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Samsung reportedly preparing to launch U.S. credit card

Published: 09 Nov. 2025, 19:34 Updated: 09 Nov. 2025, 19:44

Samsung Electronics' Samsung Wallet online payment service [SAMSUNG ELECTRONICS]

The Galaxy vs. iPhone debate may now become the Samsung Card vs. Apple Card debate. Samsung is reportedly preparing to enter the U.S. credit card market, potentially setting the stage for a new front in its rivalry with Apple — this time in the financial services sector.

The Wall Street Journal reported on Friday that Samsung Electronics is in talks with Barclays, a London-based bank, to launch a co-branded credit card in the United States. The card would likely operate on the Visa payment network and be issued through Barclays' U.S. affiliate. Although Samsung already offers its Samsung Wallet digital payment service (formerly known as Samsung Pay) in the United States, it has never launched a credit card in the U.S. market.

Documents obtained by the Wall Street Journal suggest that Samsung is also exploring a host of other financial products, including high-yield savings accounts, digital prepaid accounts and various “buy now, pay later” offerings. One envisioned model would allow users to receive cashback rewards — called “Samsung Cash” — when using a Samsung credit card, which could then be deposited into a high-interest Samsung savings account.

The report said the collaboration aligns with Samsung’s efforts to strengthen Samsung Wallet’s position in the United States and Barclays’ goal of expanding its footprint in the U.S. financial sector. The companies are reportedly in the final stages of negotiations.

Since its 2015 launch, Samsung Wallet has attracted more than 18.66 million users in Korea and established itself as a leading digital payment platform. But in the United States, its presence remains relatively limited, even among Galaxy smartphone users.

Apple, on the other hand, partnered with Goldman Sachs and Mastercard to launch the Apple Card in 2019 and has since gained significant traction in the U.S. financial market. The Apple Card offers 1 percent cashback on general purchases, 2 percent via Apple Pay and 3 percent on Apple products. Its popularity has been bolstered by a lack of annual fees or late charges and its same-day cashback system.

If Samsung proceeds with its U.S. credit card launch, it could build a Galaxy-centric financial ecosystem that mirrors Apple’s, pitting Galaxy phones, Samsung Wallet and the future Samsung card against the iPhone, Apple Pay and Apple Card. Such ecosystem expansion is already central to Samsung’s North America strategy. The company aims to boost customer loyalty, attract new users and secure steady platform-based revenue streams.

In July, Samsung acquired U.S. healthcare platform company Xealth as part of its efforts to integrate its devices more deeply within the digital health services market.

Industry observers say Samsung’s status as a full-spectrum electronics company gives it broader potential for synergy. “In the United States, Samsung could drive card adoption by offering product discounts or subscription perks on TVs and appliances purchased with a Samsung card,” one industry source said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY LEE GA-RAM [[email protected]]