We are quite used to tech companies handling our money through apps like Google Pay and Samsung Pay. But what about having your phone maker issue you a credit card?It sounded a bit much when Apple came out with its own, but apparently the Apple Card was enticing enough for Samsung to follow suit and announce its own version a couple of months back. As the company promised back then, the Samsung Money-branded debit card is now landing in the US, offering users quite a few perks and usage benefits.
Samsung Money, co-created with SoFi, is a cash management account that lives on your Galaxy phone and is tightly integrated with Samsung Pay. That means you must have a compatible Samsung device to open and continue using this account, though there is a website as well for account management. Soon after signing up for Money with your personal details, Samsung will issue a digital debit card while the physical copy is on its way in the mail. The company is promising insured deposits, competitive interest rates, and minimal account maintenance and withdrawal fees.
Each transaction done using Pay earns you some reward points — Samsung hasn’t specified exactly how many. And if you open and fund your Samsung Money account, you’ll become eligible for a $1,000 lucky draw as part of an early-bird offer. The winner will get this amount credited as Samsung Rewards, which they can use to fund their next Samsung product. Additionally, Samsung is planning to bring exclusive benefits to its loyal Money users, whereby they’ll receive an extra discount on top of any existing offer on Samsung.com. There’s no timeframe available yet as to when these discounts will go live.
It sounds like a good deal based on what’s advertised, though only for those heavily invested in the Samsung ecosystem and aren’t thinking of moving out anytime soon.