Samsung launches its first credit card, the Galaxy Card

Samsung, through its US subsidiary, is entering the financial services sector by issuing its own credit card. The novelty is primarily intended for loyal users of the brand's devices and services, offering direct integration into the mobile wallet and attractive financial benefits for everyday purchases.

The card's main selling point is its cashback system with no annual fee. Cardholders receive 5 percent cashback on direct purchases of Samsung products in the U.S., whether they make the purchase in a physical store or online. The cashback is 3 percent when paying through the Samsung Wallet app, 2 percent when paying for popular streaming services such as Netflix, Disney+, and Spotify, and 1 percent on all other everyday purchases.

There is an additional benefit for new customers. When they spend at least 1,760 euros (2,000 US dollars) in the first 90 days, they receive a 176 euros (200 US dollars) bonus. The card also offers a 20 percent discount when purchasing or renewing a Samsung VIP Advantage membership.

The entire experience is designed with mobile in mind. Once approved, the card is instantly activated within the Samsung Wallet app, allowing users to instantly make payments, check balances and manage their account directly from their smartphone or other compatible device. The digital wallet also brings together payment cards, passes, IDs and digital keys in one place.

The card is issued by Barclays Bank, which is expanding its presence in the field of digital banking in the US with this step. The Visa network ensures wide acceptance and security of payments worldwide. Applications for the card are open from July 22nd on the manufacturer's official website.

While the offer sounds very tempting for regular buyers of their technology, we should not forget that financial products from technology companies are primarily designed to tie the user even more tightly to their closed ecosystem. In addition, the most favorable cashback rates are limited mainly to direct purchases of their own devices, while the cashback on general everyday purchases is comparable to other standard credit cards on the market.