Sams Wholesale Club Credit Card Review
In this video, we’re going to talk about the Sam’s Club MasterCard and the rewards you can earn, how they break them down, and what the caveats are. This way, you’ll know if this is the type of card you want to use, both at Sam’s Club and in other locations.
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Now, let’s dive into the review of the Sam’s Club MasterCard. The most crucial aspect is what they offer you in the primary category. There are often multiple categories like gas, dining, and catch-all categories. Just like the Amazon card gives you 5% cash back on Amazon purchases, the Sam’s Club MasterCard offers 5% cash back as well. I use this analogy to illustrate that these cards often follow similar patterns, even if they break down differently.
The Sam’s Club 5% cash back is made up of two parts: a 2% cash back from the Sam’s Club membership and a 3% cash back from the MasterCard. The 2% cash back is available when you have the Sam’s Club Plus Membership, which is currently the most expensive membership level. We’ll discuss the cost of the membership later.
The 2% cash back from the membership has a limit of $25,000 in spending per year. So, over the course of a year, you can earn $500 back with the 2% cash back from the membership, which roughly translates to spending just over $2,000 per month.
The remaining 3% cash back comes from the MasterCard itself. To get this, you must use the MasterCard when making purchases at Sam’s Club. The 3% cash back has a higher limit of $160,000 per year, which equates to $5,000 in cash back.
However, if you’re thinking of having both a personal and a business account to double the benefits, keep in mind that Sam’s Club will aggregate the spending from both accounts under your name. So, the limit remains at $160,000, and you won’t get extra cash back.
The 5% cash back is awarded monthly, which is a significant advantage compared to some other cards that offer yearly rewards.
Now, let’s talk about the Plus Membership. The Plus Membership costs $110 per year. While the MasterCard itself doesn’t have an annual fee, you need the Plus Membership to get the additional 2% cash back from Sam’s Club, making it a total of 5% cash back.
So, if your family spends around $2,000 or less per month at Sam’s Club, you’ll get 5% cash back. This totals to $1,140 in cash back over the year when you subtract the $110 annual membership fee.
If your spending exceeds $25,000 per year, you’ll continue to get the 3% cash back from the MasterCard, but the 2% cash back from the Sam’s Club membership will no longer apply.
Additionally, you can get 3% cash back on other categories such as dining and travel, and 5% cash back on gas purchases up to $6,000 in spending per year. Beyond that, it goes back to 1%.
For all other categories outside of Sam’s Club, you’ll get 1% cash back. So, while it operates as a 1% cash back card for general expenses, at Sam’s Club, it provides 5% cash back.
In conclusion, the Sam’s Club MasterCard is a niche card that offers significant savings on everything you purchase at Sam’s Club. If you’re a frequent shopper there, this card could be a valuable addition to your rotation.
Thank you for watching. Please subscribe and like the video. Stay tuned for more videos, including a comparison between the Sam’s Club card and the Costco card.
