Sam’s Club credit card is one of the credit cards perfect for building your credit history without getting much in debt. This is because it does not have the usual credit card annual fees attached to it. Or worse, the junk fees often associated with most credit cards that get people in serious debts.
The giant retailer has two kinds of cards they offer to their customers. You have the Sam’s Club credit card and the Sam’s Club Mastercard. In this article, I will be discussing about the Sam’s Club credit card since it is designed to be used as a store card.
Meaning- its use is only limited to Sam’s Club and Walmart purchases. Before I proceed, I want you to know the differences between the two kinds of credit cards offered by Sam’s Club. That way, you will decide which is best for you.
the difference between Sam’s Club credit card & Sam’s Club Mastercard
The requirements for these two cards are exactly the same. But, here are the difference between the Sam’s Club credit card and Sam’s Club Mastercard:
| Features | Sam’s Club credit card | Sam’s Club Mastercard |
|---|---|---|
| Rewards | No cash back or rewards for purchases | Up to 5% cash back on gas purchases anywhere, Up to 3% cash back on Sam’s Club purchases for Plus members, 3% cash back in dining expenses, 1% cash back in other purchases |
| Usage | Walmart and Sam’s Club store purchases only | Anywhere within the United States |
| Interest rates | Minimum interest charge of $2. Or, a variable APY interest of 20.65% or 28.65%. | Minimum interest charge of $2. Or, a variable APY interest of 20.65% or 28.65%. |
| Annual Fees | None | None |
The above is all you need to know about the differences between the two credit cards offered by Sam’s Club to its members. As mentioned earlier, I will be discussing the Sam’s Club credit card on this article. But, the same application process are used for both cards.
Before we begin, you will need to have a Sam’s Club membership to qualify for this credit card. This is as with any other services provided by the retailer. Since Sam’s Club is exclusive to only its members, services and products sold require you have a membership card to access them.
Sam’s Club Credit Card Requirement
Unlike a regular credit card application, Sam’s Club requires you to meet two criteria to qualify for its credit card. The requirements to get a Sam’s Club credit card include:
- You have to be a US citizen
- You must have a current Sam’s Club membership
Besides these two, there are other factors which can affect your eligibility for the Sam’s Club credit card. Your credit score matters a lot in this regard. As with any other credit card application, your credit history and score are used to rank your ability to be financially responsible.
Here is what to know about the credit score for the credit card.
What Credit Score Is Required For Sam’s Club Credit Card
The minimum credit score for Sam’s Club credit card is within the good credit score range. The good credit score range is between 670 to 739. Most preferably, Sam’s Club will go for customers with at least 700 credit score.
If you have a bad credit score, the retailer is likely to access your credit history to discover what ruined your credit score.
While a good credit score is needed to apply, the credit card is instantly approved for people with excellent credit score. This is people within the credit score range of 800 and above. Of course, these people need a consistent monthly income in addition to their excellent credit.
Applying For the Credit Card
To apply for the Sam’s Club credit card, you have to go to a store location or apply online. With a store location, you are required to provide personal information about yourself. This is after you have met the requirements mentioned above.
The personal information needed from you include:
- Name
- Date of birth
- Social security number
- Monthly income
With regards to online application, you just need to head out to Sam’s Club Credit Card Application to apply. Even more, fill out their pre-qualify form to see whether you qualify. It will save you a lot of time.
So, how long does it take to get a Sam’s Club Credit Card after application?
It takes 7 to 10 business days to get the credit card. This is after you have been approved for one. If it took more than that, then contact Sam’s Club to help you resolve delivery issues.
Finally, you will need to spend $30 or more within 30 days of account opening. Qualifying purchases do not include alcohol, cash back, pharmacy, gift cards or tobacco products. After the qualifying purchase, a $30 will be credited to your account within 90 days. This is an offer for new accounts only.
Sam’s Club Credit Card Limit
Sam’s Club has credit limits on its credit cards. It ranges from $1000 to $10,000. However, Sam’s Club can increase its credit limit for qualifying customers who requested for them. In other words, you have to call their customer care to ask for an increase in credit limit.
Now, just because the max limit on Sam’s Club credit card is $10,000 does not mean you will get it. Your credit limit will probably depends on your monthly income. In fact, this is why I mentioned earlier that this is the best credit card for building credit for beginners.
On the account of building a credit history, here is what else to know about the benefits of Sam’s Club Credit Card.
Benefits Of the Sam’s Club Credit Card
Unlike most credit cards out there, the Sam’s Club credit card has no annual fee. What this means, is you will not be charged annually for having the credit card. In addition, there will no junk fee like maintenance fee on the credit card.
Next, the credit card can be used in Walmart. This is because Walmart and Sam’s Club are part of a retail conglomerate. You can use this card in all Sam’s Club and Walmart locations nationwide.
Finally, your Sam’s Club credit card can act as a store membership card. To simplify, you do not have to show your club membership card whenever you enter the store. You can use the credit card as one to gain access to Sam’s Club products and services.
With respect to credit card rewards, the Sam’s Club credit card does not have any reward. However, the Sam’s Club Mastercard has a lot of rewards. These were already listed on the table above, when I talked about the differences between the two credit cards.
Conclusion
On the whole, you just have to decide which of the two Sam’s Club cards to get. If you are looking for a credit card to use anywhere, the Sam’s Club Mastercard will be a great choice for you. This is because it has zero annual fees and cash back rewards.
For any customer looking to build his or her credit history without spending too much, a Sam’s Club credit card will be a good choice. This is because expenditure is only limited to Walmart and Sam’s Club stores. Hence, curbing the desire to spend anywhere and increase your debt.
Whichever one you decide to go for, just be aware of what happens when you do not pay your credit card debt. Just because a credit card promises no annual fees, does not mean the company will be lenient with late fees and penalty. So, be sure to make pay your credit debt on time to avoid damaging your credit.
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