Following the announcement last month by Samsung that it will be joining the likes of competitors Apple and Google in offering its own physical payment card — Samsung Money by SoFi — the tech giant revealed more information about its solution in a post on its website.
Billed as a ‘mobile-first money management experience’, some details regarding the new service were revealed last month when it was first officially announced. In its latest post on its website, however, Samsung goes into a bit more depth on what it will offer.
Though we already knew the Samsung Money by SoFi accounts would offer high interest rates earned, Samsung also revealed that users will not be charged transaction fees — account, overdraft, or withdrawal included. In addition, if cardholders incur fees for using their card at an ATM, Samsung will reimburse them for the cost.
The latest post also notes that every SoFi account is FDIC insured for up to $1.5 million, which is six times for than a typical bank account.
As for the physical card itself, the post explains that it will not have a card number, expiry date, or CVC number printed on it. Instead all of that identifying information will be available in the Samsung Pay app in a “Money” tab, protected behind either biometric or PIN authentication for added security.
Samsung also notes that should you lose your phone, your virtual card remains secure due to the fact that only you have authorization to open your Samsung Pay mobile wallet. In the case that there is an unauthorized transaction, the user simply flags it and receives a credit to their account following a successful review.
The SoFi account allows users to earn Samsung Rewards points every time they use their card — new users will have the chance to ‘win’ $1,000 when the service launches — and those with existing points can convert them to cash and have it deposited directly into their account should they choose to.
Finally, Samsung touts the ease with which users can set up their Samsung Money by SoFi accounts. Once you’re approved for an account, it automatically gets added to your Samsung Pay wallet, and physical cards are activated by tapping them against your phone without the need to call to set them up.
Transfering money to your account will also be instant, with the ability to move it from any other account linked to your Samsung Pay wallet.