Samsung is launching its first credit card, offering 5% cash back on eligible Samsung purchases and 3% on purchases made through Samsung Wallet.
New cardholders can earn a $200 bonus after spending $2,000 during the first 90 days.
Applications open to the general public on July 22, but consumers should review the card’s interest rate, fees. and reward restrictions before applying.
Samsung is entering the crowded credit card market with a card designed to encourage customers to buy more of its devices and use its digital wallet.
The company announced the Samsung Galaxy Card this week. Barclays U.S. Consumer Bank will issue the card, and purchases will be processed through the Visa network.
Applications open to the general public on July 22, according to the Samsung announcement. Eligible customers who received early access can apply sooner.
The card will be available both as a virtual card and as a black metal physical card bearing the Samsung logo. Cardholders can add the virtual version to Samsung Wallet.
How the rewards work
The Galaxy Card offers several levels of cash rewards:
5% on eligible purchases made directly from Samsung
3% on purchases made using Samsung Wallet
2% on eligible streaming services, including Netflix, Disney+, and Spotify
1% on other purchases
Purchases eligible for the 5% rate include those made through Samsung.com, Samsung Experience Stores, the Samsung Shop app, and Galaxy Store. Certain services, including Samsung Care+, Samsung Secure Wi-Fi, Samsung Smart TV Store, and SmartThings Videos also qualify.
Samsung is also promoting 5% cash rewards for consumers who preorder the company’s next Galaxy device.
New cardholders can earn an additional $200 in bonus cash rewards after spending at least $2,000 during the first 90 days after opening the account. That spending requirement works out to about $667 a month.
Cardholders will also receive 20% off a Samsung VIP Advantage membership and earn 5% back when purchasing or renewing that membership. Terms and exclusions apply to both the membership and the card rewards.
Card is closely tied to Samsung Wallet
Samsung said the card is intended to work closely with Samsung Wallet, where users can also store compatible payment cards, identification cards, passes, and some digital keys.
Using Samsung Wallet requires a compatible smartphone running Android 9.0 or later and a Samsung account. That means the card’s 3% mobile-wallet category may be most useful to consumers who already own a compatible Galaxy phone and regularly use Samsung Wallet.
The rewards structure may also appeal to consumers planning to purchase an expensive Samsung television, appliance, or mobile device. For example, a qualifying $1,000 Samsung purchase could generate $50 in cash rewards at the advertised 5% rate.
However, consumers should not choose a credit card based on rewards alone. Samsung’s announcement did not prominently detail the card’s annual percentage rate or all applicable fees. Applicants should examine Barclays’ complete pricing and terms, including whether there is an annual fee, how rewards can be redeemed, and whether any purchases are excluded.
Interest charges can quickly erase the value of cash-back rewards if a balance is carried from month to month. The card is likely to provide the greatest value to Samsung customers who qualify for its higher reward rates and pay their balances in full.