Samsung Money by SoFi, Debit Card and Cash Management Account Coming this Summer
I wrote earlier in May that Samsung would partner with SoFi to launch a physical debit card. Now there’s more information on this new venture, images of the card and news that it will also include a cash management account. The card is coming later this summer but you can join the waitlist now.
Samsung Money by SoFi
Samsung Money will offer a cash management account and a Samsung Money Mastercard debit card issued by The Bancorp Bank. It will be branded as Samsung Money by SoFi
Samsung Money will have no account fees and “higher interest” compared to the national average. The national average however is only at 0.09% APY right now, but hopefully it will be much better than that.
Samsung Money accounts will be FDIC insured for up to $1.5 million, similar to SoFi Money accounts. Samsung Money customers will be able to use any of the 55,000 ATMs through the partnership.
Samsung Pay App Integration
A key part of the Samsung Money program is that customers will be able to easily apply for the card directly from the app and start using it through Samsung Pay even before the physical card even arrives. You will also be able to use the Samsung Pay app to check your balance, review past purchases, freeze your card, and flag fraudulent purchases.
Purchases made with the Samsung Money card will earn Samsung Rewards program points. These points can be redeemed on future Samsung purchases. For a limited time, you can also convert your Samsung Rewards points into cash. All you need is an active account with a minimum balance of 1,000 points.
Double your warranty’s time period and duplicate your coverage of the original manufacturer’s or U.S. store brand warranty up to a maximum of two years.
Join the waitlist today to be first to access Samsung Money by SoFi. When you open and fund your account with a $10 minimum, you will be eligible for a chance to win $1,000 in Samsung Rewards points towards a Galaxy S20 5G, QLED 4K TV, or your favorite Samsung product.