Samsung"s new money management platform, known simply as Samsung Money, is available in the Unites States starting today. The platform is a result of the collaboration between Samsung, SoFi, and Mastercard, and it includes a cash management account, a debit card, and some benefits exclusive to Samsung Pay.
Unlike something like the Apple Card, the Samsung Money is only a debit card, so you can"t spend any money you don"t have. The digital card is generated as soon as you add funds to your account, and a physical card will be mailed to you, too. Samsung Money has no account fees, overdraft fees, or transfer fees, and you also won"t be charged when you use an in-network ATM.
Aside from that, there are a few management tools at hand, such as the ability to see your transaction history, freeze and unfreeze your card and so on, similar to services like Revolut. Samsung Pay users will also soon be able to easily transfer money from any other debit card you have linked to Samsung Pay into Samsung Money.
Samsung also announced that Samsung Money users can get exclusive discounts on Samsung products, including Galaxy smartphones, tablets, wearables, and just about anything else Samsung makes, as long as you buy on Samsung.com. The discounts can be found in the Samsung Money app once the account has been funded.