Samsung Pay Rewards Redemption Details Are Out + 2x Points Until December 31st, 2016

Introduction

Samsung Pay Rewards has officially launched, for those that don’t know Samsung Pay Rewards offers you a fixed amount of points per transaction (10) and an elite status program that increases the amount of points you earn per transaction:

Your status lasts until the end of the calendar month you earn in it and then the next calendar month. For example, if I earned Platinum Status on November 25th that status would be valid until December 31st. You’re also limited to a maximum of 50 transactions per month, so the maximum amount of points you could earn is 2,000.

Keep in mind you earn these rewards in addition to whatever you’d normally earn from your credit card.

2x Promotion

• In celebration of our new Samsung rewards program, we’re giving you 2x the points for every qualified purchase. Now through 12/31/16.

Update: According to this comment it’s on all points earned, not just base points.

I’m not entirely sure if this is 2x points on only base points (e.g 20 base points per transaction and then an additional 10 points for silver, 20 for gold & 30 for Platinum) or on elite points as well (e.g 20 for entry level status, 40 for silver, 60 for gold and 80 for platinum).

Redemption Options

Previously we had no idea what points could be redeemed for. Here are the options:

50%/75% off refers to the point price being discount (e.g you don’t pay 5,000 points for a 50% cash discount on a $50 gift card). This means that normally gift cards will cost:

• $10 merchant gift card: 2,400 points (0.416¢ per point)
• $20 merchant gift card: 4,800 points (0.416¢ per point)
• $50 merchant gift card: 10,000 points (0.5¢ per point)
• $5 Visa gift card: 1,500 points (0.333¢)
• $20 Visa gift card: 5,000 points (0.4¢)
• $50 Visa gift card: 10,000 points (0.5¢)

Best bet is 0.5¢ per point. Given that you can earn 40 points per transaction, you’re basically getting 20¢ per transaction up to $10 per month by using Samsung Pay if you keep Platinum status and max it out with 50 transactions per month. Not the biggest bonus in the world, but Samsung Pay works basically everywhere unlike other mobile wallets and you earn your normal credit card rewards.

Obviously during the first months it’s a little bit better with the 2x points (although obviously no elite status to start things off) and a 50% discount on rewards.

Hat tip to ekaceerf on /r/churning