Samsung, Barclays launch US credit card to rival Apple
Samsung's first US credit card, issued by Barclays, marks a strategic push to turn its massive device install base into a broader financial services platform.
Samsung Electronics and Barclays on Monday launched the Samsung Galaxy Card, the technology group’s first co-branded credit card in the United States. Issued by Barclays and running on Visa’s network, the card is designed to exist entirely within Samsung Wallet. Users can apply, track spending, and redeem rewards without leaving the application, earning 5 per cent cash back on Samsung purchases and additional incentives in other categories.
The launch represents a direct competitive move against Apple Pay, which currently dominates the US mobile payments landscape. It reflects a broader financial industry shift where technology firms and banks are merging digital wallets with traditional lending products to establish the smartphone as the primary hub for consumer money management.
Samsung’s entry into the US credit market is underpinned by a significant domestic hardware footprint. Sih Lee, executive vice president and head of North America Fintech Business at Samsung Electronics, noted that 70 per cent of US households own a Samsung device. Furthermore, nearly 30 per cent of US households own three or more of its products, providing a vast base of potential cardholders.
The Galaxy Card is intended as a beachhead for a much wider financial services expansion. "The relationship that we're building with Barclays is a strategic and long-term relationship," Lee said. "So 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."
For Barclays, the partnership supports an ongoing push to scale its US consumer banking operations. Doug Villone, head of cards and partnerships at Barclays US Consumer Bank, said the digital card targets consumers who have shifted away from physical wallets. "When we do sign relationships, we naturally look at ways we can expand those over time if it makes sense to consumers," Villone added.
The bank has been actively sourcing new partnerships to grow its card portfolio. In 2024, Barclays acquired the General Motors credit card business, securing a portfolio of auto-loyalty rewards that apply to new Buicks, Cadillacs and other GM vehicles, including electric cars. The Samsung tie-up applies a similar partnership logic to the technology sector, converting hardware brand loyalty into financial services revenue.
