When we first started hearing about a product called Samsung Pay Card, most of us assumed that it would try to rival that of the Apple Card. So we were expecting an actual card since there’s the word card in the name. But now that it has officially launched in the U.K, it is apparently a digital-first card and service. This new product from Samsung is powered by London-based fintech company Curve and is made in conjugation with Mastercard.
The idea behind the Samsung Pay Card is that all of your cards and financial sources are collated in just one place. This includes Mastercard and Visa banking cards, credit cards, and all other cards or accounts that you put money in and you use to buy things. We were expecting a physical card counterpart but it seems like they’re just sticking to a digital card right now, even if rival Apple Card launched a credit card with an actual card.
Since the system is powered by Curve, you also get Curve features. One of those is called “Go Back in Time” in which you can still choose to move an already finished transition from one card to another so you can have more control over your spending. For example, if you already made a large payment on your debit card but you realized it will be better to have it charged on your credit card, you can do so with the feature.
You also get rebates when you use the Samsung Pay Card to pay for your purchases. You get a 1% cashback from a wide selection of brands even if you already have an existing rewards program with that brand. Plus, you can also earn 5% on all purchases that you will make on Samsung.com. And if you’re planning to go abroad soon, you’ll get the mid-market rate when you use it for purchases there.
The Samsung Pay Card is only available in the U.K. for now but there’s no news yet if this will be offered elsewhere. This is not to be confused with the Samsung Money by SoFi in the U.S which actually has a physical card.