Earlier this month, Samsung announced its debit card program for Samsung Pay, though its announcement was short on any actual details. Today, the company has provided more details about its debit card which will be called Samsung Money and for which it is partnering with SoFi and Mastercard.
For Samsung Money, the Korean company is promising the best of both worlds: no account fees and higher interest rates on savings compared to other similar offerings. Additionally, Samsung Money will offer users the ability to open an individual or a cash management account as per their requirements. Samsung Money customers will also get ATM fee reimbursements at over 55,000 locations across the United States.
Samsung Money integrates with Samsung Pay meaning one can register for it right from their flagship Galaxy smartphone. The virtual card will show up in Samsung Pay soon after registration, with the physical card being mailed in after that. Once the physical card arrives, users will be able to activate it by simply opening Samsung Pay and tapping the card to their device. The physical card will be unlike traditional cards and won't have any card number, CVV, or expiry date imprinted on it. This information will be present within the "Money" tab of the Samsung Pay app.
The integration with Samsung Pay will also allow users to check their balance, past statements, search for transactions, freeze/unfreeze their app, and do more right from within the app. If you are already enrolled into Samsung Rewards Points for the Samsung Pay program, you will be able to redeem your points for cash which would be directly deposited into your Samsung Money account. The account is also FDIC insured for up to $1.5 million.
Samsung Money by SoFi will be available to customers in the U.S. for later this summer.