Just last year, Apple decided to expand on its business activities by announcing the Apple Card – a credit card which came into existence in partnership with Goldman Sachs. Huawei then too followed the same suit as the company announced its very own Huawei Card just a few months ago in its home country of China. And now it seems is the turn of Korean manufacturer Samsung to make its move – as the company has now announced Samsung money. Money Debit card from Samsung now announced.
Samsung Money just so happens to be a Mastercard debit card which is issued by The Bancorp Bank. Of course you’d imagine an affiliation with Samsung Pay too – and just so is the case. Just like Apple’s card is tied to Apple Pay, Samsung’s version is tied to Samsung Pay.
Getting your hands on the card is also quite easy as Samsung has indeed made it possible for users to request it via the Samsung Pay app. Also, until the physical card makes its way, you can actually start right away using the digital card. The same Samsung Pay app can be used in fact for the purposes of checking balances, monitoring transactions, flagging suspicious purchases and also – blocking the card altogether.
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For now, Samsung has made it clear that there are no account fees. Of course while this is the case currently, the future might motivate Samsung to think and act otherwise. The company is also promising reward points for purchases that can be redeemed and be used for the sake of future Samsung purchases. The Korean manufacturer has also made it pretty clear that the Samsung Money accounts will indeed be FDIC insured for up to $1.5 million – this figure representing a number which is six times higher than the conventional figure of $250,000 that most debit cards are accustomed to.
Samsung Money will be made available later in the summer and will provide users with yet another option to consider the taking into account online transactions.
