Samsung announces more details about debit card program: SoFi (Samsung Money by SoFi) (as previously announced, it is partnering with Samsung in the program) is directly linked to the existing Samsung Pay app. .
Today's news, first released in early May, actually provides more specific information about what Samsung Money actually offers, such as cash management accounts and Samsung Money debit cards (master cards issued by Bancorp Bank).
Samsung promises that Samsung Money will not charge for the account (Fin Print has the right to change in the future), but it has a “higher interest” compared to the national average (Samsung does not mention specifically) .
The main part of the Samsung Money program is Samsung Pay app integration. Customers can easily apply for the card directly from the app and after approval, they can use the card via Samsung Pay on the phone. To arrive. You can also use the Samsung Pay app to check your balance, review past purchases, freeze your card, and report fraudulent purchases.
However, all of these features are very standard in the world of cards supported by technology companies today. However, Samsung Money stands out with some Samsung-specific perks. Purchasing with a Samsung Money card will accumulate Samsung Rewards program points, which can be used for future Samsung purchases.
Samsung also promised to guarantee FDIC insurance for Samsung Money accounts up to $ 1.5 million (6 times higher than most debit card guarantees of $ 250,000). And through the SoFi partnership, Samsung Money customers can use 55,000 ATMs for free on the Allpoint ATM network.
Samsung is not the only technology company seeking to enter the financial world. Of course, Apple has a full-fledged Apple Card credit card, Venmo has been offering debit cards since 2018, and Uber has branded credit and debit cards. It is also rumored that Google, like Samsung's new program, is developing a debit card program similar to the Google Pay system for payment management and tracking.
Samsung Money cards will be released later this summer, but customers can register for the waitlist on the Samsung website today.