Samsung Money is Samsung's Answer to Apple Card, But It's Completely Different
This summer, Samsung will launch Samsung Money by SoFi, a new financial product integrated with Samsung Pay. Like Apple Card, Samsung Money can be used as a payment method with the wallet app (Samsung Pay), the account is managed within the wallet app, and the product also includes a physical payment card. However, Samsung Money is not a credit card like Apple Card. Instead, it consists of a Mastercard debit card linked to a SoFi cash management account, which functions much like a free (no-fee) online checking account. The account will earn interest at a variable rate that would currently be 0.20% APY. Using Samsung Money earns Samsung Rewards points, which can be redeemed for purchases on samsung.com or with the Shop Samsung app. Or, one time only, points can be redeemed for cash at a rate of 1,000 points = $5 (minimum 1,000 points). (Apple Card offers 2% unlimited cash back on all purchases — and 3% with select retailers — which can be spent on anything.) The debit card can be used to withdraw cash without fees at any of the 55,000+ Allpoint ATMs. As with Apple Card, the physical card will not display the card number, expiration date, or CVV; those can be accessed securely from the Samsung Pay app when needed. Users are not liable for unauthorized transactions. Although Samsung Money presents itself to the user as one checking-like account, behind the scenes, SoFi "sweeps" money daily into accounts at partner banks, which in turn provide FDIC insurance protection once those "sweep" transactions clear. Because SoFi has partnered with six different banks for this service, and can divide your money between them, it can provide up to $1.5 million in FDIC insurance coverage, instead of the usual $250,000. The Samsung Pay app will enable Samsung Money users to check their balance, review past statements, search transactions, flag suspicious activity, pause or restart spending, freeze or unfreeze their card, and more. Samsung has just updated its Samsung Pay app with a new "Money" tab where those interested can join a waitlist, or they can head to www.samsung.com/us/money.
Nov 18, 2020
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Jun 18, 2019
Facebook today announced Libra, a new digital currency that aims to combine the best features of other cryptocurrencies in order to be more consumer-friendly. The currency will be administered by the Libra Association, a new non-for-profit based in Geneva.
Jun 21, 2018
Google today improved the design of its Google Account tool in order to make it easier for people to manage their account details, security, and privacy. The revised function provides summaries of personal information, devices with account access, payment methods, purchases, subscriptions, and contacts.
Nov 29, 2018
T-Mobile has rolled out a digital banking service called T-Mobile Money. T-Mobile says T-Mobile Money is available to T-Mobile customers as well as non-customers.
Feb 11, 2020
Samsung today announced its new flagship phones for 2020: the Galaxy S20, Galaxy S20+, and Galaxy S20 Ultra. In the US, all three models support 5G and are powered by Qualcomm's newest top-end Snapdragon 865 chipset paired with 12 GB of LPDDR5 RAM.