Earlier this month, Samsung revealed that they were planning on launching their own debit card. Now it looks like the company has done just that as Samsung has taken the wraps off what they’re calling “Samsung Money by SoFi”. For those unfamiliar, SoFi is the fintech company that Samsung has chosen to partner with for its debit card.However, unlike the Apple Card which acts like an actual credit card, Samsung Money is a debit card. This means that how much you can spend is pretty much limited to how much you have in your bank account, so you won’t be able to spend more than what you have in your account balance, which we suppose is a good thing as it doesn’t put you into debt.
It will, however, share similar traits to the Apple Card where the physical card itself is blank and does not display the card’s number, expiration date, or the CVV, thus protecting users from fraud or identity theft. Samsung also notes that the Samsung Money card is FDIC insured for up to $1.5 million.
According to Sang Ahn, Vice President and GM of Samsung Pay, North America Service Business, Samsung Electronics, “Samsung’s goal is to make everyday life better by putting powerful tools in the hands of Galaxy users. Now, users can access mobile-first financial services and earn exclusive Samsung benefits. We’re excited to help our users reach their financial dreams by allowing them to spend, save and grow their money and access it easily and securely.”
Filed in . Read more about Samsung. Source: appleinsider