Sam’s Club Credit Card Complete Usage Guide & Credit Card Review

Sam’s Club Credit Card Complete Usage Guide & Credit Card Review.

Sam’s Club Credit Card: The Sam’s Club Credit Card is better for those having time to pay off big purchases from Sam’s Club or Walmart. Under the terms published online, interest-free promotions are available from time to time , providing cardholders with limited periods of time to carry a balance without accruing financial charges.

Sam’s Club Credit Card

Sam’s Club ® Card ® represents an outstanding gas cashback wallet. If you want a credit card that is closed-loop, you can only use it at Sam’s Club, you might want the Sam Club Credit Card.

About Sam’s Club Credit Card

Sam’s Club Credit Card can only be used in Sam’s Club and Walmart stores and provides no incentives on transactions because it is mainly for lenders who are unable to qualify for a better credit card that can be used more widely.

If your credit is just fair (if you have a FICO score of 580 to 669) and you frequently shop at Sam’s Club and Walmart, this card may be a worthwhile financing tool, albeit with a steep interest rate.

When you are searching for a card to build up your credit score, and want to stop an annual charge, it could also be a good choice. Responsible use and regular on-time payments will boost your credit profile over time.

By the same token, you should instead consider Sam’s Club Mastercard, if you have good credit. This alternative can be used wherever Mastercard accepts, and it offers cash back on every dollar you spend.

Just keep in mind that you must be a member of Sam’s Club to apply for either card, and you will not be able to use it if your membership is suspended or canceled for whatever reason. The total cost of joining the warehouse club is $45 per annum.

Read Also: Lane Bryant Credit Card Review.

Card Benefits

  • Higher cashback in certain categories: The Sam’s Club Mastercard offers 5% back on gas and 3% back on dining and travel. The 5% cashback on gas-only applies to the first $6,000 in gas purchases each year, however.
  • No foreign transaction fee: This card charges no foreign transaction fees, and because it’s a Mastercard, it’s widely accepted abroad.
  • Signup bonus. Open your account at SamsClub.com and spend $45 or more at SamsClub.com the same day you open your account. You’ll then get a $45 statement credit bonus.
  • Special financing options. Get special financing options for certain transactions. You can get 0% promotional interest between 6 and 48 months to pay for your purchases. There are two types of financing options: No interest and no interest if paid in full. A variable purchase APR will apply to any remaining balance after the promotional interest period.
  • Cash access at the store’s registers. Get up to $100 cash in cash access at any Sam’s Club or Walmart register by being a cardholder. You can get the cash advance in $20 increments but you are limited to one cash advance per day. This means you can get $40 one day and $20 another day, but once you reach $100, you can’t take other cash advances until you pay them off.
  • Acts as your club membership card. You don’t need a membership card if you have the Sam’s Club® Credit Card with you at the store.
  • No annual fee. You won’t pay an annual fee for the life of the card.

Cons of the Card

  • Store card. You can only use the card at Sam’s Club and Walmart locations. If you want a more universal credit card, consider Sam’s Club® Mastercard®.
  • You must pay your balance in full if using special financing. If you have an outstanding balance after the No interest if paid in full promotional period expires, you’ll accrue interest starting from the moment you made the purchase. This can be hundreds or thousands of dollars in interest, so make sure you pay off your balance on time.
  • High APR. Unlike other cards where you can get lower APR based on your creditworthiness, with this card, everyone gets equal APR of a variable. But you can avoid paying interest with timely payments.
  • Membership fee. The card comes with no annual fee, but you need to pay for a Sam’s Club membership before you can apply for it.
  • No rewards. If you’re looking to earn cash back or points, look for other alternatives.
  • Limit to the Amount of Cash Back: You can earn 5% cash back on up to $6,000 in gas purchases each year, for a total of $300. Once you reach the $6,000 threshold, gas earns just 1% cashback. On top of that, you’re limited to $5,000 in total cashback for the year.

Other Bad Sides Includes:

  • Must Buy a Sam’s Club Membership to Use the Card at Sam’s Club: Even though the Sam’s Club Mastercard can double as a membership card at Sam’s Club, you don’t get automatic membership. You still have to pay for that membership if you want to use the card for shopping at Sam’s Club. What’s more, because the cash-back rewards can only be redeemed at Sam’s Club, you’ll need a membership in order to take advantage of the rewards program. A regular Sam’s Club membership costs $45, while a Plus membership, with additional benefits, is $100.
  • Small One-Time Offer, Only Available for a Limited Time: There is a bonus of sorts with this card but it is quite modest compared to what you could get with many other cash back credit cards. Currently, the bonus offer is a $45 statement credit after spending $45 on the day of account opening (which equals the dollar amount of the membership fee for new members); offer expires June 15, 2020.

Bottom line

Bottom line

If you’re a Sam’s Club member and you want to get special financing options for purchases made at the store, this could be a card worth considering. Sam’s Club Mastercard is a great choice of card for Sam’s Club members who particularly spend a lot on gas.

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