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.
