You bought the Samsung Note 7; now what?

On Friday, electronics giant Samsung confirmed it will recall its Galaxy Note 7 smartphone following reports of the devices exploding while being charged.

The company says as of September 1, it has received 35 reports from owners of the Note 7 complaining their smartphone either caught fire or exploded soon after charging.

Samsung to recall Galaxy Note 7 off battery issue

Here are 5 things you need to know about the issue, and how it could affect you if you own a Note 7.

1. The battery is the problem.

Samsung says the problem has been caused by a "battery cell issue," and is working with suppliers to determine affected phones in the market.

The battery issues seem related to charging the devices, with reports claiming the phones catch on fire or even explode after a charge. Several tweets and YouTube videos have popped up appearing to show the aftermath of this battery problem.

2. Samsung will replace your Note 7.

If you bought the Galaxy Note 7, Samsung says it will voluntarily replace it for free "in the coming weeks." Samsung says it's working with wireless carriers on a program to exchange current models, with details expected today.

3. You may want to hold off charging your phone.

One thing Samsung has yet to discuss: is it safe to keep using your Note 7 if you own one? The company sold more than 1 million smartphones since launch, and have only received 35 reports of faulty batteries. It's likely Samsung will reveal details on what to do while you wait for a replacement phone. In the meantime, if you can, it might be best to wait to charge your phone until Samsung offers more details. Although the idea of going without your smartphone for a while seems downright crazy, better than having one catch fire.

4. You won't be able to buy a Note 7 for a while.

Along with taking back current Note 7 devices in the wild, the company is also halting sales of the device until it fixes the problem. U.S. wireless carriers T-Mobile, Verizon and AT&T said they stopped selling the Note 7 Friday and began working on how to handle customer returns and questions.

5. This could not come at a worse time for Samsung.

The Galaxy Note 7 was praised by critics, some arguing it's the best smartphone on the market. After a smartphone slump thanks to Apple finally catching up on larger screens and smaller smartphone makers pushing into the low-cost device market, Samsung seemed to rebound last quarter, reporting its most profitable quarter in two years because of sales of the Galaxy S7.

Meanwhile, its fiercest rival, Apple, is about to unveil its next iPhone, which will likely hit stores in September. How many of those Galaxy Note 7 owners will switch to an iPhone instead of waiting for a replacement?

Follow Brett Molina on Twitter: @brettmolina23.