Samsung has introduced additional particulars for its upcoming debit card program: it’s referred to as Samsung Cash by SoFi (which, as beforehand introduced, is partnering with Samsung on this system), and it’ll tie in instantly with the present Samsung Pay app.
Initially introduced earlier in Could, right this moment’s information provides extra concrete info on what Samsung Cash will really provide — particularly, a cash management account and a Samsung Cash debit card (a Mastercard issued by The Bancorp Bank).
Samsung is promising that Samsung Cash will characteristic no account charges (though the high quality print reserves the correct to alter that sooner or later) and “larger curiosity” in comparison with the nationwide common (though Samsung doesn’t go into specifics).
A key a part of the Samsung Cash program is the Samsung Pay app integration: prospects will have the ability to simply apply for the cardboard instantly from the app and begin utilizing it via Samsung Pay on their telephones as soon as accredited, earlier than the bodily card even arrives. Moreover, you’ll have the ability to use the Samsung Pay app to examine your steadiness, evaluation previous purchases, freeze your card, and flag fraudulent purchases.
All of these options, nonetheless, are fairly commonplace in right this moment’s world of tech company-backed playing cards. Samsung Cash, nonetheless, is seeking to stand out with just a few Samsung-specific perks. Purchases made with the Samsung Cash card earn Samsung Rewards program factors, which may be redeemed on future Samsung purchases.
Samsung additionally guarantees that Samsung Cash accounts will probably be FDIC insured for as much as $1.5 million (six instances larger than the same old $250,000 assure of most debit playing cards). And thru the SoFi partnership, Samsung Cash prospects will have the ability to use any of the 55,000 ATMs within the Allpoint ATM network with none fees.
Samsung isn’t the one tech firm seeking to develop into the world of finance: Apple, after all, has its full-fledged Apple Card bank card, Venmo has provided a debit card since 2018, and Uber provides branded credit score and debit playing cards. Google can also be rumored to be engaged on the same debit card program that might tie into its Google Pay system for managing and monitoring funds, very like Samsung’s new program.
The Samsung Cash card will probably be out there later this summer season, however prospects can join the waitlist beginning right this moment on Samsung’s website here.