- 1 Introducing Samsung Money by SoFi: Do More With Your Money
- 2 What is the Samsung Money card?
- 3 Samsung Money vs. Samsung Pay
- 4 How to apply for the Samsung Money card
- 5 Who should get the Samsung Money card?
- 6 How the Samsung Money rewards program works
- 7 Tips for maximizing the Samsung Money card
- 8 Final thoughts
- 9 What is Samsung Money by SoFi?
- 10 What is Samsung Money, how to get it, and how does it work?
- 11 Samsung Money: What is it?
- 12 Samsung Money: How does it work?
- 13 Samsung Pay: Where can you use it?
- 14 Samsung Money: Are there any fees?
- 15 Samsung Money: How to apply
- 16 Samsung Money: When will it be available?
- 17 Now Available: Your Money Goes Further With Samsung Money by SoFi
- 18 Samsung Money is the company’s new Samsung Pay-linked debit card program
- 19 Samsung Money vs. Apple Card: Here’s how they match up
- 20 Samsung Money: When it’s coming, what it is and how it works
- 21 Apple Card: What it is and how it works
- 22 Samsung Money vs. Apple Card: At a glance
- 23 Samsung Money vs. Apple Card: The big differences
- 24 Is Samsung Money by Sofi worth it? No. Here’s why.
- 25 Breakdown:
- 26 The Samsung Money Card:
- 27 Key points:
- 28 TLDR
- 29 r/SamsungPay – Samsung Money by SoFi VS Samsung Pay Cash
- 30 Samsung Money by SoFi lands in the US with a physical card and perks
Introducing Samsung Money by SoFi: Do More With Your Money
Together with pioneering fintech firm SoFi, Samsung Electronics America, Inc. today announced Samsung Money by SoFi, a new mobile-first money management experience that includes a cash management account and associated Mastercard debit card as well as unique perks for Samsung Pay users. The account is safe, there are no account fees, and users are rewarded for saving since they receive greater interest than the national average for transactional accounts. 1 The Samsung Pay app now includes Samsung Money by SoFi, which makes it easier for individuals to manage more of their financial lives at a time when people are turning to technology to take care of vital activities without leaving their homes.
Samsung Pay has already established itself as the most satisfying shopping and payment experience available, thanks to a series of advances over the years.
With our platform, we hope to assist our customers in achieving their financial goals by allowing them to spend, save and grow their money while having easy and safe access to their funds.” Samsung Money by SoFi, which will be available later this summer, will signal the beginning of a new cooperation between Samsung and SoFi.
In his statement, Anthony Noto, CEO of SoFi, stated, “At SoFi, we’re devoted to helping individuals achieve financial independence, both directly through the SoFi brand and indirectly through our partnerships with major businesses like Samsung to help the globe get their money right.” “We’re thrilled to be partnering with Samsung, a world-class technology firm, to help power this next-generation financial experience, while also exponentially increasing the effect of SoFi,” says the business.
More Convenience, More Control
People are relying more than ever on technology to assist them in a variety of tasks such as paying bills, shopping, and managing their finances. At the same time, many consumers choose payment systems that allow them to earn interest rather than having to pay interest. Samsung Money by SoFi combines the convenience of mobile payments with the control of a debit card to provide the best of both worlds: no account fees, better interest earnings, and a money management experience that blends the ease of mobile payments with the control of a debit card.
- Individual cash management accounts and joint cash management accounts are both available for users to open.
- It will take you practically no time at all to set up an account with the Samsung Pay application.
- Moreover, after consumers receive their actual debit card in the mail, there is no need to contact a 1-800 number to activate the card; the card is ready to use in a matter of seconds—just open Samsung Pay and tap the card to activate it.
- Users may check their balance, review previous statements, and search for transactions on the Samsung Pay app with a single swipe of the screen.
They may report suspicious behavior, suspend or continue spending, freeze or unfreeze their card, alter their pin, and appoint a trusted contact—all without ever leaving their house or speaking with a salesperson about their account.
Exclusive BenefitsPeace of Mind
Samsung Money by SoFi provides specific perks to consumers in order to help them make their money go farther. Users who use Samsung Pay may participate in the Samsung Rewards program, which allows them to earn points for every transaction they make. Additional benefits include the ability for loyal Samsung Pay customers who have amassed at least 1,000 Samsung Reward Points to redeem their points for cash, which will be put straight into their Samsung Money by SoFi account as an extra incentive.
- Insured up to $1.5 million, a Samsung Money by SoFi account is protected by the Federal Deposit Insurance Corporation (six times that of a normal bank account) 5.
- The card number, expiration date, and CVC will not be shown on the physical debit card due to security reasons.
- If users require further information, they can contact Samsung Support.
- The migration to digital has resulted in a seismic change throughout the world, with customers expecting safe and frictionless experiences, according to Jorn Lambert, Executive Vice President, Digital Solutions at Mastercard.
Consumers in the United States will be able to use Samsung Money by SoFi starting later this summer. Simply visit to register on the wait list and to receive the most up-to-date information about Samsung Money by SoFi. Visit Disclosure for more information on Samsung Pay and other payment options. Samsung Money by SoFi® is a cash management account that is a brokerage product supplied by SoFi Securities LLC, which is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
The Bancorp Bank is the financial institution that issues the Samsung Money by SoFi card.
In the event that you own a Galaxy phone, you are most likely already familiar with the Samsung Pay service. The program functions similarly to a digital wallet, allowing you to load credit and debit cards onto your phone so that you may pay at the checkout counter without having to slide a physical card into a payment terminal. It’s time to move on. Samsung Money by SoFi is a physical debit card that also serves as a cash management account that is meant to be used in conjunction with the Samsung Pay app.
Both of these financial solutions were developed specifically for customers of the Samsung Galaxy and the iPhone, respectively.
The Apple Card, on the other hand, is a credit card.
In addition to being straightforward and simple, says Chris Harris, head of marketing at Ondot Systems, a business that supplies banks and credit unions with a digital card services platform, “the actual reason people are going to utilize this is because it’s also extremely inexpensive.” You may be interested in the Samsung Money card if you possess a Galaxy phone and want a more streamlined banking management experience, as well as receiving cash back on debit transactions and earning greater interest on your savings account.
Visit this page for more information:What You Need to Know About the Venmo Card
What is the Samsung Money card?
Samsung Money is a digital wallet that you can access through your Samsung Pay app, as well as a physical card that you may get in the mail. The card number, expiration date, and CVC security code are not shown on the actual card, as is the case with the Apple Card; instead, they may be accessed under a tab in the Samsung Pay app. The card is a Mastercard, issued by The Bancorp Bank and managed by SoFi, a financing corporation located in San Francisco. The Bancorp Bank issued the card. Depositing money into the account can be accomplished by moving monies from an existing bank account or by making a direct deposit into the account.
Instead, it is divided among up to six financial institutions (which Samsung has yet to identify by name).
One potentially appealing aspect is that if you have at least $500 in your account, your money generates a 0.2 percent annual percentage yield back on your investment.
Samsung Money’s rate is “not anything that will make you rich,” according to Harris, who describes it as “not anything that will make you rich.” “In that respect, it’s similar to a mix of a checking and savings account.” Users of Samsung Money can also take use of the following additional benefits:
- There are no account fees, overdraft fees, or convenience costs to pay (though there are fees for foreign transactions and cash withdrawals in a foreign currency). Overdraft fees alone generate millions of dollars in revenue for most banks, according to Xavier Epps, a financial counselor in Alexandria, Virginia. With this card, you may rest assured that you will not spend more money than is available on your card.
- There are no costs associated with using an Allpoint network ATM. And, according to one Samsung Money card user’s experience, they are not difficult to locate. According to Darshan Somashekar, creator of an online gaming website, “Allpoint appears to be only a step away.” The software allows users to pay bills, check their account balance, conduct wire transfers, withdraw cash and send money to pals, all from a one location. Furthermore, it interfaces with PayPal and Venmo (but not with money management applications such as Mint)
- It offers rewards points, which may be redeemed for cash back if desired, simply for using your debit card
- And it offers cash back for purchases made with your debit card. “This is a chance to earn money for every dollar you spend,” Epps explained. “As a result, you may be able to save money.” In the app, users may report suspicious behavior, suspend or restart spending, freeze or unfreeze their card, and change their PIN all without having to visit a bank or call a customer service representative
Consider this related question: What are the distinctions between a credit card and a debit card?
Samsung Money vs. Samsung Pay
Samsung Money is both a debit card and a cash management account in one convenient package. Samsung Pay is a digital wallet in which you may keep the virtual version of your Samsung Money card, as well as virtual versions of debit cards and credit cards from other financial institutions, online. Any action you wish to do with Samsung Money, from paying for food at the grocery store to paying a utility payment, will be completed entirely within the Samsung Pay mobile application.
How to apply for the Samsung Money card
You may apply for the card immediately from the Samsung Pay app on your mobile device. To be eligible, you must be at least 18 years old, be a citizen or permanent resident of the United States, and have a physical address in the United States. A minute or less is all that it takes, according to Samsung, to complete the full procedure from application to approval. Once the card has been authorized, it will appear in your Samsung Pay app instantly. You can fund it with a transfer of up to $500 from another debit card the first time you use it.
Unfortunately, there is no method to put funds into the account at this moment. Once the actual card has been delivered, it must be activated by tapping it against the back of the phone.
Who should get the Samsung Money card?
The card would be a suitable alternative for Samsung phone owners who either want access to the most up-to-date banking technology, are dissatisfied with their present digital banking experience, or do not have access to reasonably priced traditional financial institutions. First and foremost, Samsung has made it simple for people to obtain. “To establish this account, you simply need to supply the bare minimum of information,” Harris explained. There is no need to go into a branch, photocopy your ID, or do anything else that is required to create a banking account in the traditional manner.
- The term “underbanked” refers to people who do not have easy access to inexpensive banking and financial services and instead rely on cash, money order services, check cashing services, and payday loans to handle their finances.
- Even for individuals who do have and use a standard bank account on a daily basis, Samsung Money offers a number of advantages.
- “You may put it to immediate use.
- You will be able to view all of your purchases.
- Your phone contains all of the functionality that you would normally find at a branch or by dialing a customer service representative.
How the Samsung Money rewards program works
The fact that there is a rewards program is a positive development. Points-for-purchase is a fad that has come and gone in the world of debit cards, but it appears to be on the upswing right now. The bad news is that the incentives you receive are little. Each point is worth 0.005 cents (or $0.005). In addition, the points are not awarded per dollar spent, but rather per transaction. The points, on the other hand, are tier-based and progress swiftly. Each of the first 29 transactions in a month is worth one point, and so on.
For every transaction you complete in a month that totals more than 300, you will receive three points per transaction.
In addition, your points expire at the end of the calendar year.
Refer to this page: Best rewards credit cards
Tips for maximizing the Samsung Money card
If you’ve determined that the Samsung Money card is the best option for you, here are some pointers to help you get the most of your card:
- You should only use in-network ATMs because if you use an out-of-network ATM, you will be charged fees that your card will not pay you for. Cash management capabilities such as halting or restarting spending, checking your balance, or analyzing your expenditure may all be done from the convenience of your phone screen, allowing you to more efficiently manage your funds. The card, according to Epps, is ideal for people who are just starting out or re-establishing excellent money habits. Keep in mind that the more you use your card each month, the more points you may be eligible to earn on each transaction.
In addition to having a Samsung phone, the Samsung Money card can be an excellent addition to your wallet if you are looking for increased ease of banking, a more seamless integration of your debit card with your card spending information, or the ability to earn rewards points while using your debit card. For those who are already satisfied with their debit card and their electronic banking experience, Samsung Money may be an unnecessary step to take. This is especially true if it requires you to transfer money from your existing bank account to your Samsung Money card in order for it to become usable on a regular basis.
Disclaimer: The editorial information on this page is purely based on the objective evaluation of our authors, and it is not influenced by advertising revenue in any way or form.
However, if you click on links to items from our partners, we may get a small commission from them. Ms. Sommer works as a freelance writer specializing in the fields of business, finance, and health. Forbes, the Los Angeles Times, MarketWatch, and Yahoo have all published articles on her work.
What is Samsung Money by SoFi?
Samsung, SoFi, and Mastercard have collaborated to create a mobile-first money management account as well as a branded debit card for consumers. On May 27, Samsung announced the debut of Samsung Money by SoFi, a mobile payment service. A cash management account and a MasterCard-branded debit card are included in the new solution, which Samsung describes as a “mobile-first money management experience.” The account will be integrated into Samsung Pay and, according to the business, would provide an easy and safe method to handle daily expenses.
The account is safe, there are no account fees, and users are rewarded for saving money with the account.
Easy-to-understand money management Both Samsung and SoFi, as market-leading companies in their respective sectors, are committed to the use of technology to empower individuals to take more control of their financial life.
Samsung Money by SoFi is our most significant step to date in order to enable consumers to do more with their money.
With our platform, we hope to assist our customers in achieving their financial goals by allowing them to spend, save and grow their money while having easy and safe access to their funds.” When it launches later this year, the device will combine the ease of mobile payments with the control provided by a debit card.
- After activating the account, you will be able to use the virtual Mastercard-branded card from Samsung Pay – a real card is also given – for purchases.
- Users will be able to do tasks such as checking their account balance, reviewing previous statements, and searching for transactions.
- Reward and benefit programs Samsung Money by SoFi comes with a slew of bonuses and prizes to enjoy.
- In addition, security is embedded into the product.
Furthermore, the actual debit card does not include the card number or any other personal information. As an alternative, this information may be seen under the Money tab of the associated mobile application.
What is Samsung Money, how to get it, and how does it work?
Samsung is working on a debit card, according to Pocket-lint. SoFi’s Samsung Money debit card is both a physical and a digital debit card, and it’s marketed as such. It’s designed to integrate seamlessly with the existing Samsung Pay app while also serving as a cash management account. Here’s what we know thus far about the situation.
Samsung Money: What is it?
Samsung has revealed that it aims to launch a debit card in conjunction with personal finance business SoFi in the first quarter of 2020. Samsung Money will be the name of this new card. It’s designed to compete with Apple’s credit card, Apple Wallet, which is both a physical card and a digital card, but it’s compatible with Apple Wallet and can be used with it. Keep in mind that Samsung has its own mobile wallet and payments software, Samsung Pay, which you may use to make purchases. Samsung Money is only an expansion of the Samsung Pay platform in terms of functionality.
Samsung Money is a digital wallet that allows you to pay with your Samsung phone.
Samsung Money: How does it work?
A new way to “save, spend, and earn – all in one safe place,” Samsung Money, according to the company, is being introduced.
Samsung Pay app
Once your application has been accepted and before your actual card comes in the mail, you will be able to use the Samsung Money debit card through the Samsung Pay app. In order to check your balance, examine purchases, freeze your card, and report fraudulent purchases, you’ll need to utilize the Samsung Payapplication.
Items made with the Samsung Money card will generate Samsung Rewards points, which may be used on Samsung purchases.
Samsung Money accounts will be insured by the Federal Deposit Insurance Corporation (FDIC) up to $1.5 million (most debit cards are insured up to $250,000). Samsung Money is a digital wallet that allows you to pay with your Samsung phone.
Samsung Pay: Where can you use it?
It’s likely that you’ll be able to use your digital Samsung Money card to make purchases everywhere that Samsung Pay is accepted in the United States. The real Samsung Money, on the other hand, is accepted anyplace credit cards are accepted, owing to the endorsement of MasterCard. Furthermore, as a result of the agreement with SoFi, you will be able to use Samsung Money at 55,000 ATMs within the Allpoint ATM network without incurring any fees.
Samsung Money: Are there any fees?
Samsung Money will not charge account fees when it first launches, and it will not offer “greater interest” than the national average, according to the company. There are no costs associated with using Samsung Money at any of the 55,000 ATMs that are part of the Allpoint ATM network. However, the corporation has not yet provided detailed information on costs, and its legalese hints that its pricing structure may alter as a result of the feature’s inclusion.
Samsung Money: How to apply
Integration with the Samsung Pay app will be available as part of the Samsung Money offering, which means you’ll be able to apply for the card directly from the Samsung Pay app.
In the meanwhile, interested buyers may sign up for the Samsung waitlist on the company’s website, which can be found here.
Samsung Money: When will it be available?
Samsung Money will be accessible in the United States later this summer, at the earliest. Maggie Tillman is the author of this piece. The original version of this article was published on May 27, 2020.
Now Available: Your Money Goes Further With Samsung Money by SoFi
Mountain View, California, on July 23, 2020 Launched by Samsung, SoFi, and Mastercard in collaboration, the mobile-first money management platform will provide account members with unique access to discounts on Samsung items. Consumers in the United States may now sign up for and use Samsung Money by SoFi, a mobile-first money management experience, as of today, according to Samsung Electronics America, Inc. Samsung Money by SoFi is a cash management account that was developed in collaboration with SoFi, a major fintech business.
- A new exclusive benefit will be available soon.
- Samsung Money by SoFi customers will be able to take advantage of savings on Samsung Galaxy smartphones, tablets, wearables, televisions, computers, washers, refrigerators, and other products on Samsung.com starting in just a few weeks.
- Users will notice a banner in the Samsung Money area of the Samsung Pay app once the service is up and running and the account has been paid.
- Concerning Samsung Money Submitted by SoFi
- Instant Activation: As soon as you fund your new Samsung Money by SoFi account, your digital debit card will be supplied in your Samsung Pay wallet, and your physical debit card will be delivered to you in the mail within a few days of funding. It is not necessary to phone a 1-800 number in order to activate your card. Simply press the card on your phone’s screen and wait for the confirmation to appear
- There are no account fees: Account fees, overdraft fees, and transfer costs are all waived while using Samsung Money by SoFi. In reality, whenever you use an ATM that is part of the network, you will not be charged
- Save more money and get more benefits by using Samsung Money by SoFi. Users may earn up to six times the interest rate of a transactional account when compared to the national average interest rate. Samsung Money by SoFi customers will also be able to earn Samsung Rewards points for every transaction they make with Samsung Pay. Maintaining Control Over Your Money: With Samsung Money by SoFi, you can use the Samsung Pay app to check your balance, review previous statements, and search for transaction history to manage your money. No need to leave your house or call a professional to report suspicious behavior, suspend or continue spending, lock or unfreeze your card, change your pin, or appoint your trusted contact. An additional benefit for Samsung Pay customers will be the ability to fill your Samsung Money by SoFi account instantaneously from your other registered debit cards that are already in your Pay wallet, which will be available soon. Peace of mind: Because Samsung Money by SoFi is not a credit card, you can only spend the money that is now in your possession. Furthermore, in the case of an unlawful transaction, you will be notified immediately and will not be held liable. Samsung Money by SoFi is protected by the defense-grade security of Samsung Knox, which safeguards users’ information all the way down to the chip level, providing an extra layer of protection. Every Samsung Money by SoFi account is insured up to $1.5 million by the Federal Deposit Insurance Corporation (FDIC) (6x that of a traditional bank account). The card number, expiration date, and CVC will not be displayed on the real debit card, as a last note. If customers want that information, they may easily locate it inside the “Money” page of the Samsung Pay app, which is further safeguarded by biometric or PIN security. If users require further information, they can contact Samsung Pay support.
Availability Users of Samsung Pay in the United States may now utilize Samsung Money by SoFi, which was previously unavailable. Users of Samsung Pay may get started by selecting theMoneytab from inside the Samsung Pay application. The unique discounts on Samsung items that will be offered on Samsung.com in the following weeks will be available soon. Please see the following link for more information about Samsung Money by SoFi. Disclosures Samsung Money by SoFi® is a cash management account that is offered as a brokerage product by SoFi Securities LLC, which is a member of the FINRA and the SIPC.
- The Bancorp Bank is the financial institution that issues the Samsung Money by SoFi card.
- Account terms and conditions state that fees incurred are subject to change at any moment without notice.
- When utilizing an in-network ATM, consumers will not be charged a fee; however, third-party expenses paid when using an out-of-network ATM will not be reimbursed under this program.
- As of July 20, the national average of 0.04 percent from the weekly rate cap was multiplied by six.
- The Federal Deposit Insurance Corporation (FDIC) does not apply immediately.
- Six banks are now accepting these deposits, allowing consumers to be covered by FDIC insurance for a total of up to $1,500,000 (six banks at a maximum of $250,000 per bank).
- For further information on the Federal Deposit Insurance Corporation’s insurance coverage, please see www.FDIC.gov.
Customers are responsible for keeping track of their total assets at each of the Program Banks in order to assess the level of potential FDIC insurance coverage in compliance with FDIC regulations. Neither SoFi nor Program Banks are insured by the Securities Investor Protection Corporation (SIPC).
According to Samsung, the company’s new debit card program will be known as Samsung Money by SoFi (which, as previously reported, would be working alongside Samsung on the initiative), and it will integrate seamlessly with Samsung’s current Pay app. In addition to providing more definite information on what Samsung Money will truly offer — namely, a cash management account and a Samsung Money debit card — today’s announcement provides more explicit details on what Samsung Money will not actually offer (a Mastercard issued byThe Bancorp Bank).
- Samsung Money is distinguished by its connection with the Samsung Pay app: clients will be able to quickly and simply apply for the card through the app and begin using it through Samsung Pay on their phones once authorized, all before the actual card is delivered.
- Samsung Pay is available for both Android and iOS devices.
- Samsung Money, on the other hand, is attempting to distinguish itself by offering a few Samsung-specific benefits.
- Samsung also says that Samsung Money accounts will be covered by the Federal Deposit Insurance Corporation (FDIC) for up to $1.5 million (six times the standard $250,000 guarantee of most debit cards).
- Samsung isn’t the only tech business attempting to get into the financial services industry: Apple, of course, has its own credit card, the Apple Card, and Venmo has been offering a debit card since 2018.
- In a similar vein to Samsung’s new debit card program, it is also believed that Google is developing a debit card program that would integrate with its Google Pay system for organizing and monitoring payments.
Samsung Money vs. Apple Card: Here’s how they match up
With the introduction of its Samsung Pay service and the debut of its Samsung Money debit card, the company is expanding its financial options. Samsung You’ll be able to put Samsung in your wallet in the near future. Earlier this summer, Samsung Money – a new cash management solution offered by Samsung, SoFi, and Mastercard – will go live. Samsung Money will be available in certain markets. The service, which was announced in May, would be primarily virtual, albeit it will include a physical card that will not have any numbers, similar to the Apple Card.
However, the industry will be keeping a careful eye on things.
However, as a result of Apple’s entry into the financial services industry with the Apple Card, more traditionally tech-focused corporations are making the transition into finance.
Samsung Money is an expansion of Samsung Pay, which was released in 2015.
Here is a peek at how the service now appears – and how it compares to the experience you receive with the Apple Card. More information may be found at: Choosing between the Apple Card and the Amazon Prime Rewards Visa in 2021 is a difficult decision.
Samsung Money: When it’s coming, what it is and how it works
Samsung Money is a debit account that will be available solely on Samsung-compatible smartphones when it launches later this summer, according to the company. For the time being, it will only be available in the United States. In the same way that a regular bank account has both a virtual and real debit card, it is a cash account with both a virtual and physical debit card. Samsung’s card, like the Apple Card, will not display any information such as a number, expiration date, or security code.
There will be no costs associated with using the card other than those associated with international transactions and cash withdrawals in a foreign currency.
If you withdraw money from one of the 55,000 ATMs in the company’s network in the United States, SoFi will refund you for the fees you paid to the bank.
However, there is no way to make an actual cash deposit into the account.
Apple Card: What it is and how it works
The Apple Card was first introduced in 2019. There are physical and digital components to this product. There are two physical components: a sleek black credit card with no numbers on it for your wallet, and a digital counterpart for your iPhone’s Wallet app. Apple Pay allows you to pay using your Apple Card, just like you would with any other credit or debit card, when you make a purchase using the service. In addition to cash back on physical card transactions, it also gives 2 percent cash back on purchases made using the tap-to-pay mobile payment system and 3 percent cash back on transactions with certain merchants, such as Uber and, of course, Apple.
As part of the program, Apple has teamed with Goldman Sachs, and you can apply for it directly from your iPhone – which you’ll need to have because the Apple Wallet is only available on iOS devices.
Samsung Money vs. Apple Card: At a glance
|Samsung Money||Apple Card|
|Account type||Debit card||Credit card|
|Hardware requirements||Samsung device||iOS device|
|Fees||Foreign currency and purchases||No|
|Cash back||N/A||Yes, earn 1% to 3%|
|Can be used internationally||Yes, for a fee||Yes|
|Interest rate||N/A||12.99% to 23.99%|
More information may be found at: The top cash back credit cards in 2021.
Samsung Money vs. Apple Card: The big differences
On the surface, Samsung Money and the Apple Card appear to be nearly identical. Their physical cards do not display account numbers, expiration dates, or security codes, but they do provide digital capabilities in addition to physical cards. Despite their superficial similarities, there are some important distinctions between the two:
- The difference between a debit card and a credit card: Samsung Money provides you with a debit card, which means you can only spend money from your cash balance. It is a credit card that gives you with a credit limit and charges interest on any amounts that are carried over from one month to another.
- Minimum qualifications to be eligible for the Apple Card: The Apple Card is only offered to adults who possess an iPhone (and who pass a credit check). Owners of Samsung-compatible devices are the only ones who can use Samsung Money via SoFi.
- Additional prizes are available for every Samsung Money and Samsung Pay transaction, in addition to the 0.2 percent annual percentage yield on your cash that you receive with the service. The Apple Card gives 1 percent to 3 percent cash back on all transactions
- However, this is subject to change.
- Costs: There are no fees associated with the use of the Apple Card. There are certain costs associated with Samsung Money – but, as far as we know, these are solely applicable to international transactions. The Apple Card may be used anywhere in the world at no additional charge. When using the Samsung Money card outside of the country, fees will be charged.
More information:I used the Apple Card for three months. Read more: Here’s all I have to say about it right now.
Is Samsung Money by Sofi worth it? No. Here’s why.
The Samsung Money by Sofi card serves as a money management account for Samsung customers. That indicates that it is a checking account.
Because it is administered by SoFi, the account behaves very similarly to the SoFi Money management account in terms of functionality. The only thing that distinguishes it as a “Samsung” product is the fact that it is exclusively available to owners of Samsung Galaxy S6 (or newer) smartphones.
- There is no sign-up bonus (although there is a lottery system for up to $1000 Samsung dollars)
- There is no Experian soft pull
- And there is no Experian soft pull. Eligibility requirements include not having previously used SoFi Money and owning a Samsung Galaxy S6 or newer. Applicant must use the Samsung Pay app to submit an application for the Samsung card. There are no advantages. There are other superior alternatives, such as Charles Schwab. Thoughts: I don’t see why anyone would want to get their hands on this
Are you eligible for Samsung Money by SoFi?
There are a few things you must have in order to be qualified to apply for the Samsung money management account before you can sign up:
- You must own a Samsung Galaxy phone (S6 or newer) in order to be eligible for the Samsung Money card. If you already have a SoFi checking account, you will be unable to obtain the Samsung Money card. Currently, the Samsung Money card is maintained by SoFi, and they are unable to control overlapping data at the time of introduction.
Signing up for the Samsung Money debit card is only possible through the Samsung Pay App, which is available on your Samsung Galaxy phone (S6 or later). No one may participate if they do not have a Samsung Galaxy smartphone in their possession. Nevertheless, it’s all right. There isn’t much you’re losing out on. If you still want something comparable, you may sign up for the SoFi checking account, which works on any device and is completely free.
Sign Up Bonus:
“Open and fund an account now, and you will be entered to win $1,000 in Samsung Rewards points, which you can use toward a Galaxy S20 5G, QLED 4K TV, or any other Samsung device of your choice.” The sign-up bonus is awarded by a lottery mechanism. It’s more of a chance to win a discount on a Samsung device than a sign-up incentive, to be honest. When opposed to the SoFi bank bonus, you receive $25 just for joining up and filling your account with the company. Even if that’s perfectly OK, you should consider banking with one of the larger institutions because their banking bonuses are really generous.
SoFi Sign Up Bonuses:
As the name implies, Samsung Money by SoFi is (obviously) administered by SoFi. You can simply go to SoFi and join up for the exact same sort of account with less limitations, plus they offer even bigger sign up incentives.
- SoFi Money (Checking Account): After financing your account with $500, you will receive a $25 bonus. You’ll earn around 5 percent on your money, and you’ll be able to terminate your account after receiving your bonus. SoFi Invest: After signing up and depositing $1000 into your investment account, you will receive $50 in shares. Another simple 5 percent increase in your money
- When you apply for a SoFi personal loan, you will receive a $300 incentive. It obviously relies on your interest rate and the amount of money you’re borrowing to determine if it’s worthwhile. I have made no attempt to obtain this incentive. Student Loan Refinancing with SoFi: Refinance your student loan with SoFi and receive a $300 incentive. In the event that SoFi provides you a cheaper interest rate on your student loan, this might be a fantastic deal.
For the Samsung Money by SoFi account, you must have a Samsung Galaxy S6 (or newer Samsung phone) and you must not have previously been a member of SoFi Money in order to be considered for approval. Due to the fact that SoFi administers the new Samsung Money clients, they are unable to facilitate the creation of separate accounts for SoFi customers and Samsung Money users at the time of the Samsung Money launch. Right now (in July 2020), Samsung Money does not have a feature that allows users to manually examine ID documentation.
Samsung Money Card (also known as Samsung Pay)
The Samsung Money Card:
Samsung has adopted a very similar approach to the Apple Card (credit card) in that they have made their debit card seem very sleek and do not have any real account details printed on it.
Alternatives to the Samsung Money by SoFi
- Checking Account with Charles Schwab:I’ve been a huge admirer of Charles Schwab ever since I established a checking account with them some years ago. As the first bank to provide free ATM fees everywhere in the world and to pay interest (0.01 percent) on money in your checking account, this was the pioneering institution.
- In my real experience with the Charles Schwab debit card when traveling overseas, a lot of trial and error is required. A small number of ATMs will take my Charles Schwab card, but a large number will not. My Schwab debit card will only operate at 7-Eleven ATMs in Japan and Taiwan, according to the company. Overall, I’ve never had to visit a branch in person because the online customer support has always been excellent
- Because there is no minimum account balance (maybe as low as $1?) to qualify for the $100 sign-up bonus, it’s essentially a free $100. Additionally, there are no costs associated with keeping the account open.
Bank Accounts with cash Sign Up Bonuses:
- Aspiration $100
- Chase $200
- Citi Bank $200+
- PNC $300
- Schwab $100+
- SoFi $25+
- US Bank $300
- Aspiration $100
- Aspiration $100 More information may be found here.
Samsung Pay vs Apple Pay/Google Pay
- When it comes to transactions, Apple Pay and Google Pay employ NFC (near-field communication).
- The device can only be used in locations that accept NFC transactions.
- Samsung Pay makes use of MST, which stands for Magnetic Secure Transmission.
- Samsung Pay works in the same way as a credit card’s magnetic swipe, which means you may use it everywhere a credit card is accepted to pay for purchases. However, near-field communication (NFC) is becoming increasingly popular across the world.
Is it true that the Samsung Money card might help me enhance my credit? No. The Samsung Money card is not a credit card, and the balances on your account are not reported to the credit reporting agencies. When making purchases, you should never utilize your debit card. The reason behind this is as follows: Cashback, purchase protection, extended warranty, and fraud protection are some of the options available (card numbers leaked). For the same reasons, you should obtain a high-quality credit card that includes these qualities.
I actually don’t see any advantage to getting it, therefore I’m not sure why you should acquire it.
There is no sign-up incentive available.
In essence, they are providing you with money in order for you to become a client, with the intention of making money off of you in the long term.
If you need to shut your account immediately after receiving the bonus and fulfilling any “keep this bank account open for x months” criteria, you can do so at any time. It’s free money!
- Only accessible to Samsung Galaxy users (with an S6 or above model)
- There are now no account fees, but the small print states that they are “subject to change.” However, there are payments involved. There are fines for using an ATM that is not in the network.
- Withdrawals from ATMs are processed through the Allpoint network. This implies that you may use the ATM at CVS and Walgreens without incurring any costs. Furthermore, Allpoint only offers ATMs in the following countries: the United States, Canada, Mexico, the United Kingdom, and Australia. That is not the case around the world. I don’t believe anyone would characterize “global” as consisting of only five countries.
- The most interesting aspect is that the SoFi card itself has no ATM fees anywhere in the world. All fees are refunded in full
- You may use the app to freeze your card, report it stolen, and report suspicious behavior.
- Review of a feature: This is not a very distinctive feature. Most financial institutions allow you to do this. If you don’t have a banking app, you can accomplish this by dialing the bank’s phone number.
- There are no specifics at this time. However, I can only presume that this is to keep track of the money that is coming in and going out of your bank account. I strongly recommend using mint.com to keep track of all of your financial transactions because it allows you to link checking, savings, credit card, and investment accounts from virtually any bank.
- The rate of interest on money in the account is 0.02 percent. This is rather impressive considering that the majority of banks will offer you nothing. However, you are not going to get wealthy as a result of this. Every year, for every $100 you have in your account, you will receive 2 cents in interest. At this stage, I would recommend doing some study into investing in exchange-traded funds. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $1.5 million USD. Considering that most bank accounts are only insured up to $100,000, this is a big benefit if you are wealthy. However, I do not believe that any wealthy individual would put $1.5 million dollars in a debit account that could only be accessed through their phone as a holding. For your information, a sum of $1.5 million would earn $300 in interest per year
- The Samsung Rewards system is earned through the use of Samsung Pay.
- There are no cashback earned transactions with a total value of more than 50 (at least, that’s what it appears to be?).
- Get a 15 percent discount on airport concierge services (useless)
- In the event that your phone is inadvertently destroyed or stolen, you may be entitled to up to $200 (before paying a $25 deductible) in compensation. You are allowed to file up to two claims each year. (This is quite handy)
- Mastercard golf offers discounts on golf courses as well as ground passes to PGA events (which are largely ineffective for the majority of consumers). Experiences of SoFi members include: Exclusive experiences for which there is no current information available. Most likely the source of the virus that kills individuals
- Credit monitoring (which is excellent, but ineffective)
- Enhanced security Assurance on Purchases: Items purchased with your Samsung Money debit card that are damaged or stolen within 90 days of purchase are eligible for a refund of up to $1000 per claim under the Purchase Assurance program. (THIS IS REALLY GOOD)
- Extended Guarantee: This warranty has the potential to “twice” the original manufacturer’s warranty. (The specifics aren’t particularly obvious, but they are quite valuable when they are available.)
Will you be submitting an application for the Samsung Money by SoFi credit card? However, I will not, and I highly advise you to look for another checking account that at the very least offers a sign-up incentive. A checking account with a large bank is preferable for you since major banks give greater sign-up incentives and provide “pre-approved” credit cards to their current clients.
r/SamsungPay – Samsung Money by SoFi VS Samsung Pay Cash
When you call customer care, they will tell you that you will not receive a physical card for the “Samsung Pay Cash card,” which is what they will refer to it as. Although the “Samsung Pay Money Card,” which is what Samsung Pay Customer Service will refer to it as if you phone them, does not come with a physical card, it does come with a virtual card that is actually the “Samsung Money by SOFI” card. Because there is no card number on the physical card itself, it is a first for me to see this.
When looking for your card number, you must first open either the SOFI app or the “Money” portion of the Samsung Pay application.
I would recommend acquiring both of these since you will need the “Samsung Pay Cash” card if you intend on using Samsung Pay to pay for things and would like to have a pool of money set aside specifically for that purpose.
When you use the “Samsung Pay Money card, by SOFI,” you won’t have to worry about it.
Samsung Money by SoFi lands in the US with a physical card and perks
In the world of mobile payments, things have gone full circle for the most part. When it first began, there was a movement away from cash and even away from plastic, but today there is an acceptance of both again. Samsung is following in the footsteps of Apple, which began with a contactless Apple Pay system before transitioning to a physical Apple Card. This isn’t exactly shocking given the company’s history. That’s precisely what it did, and now its Samsung Money, a cooperation with finance startup SoFi, is finally making its way to the United States, with the goal of making plastic cards fashionable once more.
Although Samsung could have simply made them available to Samsung Pay customers, the true attraction here is that black piece of plastic that provides a striking visual contrast to the white Apple Card.
As a result of this, you will receive two cards, with the digital and physical cards being connected to one another.
The card may be used in the same way as any other debit Mastercard, except there are no account fees, overdraft fees, transfer fees, or even ATM fees while using the card in-network.
In addition to receiving actual money, Samsung Money members receive a number of additional perks when purchasing Samsung items.
Samsung Money by SoFi is now available in the United States, and it can be accessed through the Money tab in the Samsung Pay application.
Of course, due to the actual nature of the card, that bit of black plastic will not come as quickly as you may expect. If you are looking forward to unique deals, don’t get your hopes up just yet because they won’t be available for a few more weeks.