Samsung Is to Launch a New Debit Card Program
At the beginning of May, Samsung announced its partnership with SoFi, an online personal finance company, aimed at the creation of a new bank product called Samsung Money by SoFi. And now the company revealed more details on the offer. First of all, it became known that Samsung Money will include two possible options: a cash management account and a debit card. Both accounts will work through the Samsung Pay app.
The cash management account should have no fees, like overdraft fees, convenience fees, account management fees, and ATM fees, defense-grade Knox security, real-time transaction history, FDIC protection up to $1.5 million, plus a higher than an average interest rate.
As for the debit card, it will be issued by The Bancorp Bank on the Mastercard network. It is planned to come with a contactless payment option. According to the official Samsung press release, the card design will be totally black.
It is expected that it will be possible to apply for the card directly from the Samsung mobile app. Moreover, the card is supposed to have a big advantage – approved applicants will not have to wait till the plastic card arrives in the mail since Samsung Pay in their smartphones will let them start using a digital card right after the approval. The app will also allow customers to check a balance, review past purchases, mark fraudulent transactions, and freeze the card. And the most enticing thing is that all purchases made with Samsung Pay will earn Samsung Rewards points.
“Samsung Money by SoFi is our biggest move yet to help users do more with their money. Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. We’re excited to help our users reach their financial dreams by allowing them to spend, save and grow their money and access it easily and securely”, said Sang Ahn, Vice President and GM of Samsung Pay.
Samsung Money is to become available for applying during this summer. For now, customers can join the waitlist on the Samsung official website and become a contender for winning $1,000 in Samsung Rewards points towards a Samsung product after they open and fund their account.
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