Samsung Electronics announced the launch of its first U.S. co-branded credit card on Monday, developed in partnership with Barclays. The Samsung Galaxy Card will operate on the Visa network and is integrated into the Samsung Wallet app. The digital-first card allows users to manage accounts, track spending, and earn rewards, including 5% cash back on Samsung purchases, directly through their mobile devices.
The move marks an expansion of Samsung's financial services division in the United States. Sih Lee, head of North America Fintech Business at Samsung Electronics, stated that the partnership with Barclays is intended to be a long-term strategic relationship. Lee indicated that the company plans to explore additional financial products and capabilities beyond credit cards.
Barclays US Consumer Bank executives noted that the partnership aligns with a growing trend of consumers managing finances through smartphones rather than physical wallets. Barclays has recently sought to expand its U.S. credit card footprint through similar partnerships, including a previous acquisition of the General Motors credit card portfolio in 2024. According to Samsung, approximately 70% of U.S. households own at least one Samsung device.