Earlier this month, Samsung announced that it would launch a debit card this summer in conjunction with Fintech’s SoFi company. Now, we have more details on how this new debit card will be and how it will work.
For starters, this card is called Samsung Money by SoFi. As Samsung said in its initial announcement, Samsung Money is both a cash management account and a Mastercard debit card.
Samsung says the account will be “secure, no account charges, and reward users for saving” with a higher interest rate.
As for rewards, Samsung says that those who sign up for the Samsung Rewards program can earn points for their purchases. Current Samsung Pay users who have 1,000 or more points can also redeem them for cash to be directly deposited into the account. (1,000 points translate to $ 5).
There are many similarities between what Samsung offers and the Apple Card, although the main difference is that Samsung Money is a bank account plus a debit card, while the Apple Card is just a credit card.
Design wise , Samsung follows Apple’s strategy of not putting identifying information on the physical card itself . The card number, expiration date and CVV will be stored exclusively in the Samsung Pay application, and requires “biometric authentication or PIN” to access.
Users will be able to check balances, view statements, and search for transactions from the Samsung Pay app. They can also flag suspicious activity, pause or resume spending, freeze / unfreeze the card, change personal identification numbers, and assign a “trusted” contact from within the app.
The request for the card will also be made within the application, and the physical card will arrive later by mail. Like many online banks, you can withdraw cash without fees, provided it is from one of Allpoint’s more than 55,000 ATMs.
Using Samsung Money by SoFi will require Samsung Pay, which means you have to have a compatible Samsung smartphone or portable device. Those users with Android smartphones and iOS users other than Samsung will not be able to use the card.
Samsung Money by SoFi will begin to be available to US consumers. later this summer. At the moment, there is no information on whether it will reach other countries.