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Samsung Electronics is partnering with British global investment bank Barclays to launch its first co-branded credit card in the United States. The card is designed so that everything from application to management and use can be handled through Samsung Wallet, a move aimed at boosting Samsung Wallet usage in the U.S.
According to Reuters on the 20th (local time), Samsung Electronics will launch the "Samsung Galaxy Card" with Barclays. Issued by Barclays and running on Visa's payment network, the card allows users to handle application, account management, spending reviews, and rewards earning and use all through Samsung Wallet. Samsung Wallet is Samsung Electronics' mobile wallet platform that integrates Samsung Pay and Samsung Pass into one. Applications can be submitted online through the U.S. Samsung.com website starting on the 22nd.
5% back on Galaxy phone purchases, 3% on Samsung Wallet payments
What stands out are the striking benefits. The card offers 5% cash back on Samsung product purchases. It provides 3% cash back on payments made using Samsung Wallet, 2% on streaming service payments such as Netflix, Disney+, and Spotify, and 1% on all other purchases.
As a bonus, qualifying new cardholders can receive a $200 cash reward if they spend $2,000 or more within the first 90 days of issuance. They can also receive a 20% discount when paying for Samsung Electronics' paid memberships operated in the U.S.
Samsung Electronics said, "We aim to build a strategic, long-term relationship with Barclays," adding, "We are willing to collaborate on and explore various products and features if we determine they are useful to customers," hinting at the possibility of offering additional financial services.
Doug Villone, head of cards and partnerships at Barclays US Consumer Bank, said the digital card aims to provide a smoother payment experience for customers who manage their finances through mobile devices instead of physical wallets.
Barclays is actively partnering with companies to expand its credit card business in the U.S. In 2024, it acquired General Motors' (GM) credit card business, allowing customers to earn and use reward points when purchasing GM vehicles.
Head-to-head with market leader Apple Pay
Reuters assessed that Samsung Electronics' credit card launch is a head-to-head challenge to Apple Pay, which dominates U.S. payment services. Apple, too, previously teamed up with a major financial firm to launch a credit card to expand Apple Pay. In 2019, Apple launched the "Apple Card" in partnership with Goldman Sachs and Mastercard. The Apple Card offers 1% cash back on regular payments, 2% on Apple Pay payments, and 3% on Apple product payments. It gained popularity for having no annual fee, no late fees, and a cash-back structure refunded on the day of payment. Since January this year, JPMorgan Chase has taken over as the new issuer, replacing Goldman Sachs. As of 2025, Apple's U.S. credit card users number 12 million, with a sales credit (card balances, etc.) balance reaching $20 billion.
According to U.S. market research firm eMarketer, this year's number of digital wallet users stands at 71.6 million for Apple Pay, 42 million for Google Pay, and 15 million for Samsung Wallet, marking a wide gap. The U.S. mobile wallet market is growing rapidly. According to PYMNTS Intelligence, as of September 2024, 31.2% of U.S. consumers had used a mobile wallet in person. That is nearly three times the level of three years earlier.
