Samsung is preparing to enter the U.S. credit market. The company is in advanced discussions with Barclays to launch a co-branded credit card that uses Visa’s payment network. Both firms aim to announce the partnership by year’s end, though talks have taken longer than expected.
The Wall Street Journal reported that Samsung wants to expand its financial footprint and emulate Apple’s success with the Apple Card, which is issued by Goldman Sachs and runs on the Mastercard network. Barclays, meanwhile, hopes to rebuild its presence in the U.S. after losing major airline partners. The British lender sees the Samsung deal as a chance to strengthen its co-brand credit portfolio in the tech space.
If finalized, the card will sit at the centre of Samsung’s wider push into consumer finance. The company is also developing a high-yield savings account, a digital prepaid account, and a “buy now, pay later” product to integrate into its Samsung Wallet. Insiders say the credit card would tie into a cashback system that funnels rewards directly into Samsung’s own financial services.
Expanding Beyond Hardware
Samsung’s long-term plan is clear: it wants its brand to be part of everyday financial habits, not just electronics. The firm already operates similar cards in other markets. Its Samsung Pay Card launched in South Korea and the U.K. in 2020, followed by a co-branded credit card with Axis Bank in India in 2022.
This U.S. venture would connect Barclays to Samsung’s 71 million active mobile users in America. For Samsung, it could boost sales across its ecosystem of phones, TVs, and appliances while deepening customer loyalty. Whether it can match Apple’s influence in financial products, however, will depend on execution.
