Samsung has presented Samsung Galaxy Card, its first credit card, a move with which the Korean technology company consolidates its foray into the financial field. It is launched in the United States in collaboration with Barclays and supported by the Visa network and offers rewards both on ordinary purchases and on Samsung’s own products and services.
The company has presented the card as “an easy way to earn cash rewards on your everyday purchases, with bigger rewards when purchasing Samsung products, including the latest devices”. He assures that the new credit card will simplify the lives of users and offer them real value. In this sense, Samsung considers the card to be an extension of its mission around technological tools to improve people’s lives.
“For years, users have relied on Samsung products to improve their daily lives, from staying connected with friends to relaxing and increasing their productivity.”said Woncheol Chai, Executive Vice President and Director of the Digital Wallet team of the Mobile eXperience (MX) division of Samsung Electronics, in a statement. “Today, Samsung Galaxy Card offers users a new way to earn rewards with every payment”.
The card is available in virtual mode and is designed to integrate with Samsung Wallet, giving users the ability to store it along with other compatible cards, IDs, passes, digital keys and more. It is also available in physical form, with a premium metal format with the black Samsung logo. It has no annual fee and offers various cash rewards and other benefits, including:
- 5% return on direct purchases from Samsung such as devices, official store, Care+, Smart TV store
- 3% back on any purchase paid through Samsung Wallet
- 2% back on streaming services like Netflix, Disney+ and Spotify
- 1% back on all other everyday purchases
- 20% off Samsung VIP Advantage subscription, as well as 5% back when purchasing or renewing a membership
In addition, Samsung launches the card with a promotion. Thus, starting July 22, interested users can request their card online, or in the company’s stores in the United States with the making of any purchase, to obtain an additional $200 in cash rewards after spending $2,000 in the first 90 days after opening the card account.
Samsung’s partners in the new product value the collaboration as a new step in promoting digital banking and fluid and beneficial processes that are naturally integrated into the current way of buying, connecting and living. “Consumers expect payments to be integrated into the digital experiences they use every day“said Kirk Stuart, Senior Vice President and Head of Retail and Fintechs for North America at Visa. “By combining Samsung’s innovation, Barclays’ co-branding capabilities and Visa’s trusted network, the Samsung Galaxy Card delivers a connected experience that helps consumers earn rewards, while giving them the security and acceptance needed to drive commerce wherever they choose to shop.”.
The launch of Samsung Galaxy Card follows in the footsteps of the Apple Card, the credit card that Apple launched on the market in the summer of 2019. It offers 3% cashback on purchases made directly from Apple and 2% on purchases made with Apple Pay, it also has established agreements with brands such as Uber Eats, Booking or Nike. Apple’s welcome bonus is usually around $75. In this case, the card is issued by Goldman Sachs and is backed by the Mastercard network.
