Yay, a Samsung Money by SoFi Debit Card

Ruben Fields
May 29, 2020

"We're excited to partner with Samsung, a world-class technology company, to help power this next-generation financial experience, while expanding the impact of SoFi exponentially", said Anthony Noto, CEO of SoFi.

The Samsung announcement can be seen as a response to Apple Card, which is a mobile credit card account launched by Apple Inc. and Goldman Sachs Group Inc.in 2019.

The program is protected by defense-grade security from Samsung Knox and the Samsung Pay app provides the option of biometric or PIN authentication. Samsung Pay is already the most rewarding shopping and payments experience driven by numerous innovations over the years. Another exclusive benefit of a Samsung Money by SoFi account is that it is FDIC insured for up to $1.5 billion. "The physical debit card will not display the card number, expiration date, or CVC", the company explains. From there, they will be able to to check their balance, review past statements, and refer to certain transactions. Account creation is near instant using a virtual card within the Samsung Pay app followed by a physical debit card being mailed to you and then activated by tapping it against your phone with the Samsung Pay app open. Once the physical debit card has arrived in the mail, they can activate it instantly through Samsung Pay.

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The new programme will feature no account fees and "rewards users for saving-earning higher interest relative to the national average of transactional accounts". 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 Money will be available to U.S. customers later this summer and those interested must join the waiting list on their website.

Purchases made with the Samsung Money card will earn Samsung Rewards points, which can be redeemed on Samsung purchases. To get cash, you can use about 55,000 Allpoint ATMs across the United States, where you'll receive a withdraw fee reimbursement.

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