Sam’s Credit Card is Right for You? – If you are a fan of buying large quantities to save money, one of the good opportunities is to get to know Sam’s Club.
Sam’s Club is one of the largest wholesale clubs in the US and each offers several types of money back credit cards. So how do you know if Sam’s Club® Mastercard® is right for you?
Everything you’ll like about Sam’s Club® Mastercard®
The biggest benefit of this card is the percentage of high cash returns in three categories: 5 percent on gas up to $6,000 per year (then 1 percent afterwards), and 3 percent for food and travel.
Sam’s Club® Mastercard® does not have an annual fee, so you will save on that expense.
However, you must be a member of the Sam Club to apply, so you must pay $45 to join if you are not yet a member and maintain an annual membership fee to use the card.
This card also functions as your Sam’s Club membership card, so there is only one card that can be tracked.
What you should consider before applying for Sam’s Club® Mastercard®
One of the biggest disadvantages of this card is the low cash return on purchases other than gas, food and travel.
When you use Sam’s Club® Mastercard® for other purchases (even at Sam’s Club), the refund rate is only 1 percent.
That’s something you want to consider before applying for a card because there are other wholesale club cards that offer a higher percentage of refunds for purchases within the club – including the Costco Anywhere Visa® Card by Citi, which offers 2 percent for purchases at Costco and Costco.com .
Another disadvantage of Sam’s Club® Mastercard® is its uncomfortable redemption method. The cash back prize is only given once per year with a check paid to Sam’s Club and can be cashed only at Sam’s Club shop.
Also keep in mind that Sam’s Club® Mastercard® has a cash back limit of $5,000 per calendar year. However, fortunately, only the biggest shopper has to worry about that limitation.
Is Sam’s Club® Mastercard® right for you?
If you plan to fill your gas tank at Sam’s Club regularly, you will get a large income with a 5 percent cash refund for this card. You will also get a bonus if you usually fill up most of your meal and travel costs. However, if you split between shopping at Sam’s Club or one of its competitors, you might find you will get more cash with a Costco or BJ card, which offers a higher percentage of cash returns on purchases within the club.