The rivalry between Apple and Samsung is widely tagged as one for the ages. Now, you can add a dedicated credit card, and the proverbial bag of goodies that comes with it, to the already extensive arena where the two behemoths are determined to fight it out.
Samsung is apparently partnering with Barclays to launch a dedicated credit card in the US
The Wall Street Journal is now reporting that Samsung is pairing up with Barclays to launch a rival credit card to Apple's in the US. As per additional details, the credit card would reportedly launch on Visa's network, and offer lucrative cashback benefits that can then be transferred to the Samsung Wallet, where those benefits could be used to subsidize additional purchases.
What's more, Samsung is also planning to launch an entire suite of financial products, including prepaid accounts, high-yield deposit accounts, and a bolstered 'Buy Now, Pay Later' offering. These products, in conjunction with the Samsung credit card, are expected to bolster the competitiveness of the South Korean behemoth in countering the dominance of the Apple Card and Apple Pay.
Of course, Samsung sells a wider variety of products than Apple, with its range of home appliances including TVs, smart refrigerators, washing machines, dryers, dishwashers, and various cooking appliances like ovens and microwaves. As such, Samsung's upcoming financial products can help the company not only to lock in additional smartphone sales, but also provide a boost to its wide array of home appliances.
Do note that Samsung already provides similar financial products not only in its home base of South Korea but also in one of the world's largest consumer markets, India.
Samsung Card Vs. Apple Card
For the benefit of those who might not be aware, the Apple Card debuted in 2019 in partnership with Mastercard and Goldman Sachs. The card offers an unlimited 2 percent cash back when used with Apple Pay, or an unlimited 3 percent cash back when used at Apple's partner merchants.
Nonetheless, the Apple Card is said to be incurring huge losses for Goldman Sachs, and there are reports that Apple might switch to JPMorgan to continue the service. Specifically, the Apple Card's high growth rate and the attendant regulatory requirement to front-load reserves are creating a huge headache for Goldman Sachs. If Samsung does manage to launch its credit card in the US in partnership with Barclays, Apple's possible deal with JPMorgan could provide a blueprint for the arrangement.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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