KB News Desk
LONDON — Samsung Electronics is taking its rivalry with Apple into the US credit card market with the launch of its first credit card, a Galaxy-branded product issued by Barclays on the Visa network.
Samsung Electronics America unveiled the Samsung Galaxy Card on Tuesday, saying the general public can apply online starting Wednesday. Eligible early-access customers can apply immediately.
The card has no annual fee and offers 5 percent cash rewards on eligible purchases made directly from Samsung and 3 percent on purchases made through Samsung Wallet.
Cardholders will also receive 2 percent on streaming services including Netflix, Disney+ and Spotify, and 1 percent on all other purchases.
New cardholders can earn an additional $200 in cash rewards after spending $2,000 within the first 90 days of opening an account.
The card will be issued virtually and as a premium metal card bearing a black Samsung logo.
When added to Samsung Wallet, it can be stored alongside compatible payment cards, IDs, passes and digital keys. Samsung said the wallet is protected by its Knox security platform.
“Samsung Galaxy Card offers users a new way to be rewarded every time you pay,” said Chai Won-cheol, head of the digital wallet team within the mobile experience business at Samsung Electronics. “Users are busy, they need a credit card that simplifies their life and offers them real value — Samsung Galaxy Card does both.”
“Partnering with Samsung is a strong example of Barclays partner-first strategy and the innovation we’re bringing to the market with some of the world’s most recognized brands,” Denny Nealon, Barclays US Consumer Bank CEO said.
The launch brings Samsung into a credit card market that Apple entered in 2019 with Goldman Sachs as the issuer and Mastercard as the payment network.
Goldman Sachs agreed earlier this year to sell the Apple Card portfolio to JPMorgan Chase as part of its retreat from consumer banking, though the transition is expected to take about 24 months.
Goldman Sachs agreed in January to sell the Apple Card portfolio to JPMorgan Chase as part of its retreat from consumer banking, though the transition is expected to take about 24 months.
