Samsung money, a type of a debit card was launched recently in US. This debit card by SoFi is both a physical and a digital debit card. It’s supposed to work directly with the existing Samsung Pay app and double as a cash management account. Samsung Money is just an extension of the Samsung Pay platform. Samsung is also working to launch the card (a Mastercard issued by The Bancorp Bank) backed by a cash management account.
Samsung launched this debit card in partnership with personal finance company SoFi. This card called as Samsung Money is intended to rival Apple’s credit card, Apple Wallet, which is also both a physical card and a digital card, but it works with Apple Wallet. Keep in mind Samsung has its own mobile wallet and payments app, Samsung Pay.
What all you can do with Samsung Money?
According to Samsung, Samsung Money will let you save spend and earn with this debit card. With this new product Samsung claims that users will not be charged any fee when they use them but will have high interest earnings.
So if you opt for this card you will get an option to either select an individual or joint cash management account. You will be required to set up a Samsung Pay account where you can get access to your virtual card and once you receive your physical card you will be able to activate it by tapping it on the Samsung Pay app.
To make things more easier you can also check your financial records such as balance, past statements and more. Also if you find some scam activity you have the option to pause or restart spending all through on your Samsung Pay app.
Earn points as a loyal customer
As exlcusive offers Samsung will offer a Samsung Rewards program as part of which it will allow you to earn points for every purchase you make using Samsung Pay. This means if you make a deposit at the casino with Samsung Pay you will earn points too. Also all the loyal Samsung Pay users with 1000 and more Samsung rewards points will be able to redeem their points for cash that will be deposited directly into their Samsung money by SoFi account.
You’ll be able to use the Samsung Money debit card through the Samsung Pay app once approved and before your physical card arrives in the mail. You’ll need to use the Samsung Pay app to check your balance, review purchases, freeze your card, and alert fraudulent purchases.
Samsung said Samsung Money accounts will be FDIC insured for up to $1.5 million (most debit cards have a $250,000 guarantee).
Where you can use Samsung Money?
Presumably, you’ll be able to pay with your digital Samsung Money card anywhere that Samsung Pay is accepted in the US. As for the physical Samsung Money, it works anywhere credit cards are accepted, thanks to the MasterCard backing. Also, due to the SoFi partnership, you’ll be able to use Samsung Money at 55,000 ATMs across the Allpoint ATM network without any charges.
How to get Samsung Money?
Samsung Money will feature Samsung Pay app integration, which means you’ll be able to apply for the card directly from the Samsung Pay app. Setting up an account in the Samsung Pay app will take almost no time at all. The virtual card will appear instantly within Samsung Pay upon approval. Also as soon as users receive their physical debit card in the mail, there’s no need to call a 1-800 number; the card is ready to use in a snap—just open Samsung Pay and activate the card with a tap.
Once you get your Samsung money you can enroll in the Samsung Rewards program to earn points for every purchase you make using Samsung Pay.
As a safety measure unlike bank credit or debit cards Samsung money physical debit card will not display the card number, expiration date, or CVC. Should users need that information, they can easily find it within the “Money” tab of the Samsung Pay app, which is further protected by biometric or PIN authentication. Users assume zero liability should an unauthorized transaction occur.