The Sam's Club Credit Card is a financial tool that can provide you with benefits if you're interested in purchasing products in bulk and earning credit rewards for your purchases.
In this article, we aim to guide you through the process of applying for the Sam's Club Credit Card, its benefits, and the interest rates set by the supporting institution.
Below, we've outlined the headings we will cover.
- About Sam’s Club
- Sam’s Club Credit Cards
- How Do I Apply for a Sam's Club Credit Card?
- Requirements for Applying for a Sam's Club Credit Card
- Interest Rates Applied to Sam's Club Credit Cards
- Benefits of Having a Sam's Club Credit Card
- What Is the Sams Club Benefits Program?
- Contact Information for Sam's Club
About Sam's Club
Sam’s Club is an organization that operates as a subsidiary of Walmart, focusing on the sale of products. What sets it apart is that it caters to wholesale buyers, offering products in bulk.
The first establishment was founded in the United States, but thanks to the growth of the company that oversees both stores, it has managed to expand to various countries.
In order to become a customer of this network of establishments, you must be part of the membership program known as the price club, by applying for a subscription and paying an annual fee.
Financial Products Offered by Sam's Club
As a way to facilitate payments for those who frequently purchase a large quantity of products at Sam's Club, this company offers certain financial products that provide you with a credit line.
These are the Sam's Club Customer Credit Card and the Sam's Club Mastercard, two payment instruments that allow you to finance the purchase of products available there.
Both were created with the purpose of facilitating product acquisition for businesses, but the second one has the particular feature of being used as a conventional credit card, as it is backed by Mastercard.
Sam's Club Credit Cards
As we have already mentioned, there are two credit cards that, in addition to a payable credit balance, offer you a multitude of benefits, including a percentage of cashback on the purchases you make using them.
Furthermore, they are payment tools that do not require the payment of an annual fee, and thanks to this feature, they are considered as free credit cards. However, you must pay the membership in the club.
This credit card is targeted towards the business sector, especially those seeking financing and requiring a line of credit to operate.
Distinctive Features of Each Sam's Club Credit Card
Although the Sam's Club credit cards were created with the same purpose, they offer different benefits. For this reason, we find it pertinent to detail the most significant elements of both.
- The Sam's Club Credit Card is a tool for exclusive purchases within the company's store network and at Walmart.
- In contrast, the Sam's Club Mastercard can be used at any establishment, even internationally, as it is backed by this consortium.
- With the Customer card, you can benefit from a credit line of up to $30 by simply applying and making at least this amount in purchases during the first 30 days of use.
- The Sam's Club Mastercard allows you to enroll in the company's rewards program, where you can receive a percentage of your purchases made with the card.
For both cards, the application process is straightforward, provided you meet the requirement of being a registered member of the price club and having a good credit history.
How to Apply for a Sam's Club Credit Card?
To apply for one of these credit cards, besides meeting the conditions and terms set by the company, you only need to follow the steps detailed below:
- On the main menu, locate the option panel and click on "Sams Club Credit."
- You will immediately see the details of each card. After verifying them, ensure you meet the required criteria, then click on the "Apply Now" section.
- A form will appear that you need to fill out with your Sams Club membership number, name, and surname. Click "Continue."
- Next, provide the financial details of your company, including the number of employees and the date of establishment.
- Accept the terms and conditions by checking the indicated box and select "Submit Now."
From this point on, your application will be sent to the credit analysis department, and within 7 to 10 business days, your card will be sent if the application is approved. Otherwise, you will be informed.
What to Consider Before Applying for Sam's Club Credit Cards?
One of the most important factors to consider is that this is a form of loan, and consequently, your company's finances could be affected if you fall behind on payments.
Therefore, even though it's a card that can boost your business's capital, you need to evaluate whether you can handle this type of debt.
Another aspect to evaluate is the need for your company to subscribe to a Sams Club membership. If it's unnecessary, you'd be paying an annual fee without taking advantage of the benefits offered.
Requirements for Applying for a Sam's Club Credit Card
As mentioned earlier, to obtain either of these cards, you need to have a Sams Club membership, which involves paying an annual fee.
The membership costs $45 for the basic plan and approximately $100 if you choose to be part of the plus membership. Each membership level offers unique benefits within the store network.
However, besides subscribing to the club, you need to be of legal age and have maintained a good credit history throughout your financial history.
Conditions for Approval of a Sam's Club Credit Card
In addition to meeting the aforementioned requirements, it's important for your profile to meet the conditions set by the institution to avoid a negative response to your application.
One of these conditions is having a credit score between good and excellent, with a score of over 700 points. Otherwise, there's a risk that your application for either of these cards will be denied.
If you're unsure whether you qualify for the application, you can use the simulator found on the website, where you can input your information to receive pre-approval or not for the tool.
Interest Rates Applied to Sam's Club Credit Cards
For both credit cards, the annual fee is waived. However, to be able to apply for them, you must pay the membership fee, so this is considered an associated cost.
Regarding the applied interest rate, the financial institution sets the same rate for both cards, ranging between 17.90% and 25.90%, depending on the level of risk you represent to the company.
Sam's Club provides you with a grace period of 20 days following the purchase date. Within this timeframe, you can make your payment without incurring interest charges.
Fees for Transactions Made with Sam's Club Credit Cards
For this type of cards, it's common for the institution to apply certain fees, in addition to the interest rate linked to consumption and the chosen financing period.
For Sam's Club, the fees are detailed as follows:
- For late payments of the agreed-upon installment, in addition to incurring a penalty rate, you'll also have to pay a fee ranging from $15.99 to $39.99.
- In the event that a payment you made is returned for any reason, you'll have to pay a fee ranging from $15.00 to $38.00.
It's important to note that both cards have a late payment penalty rate of 29.99% if you fall behind on payments or fail to meet the agreed-upon payment terms.
Benefits of Having a Sam's Club Credit Card
There are numerous benefits to having a credit card that supports your company's purchases. Therefore, we'd like to highlight them in this list:
- They offer cashback plans for your purchases.
- The application process is straightforward.
- You won't need to pay an annual fee.
- With the acquisition of one of these cards, you can request multiple extensions for your employees.
- Through the online portal, you can control the consumption limits for each extension and verify transaction details.
One of the standout features of these cards is that they are designed specifically for wholesale purchases, benefiting small business owners.
Drawbacks of Applying for Sam's Club Credit Cards
Despite being a good option for startups that need financing as they provide a payable credit balance, it's pertinent to mention the downsides of operating with these cards.
To benefit, subscribe to Sams Club membership and be a frequent shopper. Note that not all business needs may be met in these stores, and using the Sam's Club Customer card limits purchases to their stores.
Having a credit card for your business means taking on debt. Therefore, before making any expenditures, you should be certain you can pay it off soon to avoid affecting your business's finances.
Sams Club Benefits Program
This benefits program is directed only at customers who applied for the Sam's Club Mastercard, which is the tool that allows you to earn rewards for your purchases.
To enjoy this advantage, you simply need to subscribe to the Sams Diners Cash rewards program and then make purchases with the credit card to accumulate rewards based on your consumption.
After accumulating a certain amount of credit determined by the store network, you can redeem it for products at Sam's Club and Walmart or request cash back.
Percentage of Rewards for Your Purchases
The percentage of rewards set by Sam's Club depends on the type of establishment where you make your purchases. Therefore, we'd like to provide the details for each case below:
- Gasoline Purchases: If you make fuel purchases at Sam's Club gas stations, you'll receive 5% of the total amount spent on your invoices, as long as it adds up to more than $6,000 annually. If you exceed this limit, the cashback rate will be 1%.
- Travel and Dining: For purchases made at establishments related to travel or dining, you can benefit from up to 3% cashback.
- Tobacco-Related Purchases: There are no benefits for invoices related to tobacco-related purchases.
Contact Information for Sam's Club
If you need information about any of these credit cards, you can visit the main Sam's Club headquarters located in Bentonville, Arkansas, United States.
If you require assistance from the Sam's Club Customer Service team, you can contact them via email at privacy@samsclub.com to request the help you need.
Sam's Club Phone Numbers and Website
To contact the Sam's Club Member Services department by phone, you can call 1-888-746-7726 and inquire about these credit cards.
If you want to check the specifications of each financial product and the benefits they offer, you can visit the Sam's Club website and navigate to the credit cards section in the main menu.
Conclusion
Sam's Club Credit Cards are an excellent option for businesses in need of financing. However, we recommend verifying the actual need to determine if it's the alternative you're looking for.
Disclaimer: Upon receiving any of these credit cards, you'll assume certain risks, so it's recommended that you review the terms and conditions issued by Sam's Club.
References:
Sam’s Club – Sam's Club – Wholesale Prices on Top Brands
Website – Sam's Club – Wholesale Prices on Top Brands
Terms and conditions – Credit – Sam's Club
References
Sam’s Club - Sam's Club - Wholesale Prices on Top Brands
Terms and conditions - Credit - Sam's Club
Sam’s Club - Sam's Club - Wholesale Prices on Top Brands
Website - Sam's Club - Wholesale Prices on Top Brands
terms and conditions - Credit - Sam's Club
