Samsung Electronics has launched its first co-branded credit card in the United States, the ‘Samsung Galaxy Card’, in partnership with Barclays.

Samsung Electronics announced on the 21st via its global newsroom that it is officially launching the Samsung Galaxy Card for U.S. consumers. The card is issued by Barclays’ U.S. consumer finance division and uses the Visa payment network. Applications will be accepted starting on the 22nd through Samsung’s online and offline stores in the United States.

Cardholders will receive a range of customized benefits. Purchases of Samsung Electronics products earn 5% of the transaction amount back as a cash reward. Payments made through Samsung Wallet, the virtual wallet embedded in Galaxy smartphones, earn 3%, subscription services such as Netflix and Disney+ earn 2%, and all other transactions earn 1% cash back. An additional USD 200 is provided if the cardholder spends USD 2,000 within 90 days of account opening.

The physical card is issued in a metal design featuring a black Samsung logo. Samsung Electronics stated that, when linked with Samsung Wallet, the card can be stored and used alongside other credit cards, identification cards, and digital keys, and is protected by the Samsung Knox security platform.

Reuters analyzed that “with this launch, Samsung Electronics is going head-to-head with Apple Pay, which has effectively dominated the U.S. payments market.” Apple previously took the lead in 2019 by introducing the Apple Card in partnership with Goldman Sachs, creating a model that integrated hardware, wallet, and financial products. After Goldman Sachs announced its withdrawal from consumer finance, JPMorgan Chase acquired the Apple Card business in January this year.

Popular News