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Samsung Money arrives to fight Apple Card: What you need to know

Samsung Money
(Image credit: Samsung)

It seems every tech company these days, whether an established firm or startup, is pushing its own credit or debit card. Samsung joined the fray today (May 27) with a debit card of its own, called Samsung Money by SoFi.

Unsurprisingly, Samsung Money plugs directly into the Samsung Pay app on the company's smartphones. From within Samsung Pay, you'll be able to effortlessly apply for a cash management account and card. When your card arrives in the mail — it's issued by Mastercard — you'll even be able to activate it with a tap, rather than having to call a number.

In fact, the lack of an obligation to talk to a representative or use a clunky automated phone service to make account changes is one of the core themes of Samsung Money. Flagging suspicious activity, freezing or unfreezing your card and changing your PIN can all be done right within the Samsung Pay app. That's unique, because some financial services don't grant customers the same kind of autonomy.

As you'd expect, spending perks are part of the equation as well. Connect your Samsung Pay account with a Samsung Rewards account, and you can earn points on each purchase you make, later flipping those points into discounts on Samsung products. Those points can also be redeemed for cash.

Samsung Money

(Image credit: Samsung)

On the card itself, you won't find a number, expiration date, or CVV code. All of that exclusively lives within the Samsung Pay app, where it's guarded by another form of authentication, be it biometrics or a PIN code. Samsung Money accounts are FDIC insured for up to $1.5 million, which the company notes is "six times that of a normal bank account." Customers will also earn "higher interest relative to the national average," though Samsung doesn't get more specific than that.

There's no account fee associated with Samsung Money, though the fine print at the bottom of the press release states that's subject to change at any time. Any phone that already works with Samsung Pay will be able to also use Samsung Money, meaning you'll need a Galaxy S6 or newer Samsung handset. Customers also have access to a network of more than 55,000 Allpoint ATMs, and won't be reimbursed for fees incurred when using ATMs outside of that network.

Samsung Money is slated to launch later this summer. Those interested can join a waitlist and sign up for the latest updates through the Samsung Money website.