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What you need to know
- Samsung has opened its application period to consumers looking to grab its first credit card: the Galaxy Card.
- Consumers can get this digitally or physically in a black metal design, thanks to a Barclays U.S. Consumer Bank partnership.
- The Galaxy Card offers a series of cash rewards for consumers, such as 5% cash rewards on eligible purchases made directly with Samsung.
There have been plenty of reveals and announcements at Samsung's Galaxy Unpacked today (July 22), but there's a little more to discuss. The company is entering the credit card world, and you can apply now.
In a press release, Samsung announced the Galaxy Card: the brand's first credit card in the U.S., which delivers "a new way for users to earn cash rewards across everyday purchases and the Galaxy ecosystem." The Galaxy Card is available as a virtual and a premium black metal card. As one would expect, the card is designed to fully support Samsung Wallet. The Galaxy Card was made in partnership with Barclays U.S. Consumer Bank operating on the Visa network.
This partnership is said to help offer "innovative payment options" for Samsung's consumer base.
The company states the Galaxy Card has a $0 annual fee. Rewards are a major aspect of Samsung's first credit card. Consumers will receive 5% cash rewards on eligible purchases made directly with Samsung. What's more, you could receive 20% off Samsung VIP Advantage, as well as 5% cash rewards "when purchasing or renewing a Samsung VIP Advantage membership." The remaining cash rewards are as follows:
- 3% cash rewards on purchases made with Samsung Wallet
- 2% cash rewards on streaming services, like Netflix, Disney Plus, and Spotify
- 1% cash rewards on all other purchases
- $200 cash reward after spending $2,000 in the first 90 days
Galaxy Card and new products
Applications for the Samsung Galaxy Card have opened today (July 22). The company lined up this open period with Galaxy Unpacked, which showed off new smartwatches and foldables.
It's been a while, but Samsung's new credit card was talked about before. Originally, nothing was confirmed. There was a report late last year that said Samsung had approached Barclays to create a card of its own. The alleged name was similar to what was announced, rumored to be the "Samsung Card." Early reports claimed Samsung would offer cashback on its devices and appliances, alongside "digital prepaid accounts."
This had us thinking Samsung was looking to compete against Apple, which has a card it offers consumers. Samsung has continued to refine its payment experience, whether digital or a physical card that we've now received.
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