It’s the next innovation for Samsung Pay, and it launches in the United States later this summer. With so much to look forward to, here are five things Samsung Money by SoFi will be able to help you do.
1. Earn Interest Instead of Paying It
Samsung Money by SoFi is anchored by a cash management account that enables you to earn higher interest on your money relative to the typical rate for other transactional accounts.
Users enjoy no account fees, no overdraft fees, and no transfer fees.2 Plus, when you withdraw cash from one of more than 55,000 in-network ATMs in the United States, Samsung Money by SoFi reimburses you for any fees you incur.3
In other words, your money stays yours, and you can grow it faster.
2. Gain More Control Over Spending and Saving
Because Samsung Money by SoFi is a debit card, there’s no need to worry about billing dates and interest rates. The app makes it easy to see exactly how much cash you have on hand, at a glance. Plus, you can use the app to take care of your essential financial tasks – without standing in line, waiting on hold, or leaving home.
More control also comes with added peace of mind. Your Samsung Money by SoFi account is FDIC insured for up to $1.5 million (six times that of a normal bank account).4 And your physical debit card will not display the card number, expiration date, or CVC number—information available in the “Money” tab of the Samsung Pay app, which is further protected by biometric or PIN authentication. Even if you lose your phone, your virtual debit card will remain secure–only you can open your Samsung Pay mobile wallet. And even in the event of an unauthorized transaction, Zero Liability protection means you’re off the hook—just flag the transaction in question and, following a review, you’ll receive a credit to your account.
3. Get Set Up in a Snap
The Samsung Pay app makes getting set up a breeze. And opening an account does not affect your credit score.
On approval, your Samsung Money by SoFi virtual debit card appears instantly in your Samsung Pay wallet. And when your physical debit card arrives by mail, there’s no need to pick up the phone and tap in the card number! Just pull up Samsung Pay on your phone, and tap to activate your card. It’s as easy as that.
To fund your account, there’s no need to wait several business days for a bank transfer to complete. Instead, you can instantly transfer money from any debit card already registered in your Samsung Pay wallet.5 Samsung Money by SoFi gives you other account options, too—including to transfer money from a bank account or set up a paycheck for direct deposit.
4. Earn Samsung Rewards Points
With Samsung Money by SoFi, you can earn Samsung Rewards points for every purchase you make using the card with Samsung Pay. When Samsung Money by SoFi launches later this summer, new users will have a chance to win $1,000 in Samsung Rewards points just for opening an account.
Plus, if you’re a longtime Samsung Pay user, you’ll get an added bonus when you sign up for Samsung Money by SoFi. You can have your Samsung Rewards points balance converted into cash and deposited directly into your Samsung Money by SoFi account.6
5. Experience the Future of Mobile-First Money Management
At Samsung, we believe technology is most powerful when it helps you do the things that are most important to you.
Our vision for Samsung Pay is a mobile-first money management platform that makes financial tasks easier, helps you build your financial toolkit, and gives you control over your financial life. Samsung Money by SoFi is the next step on our journey to create a powerful and convenient way to save and spend money, and streamline your money management. Sign up now for the waitlist in the Samsung Pay app through the Money tab, or head online here: http://www.samsung.com/us/money.