Samsung copies the Apple Card, announces “Samsung Money”
Samsung announces a physical debit card and SoFi money management account.
by Ron Amadeo
The Apple Card debuted 14 months ago, and right on cue, Samsung is today announcing "Samsung Money," a self-branded MasterCard debit card from SoFi. Unlike the Apple Card, which is a credit card, it sounds like Samsung Galaxy smartphone owners will be signing up for a money management account from SoFi, an online personal finance company. The account is FDIC insured, has "no account fees," and even pays out interest for your savings.
Sign up for the account, and you'll get a physical "Samsung Money" card. It doesn't seem like Samsung tried to compete with Apple's fanciful titanium card design—the Samsung card looks like a regular plastic credit card with "dark mode" toggled on. Samsung did strip the card of numbers: it won't display the card number, expiration date, or CVV. Instead, you'll have to look those numbers up in the app, which is locked behind a pin or biometrics.
Users will be able to manage their new money management account from the Samsung Pay app. "With just a tap in the Samsung Pay app," Samsung's press release reads, "users can check their balance, review past statements, and search transactions. They can flag suspicious activity, pause or restart spending, freeze or unfreeze their card, change their pin, and assign their trusted contact—all without ever having to leave home or call a representative."
The service is launching in the US "later this summer."