Samsung teased earlier this month that the digital Samsung Pay experience would be gaining a physical element with the launch of a debit card, and now more details on that have come out.
Samsung Money by SoFi is a new money management account that's mobile-first. That means that you'll be able to apply for the physical Samsung Money card in the Samsung Pay app and the virtual card will appear in there right away if you're approved. Once your physical card arrives, you can set it up by tapping it to your phone when it's running the Samsung Pay app.
You'll also be able to do all kinds of things to manage your Samsung Money account inside Samsung Pay. That includes checking your balance, searching transactions, reviewing past statements, and freezing or unfreezing the card.
To help make its card stand out, Samsung is giving it Samsung-specific benefits. You can get points for the Samsung Rewards program with every purchase you make using Samsung Pay, and if you accrue 1,000 or more points you can redeem them for cash that'll be put directly into your Samsung Money by SoFi account.
When it comes to the financial aspect of Samsung Money, each account is FDIC ensured for up to $1.5 million, which is six times the amount of a normal bank account. Samsung says that there are no account fees with Samsung Money and that users can be rewarded with "higher interest relative to the national average of transactional accounts" for saving money.
The Samsung Pay app is secured with a biometric or PIN lock, and Samsung says that users assume zero liability if an unauthorized transaction occurs. The physical Samsung Money card doesn't show the card number, expiration date, or CCV. All of that info is located in the Samsung Pay app if you need it.
Finally, Samsung Money users get use any of the more than 55,000 ATMs in the Allpoint network to get cold, hard cash when they need it.
Samsung Money is launching later this summer in the US and since it's integrated with the Samsung Pay app, you'll need a compatible phone like a Galaxy S6 or later. If you're interested in Samsung Money, you can sign up for the waitlist right here.
