Barclays Bank (BCS.US) and Samsung launch a new US credit card to further expand the consumer finance business

The Zhitong Finance App learned that Barclays Bank (BCS.US) is teaming up with Samsung Electronics to launch a new US credit card. The British bank intends to use this to expand the scale of its US consumer finance business and further enrich the cooperative ecosystem.

According to an email statement, the move marks Samsung's first launch of a credit card program in the US. The two companies said in a joint statement that the card aims to provide new financing options for consumers to buy Samsung devices and comes with cashback rewards.

Although Barclays has long cooperated with major airlines and cruise operators on credit cards, it has gradually broadened its business boundaries in recent years. In 2024, the bank's US consumer finance department cooperated with GM to launch two credit cards; in October of last year, they also agreed to spend 800 million US dollars to acquire Best Egg Inc., a personal loan origination platform that faces consumers.

The Barclays Samsung Galaxy Card launched this time has no annual fee. All Samsung products purchased online or offline in the US can enjoy 5% cashback. In addition, it also includes multiple benefits such as 2% cashback for streaming services.

Denny Nealon, CEO of Barclays US Consumer Finance, said in an interview that the partnership with Samsung is “a model for building a balanced product portfolio.” “This is a very active market, and we aim to continue to be a leader in partnering with brands,” he said.

Driven by increased customer consumption activity and business growth, Barclays's US consumer finance division recorded revenue of £983 million in the first quarter, an increase of 14% over the previous year.

Samsung's competitor Apple also has a credit card business. Apple had previously cooperated with Goldman Sachs Group in this business, but the Wall Street giant faced challenges in entering the consumer finance business. Earlier this year, Apple announced that J.P. Morgan Chase would succeed Goldman Sachs as a new partner in its credit card business.