Launching in partnership with SoFi and Mastercar
Samsung has announced further details for its upcoming debit card program: it’s called Samsung Money by SoFi (which, as previously announced, is partnering with Samsung on the program), and it’ll tie in directly with the existing Samsung Pay app.
Originally announced earlier in May, 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).
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 key part of the Samsung Money 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.
All of those features, however, are pretty standard 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 Samsung Money 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: Apple, of course, has its full-fledged Apple Card credit card, Venmo has offered a debit card since 2018, 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 summer, but customers can sign up for the waitlist starting today on Samsung’s website here.