Samsung introduces its inaugural credit card in the US in partnership with Barclays, marking its most significant step into the financial sector to date.

      The Galaxy Card offers a 5% cashback on Samsung purchases and is fully integrated within the Samsung Wallet, signaling the company's ambitions that extend beyond a single co-branded card. Samsung has introduced its inaugural credit card in the United States, the Samsung Galaxy Card, which is a co-branded product developed in partnership with Barclays and operates on Visa’s network.

      This marks Samsung's most significant venture into consumer finance to date and challenges the Apple Card in the domain where Apple has excelled, specifically in transforming smartphones into wallets. All aspects of the card, from application to spending notifications and reward redemption, are contained within Samsung Wallet, illustrating Samsung’s broader fintech aspirations.

      Sih Lee, executive vice-president and leader of Samsung’s North America Fintech Business, characterized the collaboration with Barclays as a “strategic and long-term partnership,” noting that both companies plan to investigate products beyond just the card. The rewards program is a key selling point: cardholders receive 5% cashback on direct purchases at Samsung, whether through Samsung.com, at Experience Stores, or via the Galaxy Store, and 3% cashback on spending made through Samsung Wallet.

      Streaming services like Netflix, Disney+, and Spotify yield 2%, while all other purchases garner 1%. This top tier encompasses a broad range of Samsung’s services, including Care+ device protection, SmartThings, the Smart TV Store, and Secure Wi-Fi, focusing on software and services rather than hardware.

      Woncheol Chai, who heads Samsung’s digital wallet division, expressed the goal of creating a card that “simplifies life and offers real value” to busy users. Samsung states there is no annual fee. New cardholders who spend $2,000 within the first 90 days of account opening can earn a $200 welcome bonus, and members of Samsung’s VIP Advantage loyalty program receive a 20% discount on membership or renewal paid with the card.

      The structure appears to intentionally outbid Apple’s card, which offers 3% on Apple purchases and 2% through Apple Pay, where its sign-up bonuses typically hover around $75. Both cards have no annual fees and are designed for mobile use rather than being physically carried. Applicants can opt for a virtual card, which offers the highest rewards for Wallet transactions, or a premium black metal card featuring the Samsung logo.

      Details, IDs, passes, and digital keys stored in Samsung Wallet are secured on-device via the company’s Knox security platform. For Barclays, this agreement furthers its series of co-brand partnerships in the US. The US Consumer Bank acquired General Motors’ credit card business in 2024, and Doug Villone, head of cards and partnerships, framed the Samsung card as part of an initiative to create “a more seamless payments experience for customers who increasingly manage their finances through mobile devices instead of physical wallets.” Barclays has previously experimented with similar ideas, like implementing contactless payments on a wristband.

      Visa is facilitating the infrastructure, enabling the card to work wherever Visa is accepted. Kirk Stuart, a senior Visa executive for North America, highlighted this arrangement as a means for a prominent consumer brand to incorporate payments into a service their customers utilize every day.

      Samsung aims for scalability, noting that about 70% of US households own at least one of its devices, with nearly 30% possessing three or more. The company hopes to convert this user base into ongoing financial engagement rather than merely achieving one-time hardware sales. The reasoning aligns with the older assumption that individuals who already use mobile payments are the easiest to enroll for associated accounts.

      However, Samsung has not disclosed specifics regarding credit criteria, interest rate ranges, or the speed of rewards posting, though it describes redemption as cashback processed through Wallet. Eligibility requires a Samsung account and a device running Android 9.0 or later, limiting access to the highest-earning version of the card to users of Samsung’s hardware. Early-access customers can already apply, with applications opening to the public on July 22, coinciding with Samsung’s next Galaxy Unpacked event. The company has not specified which additional financial products it is considering or their timeline, only indicating that the card is intended to be the first of many.