In anticipation of its debit card releasing in the USA later this summer, Samsung has revealed some of the benefits of using the Samsung Money by SoFi service once it goes live, and it now allows prospective customers to sign up to a waitlist through the Samsung Pay app (via the Money tab) or through the dedicated Samsung Money webpage.
Samsung Money by SoFi is the latest addition to the Samsung Pay ecosystem designed to simplify financial tasks and give you control over your financial life. It's technically a debit card anchored by a cash management account. Here's what you can expect once it launches in the coming weeks.
No account / overdraft / transfer fees, but you can earn Reward Points
According to the company, Samsung Money by SoFi customers won't suffer account, overdraft, or transfer fees. Any additional fees that you may incur when withdrawing cash from one of the 55,000 in-network ATMs across the United States will be reimbursed.
In addition, every purchase made through Samsung Pay using the Money by SoFi card can earn you Samsung Reward points. And once the service goes live, new customers will have the opportunity to win $1,000-worth of Samsung Reward points just by opening an account.
Better security and FDIC account insurance for up to $1.5 million
The physical Samsung Money by SoFi card doesn't have a card number, expiration date, or CVC number printed on it, thus improving security. Instead of following this conventional design, the said information will be available inside the Samsung Pay app.
The card is covered by Zero Liability protection, which means that in the event of an unauthorized transaction, users can flag it, wait for a review, and eventually receive a credit to their accounts. Furthermore, Samsung Pay customers who will sign up for the Samsung Money by SoFi card will have their accounts FDIC-insured for up to $1.5 million.
How will you be able to sign up for Samsung Money by SoFi?
If you're interested in acquiring the Samsung Money by SoFi card, you can already sign up for a waitlist. Beyond that, Samsung Pay users will be able to open an account and the virtual debit card will appear in the Samsung Pay wallet once approved. The physical debit card will then be sent to you by mail, and you'll be able to activate it by simply tapping it against your smartphone.
Users will be able to instantly add funds to the Samsung Money by SoFi card from any other debit card that's already been added to the Samsung Pay wallet. Options for money transfers from a bank account or setting up a paycheck for direct deposit will also be available.
Are you a Samsung Pay user in the USA or elsewhere? Will you be getting the Samsung Money by SoFi card this summer? And if you're located outside of the USA, would you want Samsung to launch this service in your country? Let us know in the comment section.
