Samsung has entered the US consumer credit card market with its first Galaxy-branded credit card, expanding its competition with Apple beyond smartphones and into financial services.
Issued by Barclays on the Visa payment network, the Samsung Galaxy Card marks the South Korean technology company’s debut consumer credit product in the United States. Apple entered the sector in 2019 with the launch of its Apple Card.
Samsung Electronics America announced the Galaxy Card on Tuesday, with applications for the general public opening online on Wednesday. Selected customers given early access were able to begin applying immediately.
Chai Won-cheol, head of the digital wallet team within Samsung Electronics’ mobile experience business, said the card was designed to provide rewards and simplify payments for customers.
“Samsung Galaxy Card offers users a new way to be rewarded every time you pay,” he said.
The card has no annual fee and offers cashback across several spending categories. Customers can receive 5% cashback on eligible purchases made directly from Samsung and 3% on transactions made through Samsung Wallet.
The card also offers 2% cashback on selected streaming services, including Netflix, Disney+ and Spotify. Other eligible purchases earn 1% cashback.
New customers can receive an additional $200 in cashback after spending $2,000 during the first 90 days of opening an account, subject to the card’s terms and conditions.
The card is issued digitally, allowing customers to use it for online purchases, while a premium metal physical version features a black Samsung logo.
Denny Nealon, chief executive of Barclays US Consumer Bank, said the partnership reflected the bank’s strategy of working with major brands to develop new financial products.
The Galaxy Card is designed to work within Samsung Wallet, where it can be stored alongside payment cards, identification documents, passes and digital keys. Samsung said wallet operations are protected by its Knox security platform.
The launch places Samsung in direct competition with Apple’s financial services business. Apple introduced the Apple Card in 2019 with Goldman Sachs as its issuing bank and Mastercard as the payment network.
Goldman Sachs agreed in January to transfer the Apple Card portfolio to JPMorgan Chase as part of its planned withdrawal from retail consumer banking. The transition is expected to take around 24 months.
Samsung’s entry into the US credit card market shows how technology companies are continuing to expand their ecosystems beyond hardware and software. By linking its new financial product with Samsung Wallet and its wider device ecosystem, the company is seeking to deepen its relationship with customers while challenging Apple in another area of the consumer market.
