Last year, Apple announced the Apple Card – a credit card created in partnership with Goldman Sachs. Huawei followed suit with its own Huawei Card announced a few months ago in China. Today, it is the turn of Samsung, and the Korean tech giant has named it Samsung Money.
Samsung Money is a Mastercard debit card issued by The Bancorp Bank; and just as Apple’s card is tied to Apple Pay, this is tied to Samsung Pay.
Getting the card is pretty easy as Samsung has made it possible for users to request for it via the Samsung Pay app. You can also start using the digital card right away until the physical card arrives. The Samsung Pay app can also be used to check balances, monitor transactions, flag suspicious purchases, and block the card.
Samsung says Samsung Money has no account fees (for now). They are also promising reward points for purchases that can be redeemed and be used towards future Samsung purchases. Samsung has also revealed that the Samsung Money accounts will be FDIC insured for up to $1.5 million which is six times higher than the $250,000 for most debit cards. Another perk is no charges when owners use any of the 55,000 ATMs in the Allpoint ATM network.
Samsung Money will be available later this summer but there is already a waiting list where you can sign up for it.