Samsung has released more details for its upcoming debit card program: SoFi’s Samsung Money (which, as previously announced, is partnering with Samsung) and will link directly to the existing Samsung Pay app.
Originally announced in early May, today's news provides more specific information about what Samsung Money will actually offer – especially a cash management account and a Samsung Money debit card (a Mastercard issued by Bancorp Bank).
Samsung promises that Samsung Money will not charge any account fees (although the fine print reserves the right to change this in the future) and "higher interest rates" compared to the national average (although Samsung does not go into details).
An integral part of the Samsung Money program is the integration of the Samsung Pay app: customers can easily apply for the card directly via the app and use it on their cell phones via Samsung Pay as soon as it is approved before the physical card arrives. You can also use the Samsung Pay app to check your balance, check previous purchases, freeze your card and flag fraudulent purchases.
However, all of these features are standard in today's world of cards supported by technology companies. However, Samsung Money would like to stand out with some Samsung-specific advantages. Purchases made with the Samsung Money card bring in Samsung Rewards program items that can be redeemed for future Samsung purchases.
Samsung also promises that Samsung Money accounts will be FDIC-insured for up to $ 1.5 million (six times the usual $ 250,000 guarantee for most debit cards). The SoFi partnership enables Samsung Money customers to use any of the 55,000 ATMs in the Allpoint ATM network free of charge.
Samsung isn't the only technology company looking to expand into the financial world: of course, Apple has its full Apple Card credit card, Venmo has been offering a debit card since 2018, and Uber offers branded credit and debit cards. It is also rumored that Google is working on a similar debit card program that is integrated into its Google Pay system for managing and tracking payments, similar to Samsung's new program.
The Samsung Money card will be available later this summer. However, customers can sign up for the waiting list here on the Samsung website from today.