Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Samsung launches 1st co-branded credit card ahead of Galaxy Unpacked
The Samsung Galaxy Card / Courtesy of Samsung Electronics
By Nam Hyun-woo
Samsung Electronics unveiled its first co-branded credit card in the United States on Monday (local time), expanding its digital wallet ecosystem ahead of its Galaxy Unpacked event on Wednesday, where the company is expected to introduce its latest Galaxy devices.
The Samsung Galaxy Card, issued by Barclays U.S. Consumer Bank on the Visa network, offers cash rewards on everyday purchases, with higher rewards for Samsung-related purchases.
Eligible customers can apply for the card beginning Tuesday, while general public applications will open on Wednesday, the same day Samsung is scheduled to hold its Galaxy Unpacked event.
The company said cardholders who spend $2,000 within the first 90 days of opening an account will receive $200 in bonus cash rewards.
The card offers 5 percent cash rewards on eligible Samsung purchases, 3 percent on purchases made through Samsung Wallet, 2 percent on select streaming services including Netflix, Disney+ and Spotify, and 1 percent on all other purchases. Cardholders also receive a 20 percent discount on Samsung VIP Advantage memberships and can earn additional rewards when purchasing or renewing memberships.
Available as both a virtual card and a premium metal physical card, the Samsung Galaxy Card is integrated with Samsung Wallet, allowing users to store it alongside payment cards, digital IDs, passes and digital keys.
Samsung said the integration is protected by its Knox mobile security platform.
"For years, users have relied on Samsung products to enhance their daily life," said Chai Won-cheol, executive vice president and head of the Digital Wallet Team at Samsung Electronics' Mobile eXperience Business.
"Samsung Galaxy Card offers users a new way to be rewarded every time you pay."
Barclays U.S. Consumer Bank CEO Denny Nealon said the partnership reflects the bank's strategy of developing co-branded financial products with leading global companies. Visa said the collaboration combines Samsung's device ecosystem, Barclays' financial services expertise and Visa's payment network.
The launch comes ahead of Samsung's Galaxy Unpacked event in London on Wednesday, where the Korean technology giant is expected to unveil a lineup of new products, including foldable smartphones and smart glasses.