Joe Hindy / Android Authority
TL;DR
- Samsung is reportedly in advanced talks with Barclays to launch a co-branded Visa credit card in the US.
- The credit card may offer cashback, which can be redeemed against Samsung products, including phones.
- In addition to the card, Samsung is also said to be exploring financial products such as high-yield savings, digital prepaid accounts, and BNPL.
One of the significant perks of owning an iPhone is that you walk into a seamless ecosystem of convenience. While many people feel suffocated by the walled garden, others appreciate how easy it makes their lives. For instance, iPhone users in the US can apply for an Apple Card, a credit card that is designed primarily for use with Apple Pay on Apple devices. Android doesn’t have a competing product, but it seems that could soon be changing as Samsung is in talks to launch its own co-branded consumer credit card in the US.
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According to a report by The Wall Street Journal, Samsung is in advanced talks with Barclays to launch a consumer credit card in the US on the Visa network. Using the card could earn users cashback, which can be transferred to a Samsung account and redeemed against Samsung products.
The companies are reportedly aiming to announce the tie-up by the end of the year, although the report also notes that previous deadlines have been missed and a deal isn’t assured.
Alongside the co-branded credit card, Samsung is also exploring the launch of a high-yield savings account, a digital prepaid account, and a new Buy Now Pay Later product. The intent appears to be to encourage its smartphone users to use its Samsung Wallet digital wallet more frequently.
Interestingly, Samsung and Barclays are entering a business that Apple’s card partner, Goldman Sachs, has reportedly been trying to exit as it reportedly suffers huge losses. Apple has been rumored to be exploring a switch to JPMorgan Chase as its banking partner. The Apple Card offers 2% cashback when paying through Apple Pay, 3% cashback at partner merchants, and interest-free installments when buying Apple devices.
It remains to be seen how Samsung and Barclays structure their co-branded card. If you are deeply entrenched in Samsung’s ecosystem, this is a card you’ll want to keep an eye out for, if only to earn some cashback on your Samsung phone purchases.
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