Update 8/21/23: Looks like Samsung Money by SoFi is now offering some people a $220 bonus. Bonus requires a direct deposit of $1,000+. According to reader VermillionNova, the following worked to see the offer: To view it open Samsung Wallet and select menu at the bottom. Scroll down and you should see “samsung money by sofi.” Clicking on this displays the bonus and terms for me..
Update 7/23/20: This has now launched publicly for everyone. Direct Link | Press Release | Remember that new accounts don’t have many of the benefits that old account do.
Update 7/14/20: This is now live for some people. It also looks like you’re able to trade in Samsung points for cash. You need a minimum of 1,000 points and points are worth 0.5¢ each (e.g 1,000 points = $5). Hat tip to reader information booth.
Update 5/27/20: The ‘Samsung Money by SoFi’ name was officially released today. Looks like it’s exactly the same product as the SoFi Money account, just with the Samsung branding and easy Samsung Pay integration. You’ll apply and manage the card/account from within the Samsung Pay app. The account will be “launching later this summer.” You can join the waitlist already today. One difference is that the Samsung version, it seems, will not have waived ATM fees.
Update (b) 5/12/20: Seems they removed it and now the image is back to how it was before.
Update 5/12/20: Two readers sent in that their SoFi Money card saved to their Apple Wallet changed today to show ‘Samsung Money by SoFi’. Sounds like Samsung branding is taking over all existing SoFi Money accounts too to be Samsung Money accounts? Not entirely clear at the moment.
Original Post:
Samsung is partnering with SoFi to create a debit card which is set to launch this summer. More details to come in the coming weeks.
In 2020, Samsung Pay will be expanding our service from being a rewarding way to shop and pay, to also being a rewarding way to manage money. Over the past year we have been busy developing a mobile-first money management platform. Our vision is to help consumers better manage their money so that they can achieve their dreams and goals. Now more than ever, mobile financial services and money management tools will play an even bigger role in our daily lives while also opening up new possibilities.
As a first step to this broader vision, this summer Samsung in partnership with SoFi will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. We are excited to share more details in the coming weeks.
This is showing on SoFi home page now as well, with a link to SoFi Money, so it appears that the product will be similar/part-of the SoFi Money product which a lot of readers use.
Apple launched their Apple Card credit card to much success, and Google – like Samsung – is working on creating a debit card.