(Pocket-lint) - Samsung is developing a debit card. Called Samsung Money by SoFi, it's both a physical and a digital debit card. It's supposed to work directly with the existing Samsung Pay app and double as a cash management account.
Here's everything we know so far.
Samsung Money: What is it?
In May 2020, Samsung announced it plans to launch a debit card in partnership with personal finance company SoFi. That card will be called Samsung Money. It's intended to rival Apple's credit card, Apple Wallet, which is also both a physical card and a digital card, but it works with Apple Wallet. Keep in mind Samsung has its own mobile wallet and payments app, Samsung Pay.
Samsung Money is just an extension of the Samsung Pay platform. In a blog post, Sang Ahn, vice president and general manager of Samsung Pay, said Samsung is also working to launch the card (a Mastercard issued by The Bancorp Bank) backed by a cash management account.
Samsung Money: How does it work?
Samsung described Samsung Money as a new way to let you "save, spend, and earn - all in one secure place."
Samsung Pay app
You'll be able to use the Samsung Money debit card through the Samsung Pay app once approved and before your physical card arrives in the mail. You’ll need to use the Samsung Pay app to check your balance, review purchases, freeze your card, and alert fraudulent purchases.
Purchases made with the Samsung Money card will earn Samsung Rewards points, which can be redeemed on Samsung purchases.
Samsung said Samsung Money accounts will be FDIC insured for up to $1.5 million (most debit cards have a $250,000 guarantee).
Samsung Pay: Where can you use it?
Presumably, you'll be able to pay with your digital Samsung Money card anywhere that Samsung Pay is accepted in the US. As for the physical Samsung Money, it works anywhere credit cards are accepted, thanks to the MasterCard backing. And, due to the SoFi partnership, you'll be able to use Samsung Money at 55,000 ATMs across the Allpoint ATM network without any charges.
Samsung Money: Are there any fees?
Samsung said Samsung Money won't charge account fees at launch, and it won't feature “higher interest” compared to the national average. There are no fees if you use Samsung Money at 55,000 ATMs in the Allpoint ATM network, as well. The company has yet to provide specific information on fees, however, and its legalese suggests its fee structure could change in the feature.
Samsung Money: How to apply
Samsung Money will feature Samsung Pay app integration, which means you'll be able to apply for the card directly from the Samsung Pay app. In the meantime, interested customers can sign up for the waitlist now on Samsung’s website here.
Samsung Money: When will it be available?
Samsung Money will be available later in the US sometime later this summer.