While most of us are now turning to digital ways of paying and managing our money, apparently, some brands are somewhat going the other way. Apple has previously released a physical card with the Apple Card and now, to the surprise of no one, Samsung is following suit. We previously told you about an upcoming product called Samsung Money by SoFi, a partnership with the fintech startup and now it is available in the U.S. This is not to be confused with the mobile payment app Samsung Pay.
Samsung Money by SoFi will give you a black piece of card, in case you’re in the mood to still swipe a card for your purchases. They will be mailing you the card once you apply for one and you will be able to activate it tapping it onto your Samsung Galaxy phone. If you don’t have one, then we wonder why you would want to have Samsung Money in the first place. Aside from that physical card, you also get a digital card within the Samsung Money app.
They’re calling it “cash management” but it’s just a more fancy way of saying the card works like a Mastercard debit card. The good news is that you won’t have things like account fees, overdue fees, transfer fees, and in-network ATM charges. You can transfer funds to the card or your account from the cards and accounts that are already registered in Samsung Pay, the “original” mobile payment platform which remains as is.
The card and app also brings some other perks like discounts that you can get on Samsung.com on top of the other discounts that the site offers already. You’ll get discounts on things like smartphones, tablets, wearables, TVs, laptops, washers, refrigerators, and other gadgets and appliances on the website. You’ll also get six times higher interest rates, rewards for purchases made, and other money management features.
You can get Samsung Money if you’re living in the US by enabling the Money tab in the Samsung Pay app. You’ll probably have to wait a while before you get the card in the mail. The exclusive discounts will be rolling out after a few weeks.