Credit Card

Sams Club Credit Card: The Good and the Bad

Sams Club Credit Card

Sams Club Credit Card By MasterCard

The Sam’s Club’s latest, the MasterCard credit card launched and put in effect this past June, is making waves and is seemingly pretty talked about. Offering a sweet rewards program along with the added security feature of being the first of its kind microchip enabled store or club card, Sam’s credit card could be the one to consider if you’re shopping for a new one.

The Sam’s Club Credit Card is available strictly to the members of the club. It is available to the Sam’s Savings, Sam’s Business, and the Sam’s Plus members. To apply for the Sam’s Club MasterCard credit card you need to register for your Sam’s Club membership before the application.

In what they are calling the 5-3-1 Rewards Program the new card is offering a pretty great deal:

  • 5% cash-back on gas at gas stations and at Sam’s Club
  • 3% cash back on all restaurant dining and travel expenses worldwide
  • 1 % on all other purchases
  • No annual fee
  • The new MasterCard co-branded credit can be used anywhere MasterCard is accepted across the globe
  • Extended Warranty Coverage for consumers and Extended Warranty Insurance for businesses
  • Identity theft resolution services for all consumers
  • MasterRental services for all businesses
  • You can earn up to $5000 in cash-back rewards

These are all great offers; very few cards offer a 5 percent on gas year round. Getting a 3 percent on dining and travel is pretty rare too. Now here are the things that no one will tell you up-front yet are very important for you to know before you consider getting yourself a shiny new Sam’s Club MasterCard:

  • The 5% cash-back in on $6000 spent in a year. After the first $6000 you will only earn 1%. It’s great for you if you drive A LOT, even then if you max out on gas by spending so much, it’s only $300 cash-back.
  • Gas stations located in other supercenters and warehouse clubs are not included.
  • The cash-back for multiple accounts for a business will be combined to determine the maximum $5000 cash-back limit.
  • The cash-backs will be given to you in the form of checks, payable every February. Since the payee is Sam’s Club, they can only be redeemed at the store.
  • Unredeemed checks expire in 6 months
  • If you are no longer a Sam’s Club member, you forgo and forfeit any earnings.
  • These cash-backs do not include grocery purchases; surprising considering that the parent company of Sam’s Club, Wal-mart, is the biggest grocer of the country.
  • While the new card gives no added benefit to the Sam’s Plus members over the Sam’s Savers meaning that paying a $45 a year membership and a $100 per year membership equals the same rewards, there is a Cash-Rewards program that each Plus member gets automatically enrolled into. These members receive a $10 rebate at every $500 spent at the club.

The Sam’s Club MasterCard is managed by the GE Capital. At present Visa and American Express are not accepted at Sam’s. However, that does not mean that you absolutely have to have a Sam’s Club MasterCard. Any other MasterCard, debit or Discover card will still be accepted there.

If you are already a Sam’s Club member, then this credit card is the obvious and the wisest choice for you. If not, then owning a Sam’s Club credit card isn’t an absolute necessity.

Overall a great improvement over the last credit card offered by Sam’s Club with major changes and competitive offers in the rewards category over other credit cards in the market. Thanks for your interest in Sams Club Credit Card post.

About the author

Willie DeJarnette

Just wanted to provide some basic knowledge of credit cards, credit score, and other credit types financial resources. Always trying to provide an understanding how to use credit cards and basically staying away from financial ruins.

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