Samsung Pay Cash card: features, pros & cons

Samsung Pay Cash card was created in collaboration with Mastercard and Netspend

Samsung Pay Cash Card: features, pros & cons. Source: samsung.com

Mobile wallets are getting a universal character these days. Swiping your phone at the store checkout is no longer a wonder. Yet online shopping carts will still require entering your debit/credit card details. Samsung suggests solving this problem with their Samsung Pay Cash card.

What is Samsung Pay Cash card

Samsung Pay Cash is a virtual prepaid cash card without a physical duplicate that you may add to your Samsung wallet.

Users can add funds to it either from an existing debit/credit card within the app or by money transfer from an external bank account. The latter transaction needs your routing number and account number. The card can be used for both online and in-store shopping.

Samsung Pay Cash was created in collaboration with Mastercard and Netspend, a leading provider of consumer payment solutions.

Availability

This digital card allows payments at any store where Samsung Pay and Debit Mastercard are accepted.

It’s compatible with Samsung Pay enabled phones (S6 or later).

It’s compatible with Samsung Pay enabled phones (S6 or later). Source: shutterstock.com

Users can manage their funds through a digital account and make payments using Samsung Pay via NFC or MST or through in-app P2P payments.

The service is available to the residents of the USA with the exception of the state of Vermont. You must be at least 18 years old (19 in some states) to use this new feature.

All account holders are subject to strict identity verification. Card activation and ID verification are required before you can use the Card account. If your identity is partially verified, the use of the Card account will be restricted to in-store purchase transactions. Restrictions prohibit ATM withdrawals, international transactions, account-to-account transfers and additional loads.

Features

Along with the obvious payment transactions, Samsung Pay Cash offers a nice reward program. Samsung Reward points can be redeemed for Samsung products, instant win prizes, etc.

It is created with top-notch security options. Samsung Pay can only be opened by the owner since it’s protected by the Samsung Knox and Mastercard token services. That enables you to store and use your card easily without exposing the 16-digit card number. The requests to add money to the card must be confirmed by entering PIN, fingerprint, or iris scan. It significantly diminishes the chances of fraud.

For a limited time, the company has a special offer. If you complete your registration for Samsung Pay Cash among the first 20000 qualified users, Samsung will automatically give you a $5.00 credit in your Samsung Pay Cash account, so you can start using it right away.

Samsung Pay can be used in any store that accepts magnetic stripe, EMV, and NFC chip cards. Source: shutterstock.com

Pros & Cons

➕ Samsung Pay can be used in any store that accepts magnetic stripe, EMV, and NFC chip cards. Mastercard debit cards are accepted practically anywhere too. So, Samsung Pay Cash is almost universal in its applicability.
➕ Numerous secure ways to top up the account.
➕ Compulsive shopaholics are restricted in their spending by the card’s prepaid limits. There will be no overdraft.
➕ It can be used for P2P transactions.
➕ You can earn nice bonuses for using the card.
➕ You can use Samsung Pay even if you don’t own a debit/credit card.

➖ It won’t help to improve your credit score. Using a prepaid debit card isn’t a sign of financial responsibility for the creditors.
➖ It is available in the US only, and somehow not in Vermont.
➖ It cannot be charged via ATMs, with paychecks, or at certain retail locations.

Samsung Pay Cash card vs. Apple Card

Those two digital cards have much in common but also they are fundamentally different.

Features to compare Samsung Pay Cash Apple
Type of the card Virtual prepaid debit card Digital credit card + a physical card with no digital numbers printed on it
Bonuses Reward points that can be exchanged for certain products/prizes 3% daily cashback that can be spent in any possible way. It applies to everything you buy from Apple or select merchants.

2% daily cashback when you use Apple Card with Apple Pay.

1% daily cashback when you use Apple Card without Apple Pay.

Special features Reload options, P2P transactions Spending categorisation charts
Security Samsung Knox and Mastercard token services Face ID, Touch ID, unique transaction codes. A physical card has no 16-digit card number on it.
Relation to your credit history Isn’t affected by credit scores, and also won’t affect one Subject to credit approval
Availability The USA except for Vermont The USA

 

SEE ALSO:

facebook