Sam's Club MasterCard Reviews - What Is It?
WARNING: DO NOT USE Sam's Club MasterCard Until You Read This Review!
Is it a Scam? Does It Really Work?
The Sam's Club MasterCard is a card that comes with cash rewards and is available to Sam's Club members only. Actually, the card offers cash rewards rates of 5%, 3% and 1% - a good bonus for a card without an annual fee. However, it is vital to look not only at the benefits of the card but also at its drawbacks. For instance, does the Sam's Club MasterCard allow you to cash in on your rewards any time? Should this card be only used at Walmart and Sam's Club locations? We are going to do the research and find out answers to these questions. We hope that this information will help you to make the right decision whether you need this card or not. At first let us discuss the benefits of the Sam's Club MasterCard.
We read through the card's fine print carefully to figure out that its biggest benefit is the three-tier cash rewards system it offers. You will get 3% cash back on travel and dining, 5% cash back on gas purchases, and 1% cash back on everything else. Gas purchases can be made at Walmart or Sam's Club gas stations as well as those gas stations that are not on the premises of a superstore or a wholesale club. It means that when you make a $50 gas purchase, for instance, you will earn cash rewards of $2.50. Thus, you will earn $5 for every $100 spent on gas. However, there are some restrictions linked to this benefit. First, the company behind the card, Synchrony, caps your rewards spending at $6,000. In this way, your rewards rate goes down to 1% after you spend $6,000 in gas within one year. This type of spending cap can be found with other credit cards too.
Customer Reviews - Does Sam's Club MasterCard Really Work?
How much cash can you earn on gas? According to statistic data, the average American household spends about $2,000 a year on gas. When it comes to rewards from Sam's Club MasterCard, you are said to save $100 in cash back per year. Unlike the previous category, the travel and dining category has no cap. The 3% on travel is not a bad bonus. The fine print of the card lists the following categories that qualify as "travel" purchases: rental cars, airlines, hotels, bus lines, passenger rail travel, cruise lines, travel tour operators and timeshares. The list of "dining" locations includes restaurants, fast food places, "drinking places" and caterers. According to the BLS statistics, the average American family spends about $3,000 on eating out per year. That totals out to $144 in cash rewards with the card. What doesn't fall into the gas, dining or travel category is going to earn 1% cash back. Pay attention to your spending habits and come up with an average amount you think you can spend.
A drawback to the Rewards Program of the Sam's Club MasterCard is that you get it once a year when the company sends it out to you in February. The check is made payable to Sam's Club, so you will have to go to any of the Sam's Clubs to cash it. It cannot be deposited into your bank account. The card comes with some other benefits, for instance, you are not liable for any fraudulent purchases you make to your card. The final benefit of is that spending more than $100 on one receipt the same day you get approval for the card, you will get a $45 cash bonus that will be added to your statement within 1-2 months. By the way, $45 is the cost of a Sam's Club basic membership.
There are not so mane expert and consumer opinions about the Sam's Club MasterCard. In general, experts demonstrate a mixed opinion about this card and the card's rewards rates. It is pointed out that the main drawback of the card is absence of an up-front cash bonus, unlike what you can get from the Quicksilver or the Blue Cash Everyday. By the way, the claim that there is no upfront bonus is wrong. You can receive a $45 credit if you make a single-receipt purchase of more than $100 on the same day you open the card. Consumer opinions are more negative than positive. The card has got an overall rating of 1.4 stars on Credit Karma. More than thirty reviewers complained about poor customer service. Let us take a look at some of these testimonials.
"I have had Sams Club MasterCard for years. This card, just like Cosco, has a "rewards" program giving a refund on a yearly basis. The check used to come in our February bill. Sam's sent me the notice in the fall that the check was on the way with our February billing. But it never arrived. I called the 800 number and I was able to speak to a human. I was said to give it a few weeks and if it does not arrive I was suggested to call back. It is April no but there is still no check. I called them back today and they finally stopped payment."
"Sam's Club Mastercard is associated with a great number of fraudulent charges, especially during the after hurricane Harvey time. The charges ranged between 90 and 100 dollars. These charges are made from different states and by alleged companies, usually after midnight. Probably someone has learnt my card number. I feel very sad."
"The company behind the Sam's Club MasterCard works in a dishonest way. If I were months late sending them my money I would be charged higher interest and late fees. But they feel fine when delaying checks for several months. It is a dishonest way to do business. There is no reason to recommend this card. I prefer to shop at Cosco. Their card also has a rewards program."
My Final Summary
The Sam's Club MasterCard is not the best option over there since it comes with certain disadvantages. The major negative of this card is the check-based cash rewards disbursement. People complain that they receive checks with significant delay. Many customers are also not pleased with Synchrony's customer service. As a matter of fact, the great number of negative customer reviews indicates that the card is not worth getting. Even the 5%/3%/1% rewards structure fails to work sometimes. According to our research, this card can be suitable for Sam's Club customers who spend an above than average amount on gas on a monthly basis and are not worried about getting their cash back right away. It is true to say that the Sam's Club MasterCard has good rewards that can pay off, especially if you spend a lot of money on gas. The way they send you your cash rewards each year is very cumbersome. Will you mind heading to Sam's Club once a week for shopping? If you won't, then getting your cash back may be a part of your weekly trip. If you need a card and you want to study other options, start your research right now. Based on what we have learnt about Sam's Club MasterCard, we cannot recommend it to usage. You are advised to check out the Citi Double Cash, a cash rewards card that offers a flat rate of 2% cash rewards.
Sam's Club MasterCard Pricing and Rates
What you need to remember is that this card's annual percentage rate (APR), has two tiers: 15.90% and 23.90%. The better your credit scores the lower your rate will be. You will learn your APR as soon as you are approved for the card. Let us take a look at some other interest rates and fees. Cash advance fee is $5 or 3% (whichever is greater). Late fees may reach $38. Cash advance APR is 20.90% or 26.90%. These are quite standard fees.