Samsung today announced Samsung Money by SoFi, a new Mastercard debit card with exclusive benefits to Samsung Pay and a mobile-first money management experience. Instead of building a solution like Apple Card on its own, Samsung has partnered with fintech company SoFi for Samsung Money.
Highlights of Samsung Money by SoFi:
- No account fees, higher-interest earning, money management experience that combines the convenience of mobile payments and the control of a debit card.
- Users can choose between opening an individual or joint cash management account.
- Users enjoy in-network ATM fee reimbursement at more than 55,000 locations in the United States.
- 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.
- As soon as users receive their physical debit card in the mail, the card is ready to use in a snap—just open Samsung Pay and activate the card with a tap.
- With just a tap in the Samsung Pay app, users can check their balance, review past statements, and search transactions. They can flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their pin, and assign their trusted contact.
- Users can enroll in the Samsung Rewards program to earn points for every purchase they make using Samsung Pay. As an added bonus, loyal Samsung Pay users with 1,000 or 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.
Samsung Money by SoFi will be available this Summer. To sign-up for the wait list, visit this page.