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Samsung Electronics is making its first major move into the US credit card market, partnering with Barclays to launch a rewards card that takes the South Korean technology giant deeper into consumers’ everyday financial lives.
The Samsung Galaxy Card, issued by Barclays US Consumer Bank on Visa’s network, will be integrated into Samsung Wallet. Applications will open on July 22.
Customers will be able to apply for the card, manage their accounts, track spending and redeem rewards through Samsung Wallet, the company’s digital platform for payments and other credentials.
The launch gives Samsung a new way to extend its relationship with consumers beyond smartphones, televisions and other electronic devices. It also strengthens Barclays’ push to expand its US consumer business through partnerships with major brands.
Samsung Galaxy Card rewards
The card offers 5 per cent cash rewards on eligible purchases made directly with Samsung.
Cardholders will also earn 3 per cent cash rewards on purchases made through Samsung Wallet, 2 per cent on eligible streaming services such as Netflix, Disney+ and Spotify, and 1 per cent on all other purchases.
New customers can earn an additional $200 in bonus cash rewards after spending $2,000 within the first 90 days of opening an account.
The Samsung Galaxy Card will be available as a virtual card and as a premium metal physical card featuring a black Samsung logo.
The card can be stored in Samsung Wallet alongside other compatible payment cards, IDs, passes and digital keys.
Samsung looks beyond smartphones
The credit card launch is Samsung’s first US credit card programme and could mark the beginning of a broader push into financial services.
“The relationship that we’re building with Barclays is a strategic and long-term relationship,” Sih Lee, executive vice president and head of North America Fintech Business at Samsung Electronics, said.
“While we don’t have everything all lined up today, we do have intention to collaborate and explore all avenues of different products and different capabilities that we can actually make available as it makes sense to our customers,” Lee added.
The comments point to the possibility of Samsung expanding its partnership with Barclays beyond credit cards.
Samsung has a sizeable customer base that could support such an expansion. Lee said 70 per cent of US households have a Samsung device, while nearly 30 per cent own three or more Samsung products.
The company could therefore use its existing hardware and software ecosystem to deepen engagement with customers through financial and other digital services.
For Barclays, the Samsung partnership is part of a wider strategy to grow its US consumer banking business.
“Partnering with Samsung is a strong example of Barclays’ partner-first strategy and the innovation we’re bringing to the market with some of the world’s most recognised brands,” Denny Nealon, CEO of Barclays US Consumer Bank, said.
“Together, we’re creating seamless, rewarding digital banking capabilities and products that meet customers where they are — in their Samsung Wallet — and fit naturally into how they live, shop, and connect,” he added.
Barclays has built its credit card business through partnerships with airlines, cruise operators and other consumer brands. The bank has been widening that strategy in recent years.
In 2024, Barclays acquired the General Motors credit card business, allowing customers to earn and redeem rewards on new Buick, Cadillac and other GM vehicles, including electric vehicles.
The acquisition helped Barclays expand its footprint in the US credit card market.
Samsung takes on Apple in digital wallet race
The Samsung-Barclays partnership also adds a new dimension to the competition between Samsung and Apple in the US payments market.
Apple Pay has become a major digital payments platform in the US, while Samsung Wallet is seeking to deepen its role in payments and other digital services.
The competition is increasingly moving beyond smartphones and operating systems. Technology companies and banks are looking to make digital wallets a central point for payments, rewards, credit and other financial services.
The Galaxy Card gives Samsung another way to drive activity through Samsung Wallet. It also allows Barclays to tap into Samsung’s large customer base through a financial product embedded directly into the company’s digital ecosystem.
For Samsung, the opportunity could extend well beyond the initial credit card.
The company has indicated that its relationship with Barclays is intended to be long term and that the two sides could explore additional products and capabilities.
That makes the launch potentially more significant than a standard co-branded card. Samsung is now testing whether its vast technology ecosystem can also become a platform for financial services.
With inputs from agencies.
