SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Samsung Money offers a new account and debit card tied to Samsung Pay


Last updated: May 27th, 2020 at 15:25 UTC+02:00

It was revealed last month that Samsung is going to launch a Samsung Pay debit card this summer. It would be doing this in partnership with SoFi, a San Francisco-based online personal finance company. This new partnership would transform Samsung Pay into a more rewarding way to manage your money.

We finally get to see today just what this partnership between Samsung and SoFi brings. Samsung Money by SoFi has been unveiled today, it’s a mobile-first money management experience that offers a cash management account and a physical Mastercard debit card with exclusive benefits tied to Samsung Pay.

Samsung Money launched in collaboration with SoFi

Customers who sign up for the account won’t have to pay any account fees and will be able to earn a higher interest on savings relative to the national average of transactional accounts. Users can either open an individual or a joint cash management account and will benefit from in-network ATM fee reimbursement at over 55,000 locations in the US. The Samsung Money accounts are FDIC insured for up to $1.5 million which is six times that of a normal bank account.

Accounts can be set up through the Samsung Pay app in no time. The virtual card will be available for use in Samsung Pay immediately upon approval. Once the physical debit card arrives in the mail, users don’t have to call a number to activate it, they can do that with just one tap in the Samsung Pay app. To increase security, the physical card won’t display sensitive details like the card number, expiration date or CVV. Users can find this information in the app.

The app also provides powerful money management tools to Samsung Money users. They can check their balance, review statements and search transactions. Additional tools include the ability to flag suspicious transactions, freeze or unfreeze their card, pause or restart spending, assign a trusted contact and change their PIN.

Samsung Rewards members already earn points for purchases that they make using Samsung Pay. The company will now allow users with 1,000 or more Samsung Rewards Points to redeem the points for cash that’s deposited directly into their Samsung Money account.

Samsung Money is going to be available to consumers in the United States later this summer. Those who are interested can sign up for the waitlist on Samsung’s website.

Source Pay Samsung MoneySamsung Pay
Load 7 comments

You might also like

Europe finds fault with Apple’s selfish use of NFC

The European Commission isn’t happy with Apple’s monopolistic views regarding its mobile payment p …

  • By Mihai M.
  • 3 weeks ago

Samsung expands Pay platform in Brazil with support for C6 Bank cards

Samsung Pay is expanding its capabilities for customers in Brazil. The mobile payment platform has been around …

  • By Mihai M.
  • 1 month ago

Samsung Pay scores high points in an independent security test

According to an official newsroom post, Samsung revealed that in a recent security test conducted by an indepe …

  • By Sagar
  • 3 months ago

Moscow court decides Samsung can keep selling smartphones in Russia

Samsung can rest easy knowing that its mobile business in Russia won’t be brought to its knees by a rece …

  • By Mihai M.
  • 4 months ago

iPhones will soon accept card payments with tech perfected by Samsung

What if it was possible to allow small business owners to accept contactless credit card payments using just t …

  • By Adnan F.
  • 4 months ago

What January 11? Samsung is selling the Galaxy S21 FE in Russia right …

Samsung’s official release date for the Galaxy S21 FE is January 11. At least, for most of the world, bu …

  • By Mihai M.
  • 5 months ago