Samsung revealed further details about its upcoming debit card for Samsung Pay which is expected to launch this summer. This card was originally announced in earlier May, and the recent news shared via blog post reveals detailed information about the card. The new service has named Samsung Money by SoFi and it will work in integration with the already existing Samsung Pay. SoFi is an online personal finance company that partners with Samsung in the development of the debit card.
With the Samsung Money app, you can create an account and get the debit card. After getting the physical card, you can activate the card with NFC and start the transactions. You can also use the Samsung Pay app to check account balance, review purchase history, and even to freeze the card. The physical card allows you to manage all the financial services and saves the need of visiting the bank branch. Further Samsung announces additional perks on the use of this card.
On the deposition of cash in the Samsung Money account, you will get higher interest compared to other accounts. Although the withdrawal of cash from ATMs in the US charges you, Samsung promises the reimbursement of fees to you. On the purchase made using the Samsung debit card, you can earn reward points, which can be later redeemed in cash rewards for future purchases. All these services are pretty interesting and inspire you to use the card for further use.
Earlier in 2019, Apple introduced its Apple Card in the form of a credit card and Google is also working on its own debit card which will work in integration with the Google Pay system. However, Samsung announced the comprehensive card which will come with the insurance cap of up to $1.5 million on money deposition in the Samsung Money account. Further, the Samsung card doesn’t carry a CVV number, which means the information is only accessible through the app. Customers can sign up for the waiting list for the card which has expected to launch later this summer.