Samsung just launched a credit card - but you probably won’t be able to get one
Samsung teams up with Visa for cashback offers
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Samsungis set to launch a new cashback credit card, which offers a 10% discount on its products year-round.
However, unfortunately for the majority of our readers, the card is only set to be available in India.
Launched in partnership with India’s Axis Bank and Visa, the Samsung Axis Bank Credit Card will see the South Korean giant go up against the likes ofAmazon, which also offer cashback cards aimed at selling their own products.
What will consumers get?
In addition to the discounts on Samsung products, cardholders will also be able to earn rewards on spending at partner merchants and other perks such as airport lounge access, and a 1% fuel surcharge waiver.
The new card is set to have no minimum transaction amount and no limit when it comes to Samsung purchases.
In addition, the new card is to come in two main versions: “Signature” and “Infinite”.
The signature version will have a monthly cashback limit of 10,000 rupees ($123) annually, while Infinite’s will have a limit of 20,000 rupees ($246).
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
Signature is set to have an annual fee of around $6, while Infinite will have a fee of around $60.
Why the move?
Though Samsung devices are still popular in India, its market share in the region has dropped significantly since its peak.
The South Korean consumer tech giant currently has 16.3% percent share of smartphone sales in the region, falling behind Chinese rivals as of late.
Amazon will accept Visa credit cards worldwide after signing truce
JP Morgan is now using Alipay to process credit card payments
Our guide to the best mobile credit card processors
Xiaomi, Realme, and Vivo now boast shares of 20.4%, 17.5%, and 16.9% respectively as of writing,according to IDC.
However, Samsung isn’t the only consumer electronics giant attempting to make inroads into the payments space.
Appleannounced new payment services for iPhone with the launch ofa new array of servicesatWWDC 2022, including Apple Pay Later, a potential competitor to services like Klarna, which enables consumers to split the cost of purchases into four equal payments over six weeks, without incurring interest or late fees.
Will McCurdy has been writing about technology for over five years. He has a wide range of specialities including cybersecurity, fintech, cryptocurrencies, blockchain, cloud computing, payments, artificial intelligence, retail technology, and venture capital investment. He has previously written for AltFi, FStech, Retail Systems, and National Technology News and is an experienced podcast and webinar host, as well as an avid long-form feature writer.
Is it still worth using Proton VPN Free?
Don’t search for information on cats at work — you could be at risk of being hacked
Washington state court systems taken offline following cyberattack
