).
A major feature of the new payment program is the Samsung Pay app integration: customers will be able to easily apply for the card directly from the app and start using it through Samsung Pay on their phones once approved before the physical card even arrives. Furthermore, you’ll be able to use the Samsung Pay app to check your balance, review past purchases, freeze your card, and flag fraudulent purchases.
There is nothing surprising about these features, as they are very basic in today’s world of tech company-backed cards. Samsung Money, however, is looking to stand out with a few Samsung-specific perks. Purchases made with the card earn Samsung Rewards program points, which can be redeemed on future Samsung purchases.
Samsung also promises that Samsung Money accounts will be FDIC insured for up to $1.5 million (six times higher than the usual $250,000 guarantee of most debit cards). And through the SoFi partnership, Samsung Money customers will be able to use any of the 55,000 ATMs in the Allpoint ATM network without any charges.
Samsung isn’t the only tech company looking to expand into the world of finance: Huawei recently unveiled the Huawei Card and Uber offers branded credit and debit cards. Google is also rumored to be working on a similar debit card program that would tie into its Google Pay system for managing and tracking payments, much like Samsung’s new program.
The Samsung Money card will be available later this year, but customers where this service is can sign up for the waitlist starting today on Samsung’s website here.
