Sam’s Club MasterCard Credit Card Application – Should You Apply?
If you are considering applying for a Sam’s Club MasterCard, you should read up on its features. Here is a quick run down on what you can expect.
Does Sam’s Club MasterCard charge an annual fee?
No, there is no annual fee for this card. The lack of an annual fee is unusual for a card with such high cash back percentages for some categories. However, you do need to be a Sam’s Club member to apply, and there is an annual membership for that. If you aren’t already a Sam’s Club member, you could consider this to be a de facto annual fee for the card.
Who is it good for?
The Sams Club Credit Card is good for people who already have a Sam’s Club membership who also spend a lot on gas, travel and dining. It has an unusually high reward amount for these categories. For gas purchases, you can earn 5 percent back on the first $6,000 spent annually. For dining and travel purchase, you can earn 3 percent cash back. These percentages beat the 2 percent flat rate of the highest general purpose cash back cards.
If you have a Sam’s Plus membership, are there any extra card perks?
Sam’s Plus members will can earn up to an additional $500 in cash annual cash back rewards on the Sam’s Club MasterCard. For every $500 worth of qualifying purchases at Sam’s Club, you earn an additional $10 in cash back. This is on top of the $5000 cash back, raising your potential total annual cash back to $5,500.
What about security?
The card was the first card of its kind to be chip-enabled. Although it is a common feature for travel cards, the Sam’s Club MasterCard was the first U.S. retail credit card with a chip.
Is there a sign up bonus?
No, this card does not have a sign up bonus. If you are specifically looking for a card with a sign up bonus, you need to keep looking.
Who should not get this card?
If you have no car or otherwise do not purchase gasoline, this card will be substantially less valuable because cash back on gasoline is its largest perk. If you have no Sam’s Club membership and are against getting one for some reason, this may be another reason to forego this card. People who cannot wait a year for their cash back and expect to need it monthly should also consider another card.
What is a quick run down of its perks?
No Annual Fee
5 percent cash back on your first $6000 worth of gas. 1 percent on gas purchased thereafter.
3 percent cash back for dining or travel
1 percent cash back on all other purchases
You can earn up to $5,000 a year in cash back.
You can get up to $5,500 if you have a Sam’s Plus membership.
Sams Club Credit Card can also be used as your membership ID
How is the cash back redeemed?
They issue checks one a year in the month of February. These checks can only be cashed at a Sam’s Club. So, if you fail to renew your membership for any reason, you will be unable to cash it. It amounts to forfeiting your cash back. You also need to cash the check within 180 days. Some people consider the redemption method inconvenient and aggravating.
Is 5 percent and 3 percent cash back good?
Yes, very much so. Anything above 2 percent is an unusually high cash back reward. Many general cash back cards offer 1.5 or 2 percent on all purchases. Some cards offer higher amounts on certain categories of purchases.
How can I get the most out of this?
In order to reap the most rewards, you should do your best to match high reward rates to your normal spending habits. You will benefit the most if you are already a member of Sam’s Club and you also spend money on gas, dining or travel. In fact, if those two things are true, it would be hard to find a better credit card deal than this one.
What would it take for me to exceed the reward cap?
With an annual reward cap of $5,000 per year, you would need to spend more than $150,000 a year to hit or exceed the cap. For most people, the reward cap will never be an issue.
How do I apply?
A Sam Club Credit Card Application can be found and filled out online at their website. Just go to www.samsclub.com
You can also fill it out in person at any Sam’s Club.
Is it really a good idea to use it while shopping at Sam’s Club?
That depends on whether or not you have other cash back cards and how much they pay. If you don’t have any other cash back cards, you will get 1 percent back on all purchases in store.
But if you have a cash back card that pays more than that and also offers the cash back for purchases at wholesale places like Sam’s Club, then it would make sense to use that card.
However, many cards will not provide cash back on items purchased at Sam’s Club. You will need to read the fine print or call customer service to ask.
If you live in the U.S. or Puerto Rico, this card can get you higher than average cash back on gasoline purchases at most gas stations. The reward does not apply to gas purchased at other wholesalers, such as Costco.
If you have a gas powered vehicle in the U.S., you should be applying for this card. If you have a few minutes to spare, you should go ahead and start filling out the Sam Club Credit Card Application right now. Online credit card applications are secure and easy to apply for in minutes.