From The Verge: Samsung has announced further details for its upcoming debit card program: it’s called Samsung Money by SoFi (which, as previously announced, is partnering with Samsung on the program), and it’ll tie in directly with the existing Samsung Pay app.
Originally announced earlier in May, today’s news offers more concrete information on what Samsung Money will actually offer — specifically, a cash management account and a Samsung Money debit card (a Mastercard issued by The Bancorp Bank).
Samsung is promising that Samsung Money will feature no account fees (although the fine print reserves the right to change that in the future) and “higher interest” compared to the national average (although Samsung doesn’t go into specifics).
A key part of the Samsung Money program is the Samsung Pay app integration: customers will be able to easily apply for the card directly from the app and start using it through Samsung Pay on their phones once approved, before the physical card even arrives. Furthermore, you’ll be able to use the Samsung Pay app to check your balance, review past purchases, freeze your card, and flag fraudulent purchases.
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