Key Takeaways
1. Samsung is planning to launch a new credit card in the U.S. in partnership with Barclays Bank.
2. The new credit card will compete with Apple’s offerings by providing cashback rewards and integration with Samsung Wallet.
3. Ongoing discussions between Samsung and Barclays are expected to conclude with a public announcement before the end of 2025.
4. Samsung is expanding its financial products, including digital prepaid cards, high-yield savings accounts, and Buy Now Pay Later options.
5. The initiative aims to strengthen Samsung’s financial ecosystem in the U.S. and enhance the use of Samsung Wallet.
Samsung is said to be gearing up to launch a new credit card in the U.S. in collaboration with Barclays Bank. This initiative is clearly designed to rival Apple’s increasing presence in consumer finance with its Apple Card and Apple Wallet. The new card is likely to operate on Visa’s payment network and will be integrated with Samsung Wallet. Users can expect to earn cashback, which can then be moved to their Samsung accounts for future purchases of Samsung or partner products.
Ongoing Discussions
As reported by The Wall Street Journal, talks between Samsung and Barclays are still in progress, with a public announcement expected before the close of 2025. Moreover, Samsung is working on a wider array of financial products, which includes digital prepaid cards, high-yield savings accounts, and Buy Now Pay Later options. These offerings are set to broaden Samsung’s financial ecosystem in the U.S. and encourage more people to utilize Samsung Wallet, its mobile payment and digital services platform.
Competing with Apple
This strategic move comes after Apple’s achievements with the Apple Card, which debuted in 2019 via a collaboration with Goldman Sachs and Mastercard. The Apple Card grants cashback rewards and interest-free payment plans for Apple products, although Goldman Sachs has encountered significant losses from this project. Currently, Apple is reportedly in discussions with JPMorgan Chase to potentially take over this partnership.
Samsung’s prospective credit card collaboration with Barclays reflects its previous efforts in South Korea and India, where the company already provides co-branded cards and integrated financial services linked to its Galaxy ecosystem. The goal in the U.S. is to repeat that success by fostering closer ties between its hardware, software, and financial services. Negotiations between Samsung and Barclays have taken longer than anticipated, and the final details of the partnership are still unclear.
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