A new co-branded MasterCard available exclusively to Sam’s Club members will give 5% cash back on gas, 3% cash back on dining and travel, and 1% cash back on everything else.
The Sam’s Club MasterCard 5-3-1 cash back program will let cardholders earn up to $5,000 in cash back benefits each year. In order to apply for the card, folks must be members of Sam’s Club, but it’s accepted anywhere that takes MasterCard, not just at Sam’s Club. There is no annual fee for the card and the 5-3-1 cash back program began on June 23.
Sam’s Plus members get more cash back with card
Sam’s Club offers consumers three levels of membership: Sam’s Savings, Sam’s Business, and Sam’s Plus. Each tier comes with different benefits, and Plus is the premium option.
Sam’s Savings and Sam’s Business memberships cost $45 a year. For $100 a year, Sam’s Plus members have access to early shopping hours, an extra year for warranties purchased at the store, and discounts on optical and pharmacy purchases.
In addition to those perks, Sam’s Plus members who sign up for the Sam’s Club MasterCard will have two ways to earn extra cash back. On that date, all Sam’s Plus members will begin earning $10 cash back for every $500 they spend at Sam’s Club—no matter how they pay for their purchases. They can earn up to $500 a year through the Sam’s Plus Cash Rewards program, in addition to the $5,000 possible cash back from being Sam’s Club MasterCard members.
Cash back rewards can be used to pay for purchases at Sam’s Club, put toward their Sam’s Club annual membership fee, or redeemed for cash.
High-security EMV technology
Issued by GE Capital Retail Bank, the Sam’s Club MasterCard will be the first major store credit card to come with EMV technology. EMV, or chip cards, utilize a more secure type of technology to keep customers’ purchase information safe. Used widely in Asia, Canada, Europe and other parts of the globe, chip credit cards have been slow to come to the United States.
Chips embedded in EMV cards encrypt each transaction with unique data and make it nearly impossible for thieves to duplicate the cards. Countries where chip cards have replaced older magnetic stripe cards have seen credit card fraud rates plummet.
Chris McWilton, president of MasterCard North America, said that the adoption of chip technology by Sam’s Club will provide a much-needed push forward for EMV cards in the United States. “MasterCard has taken a strong stance on the need for the U.S. market to make the transition to chip-enabled credit cards for the benefit of cardholders and merchants alike.”