VerMagnusson
Level 2 Member
Saw this new Sam's club card. The selling point for MS is 5% on gas (anywhere, not just Sams Club gas), which is capped at the first $6K spent per year. Also, 3% on travel and dining, which isn't bad.
Essentially, $6K spend at 5% = $300 cash back annually
If you assume $5 fee/$500 spend, then you're profit is $240.
May make sense if you're smaller scale...obvious comparison is Amex old blue cash. Sams club doesn't require $6500 minimum spend to get 5%, but of course, you dont get grocery or drugstore 5% as you do with the old blue, so YMMV depending on local MS opportunities.
if you use my fee assumption above, the breakeven is at ~$14k spend (anything over blue cash earns more). this assumes every dollar you spend is MS at $5 fee/$500 spend.
Link: http://www.samsclub.com/sams/pagedetails/content.jsp?pageName=creditMarketing
Must be a Sam's club member.
Also, the cash out terms are strange: "Cash back checks are issued each February for the Cash Back earned during the previous calendar year. Cash back rewards are forfeited if the Sam’s Club MasterCard account is not in good standing, if the Sam’s Club Membership terminates or lapses, or if the Cash Back earned in a calendar year is less than $5.00. Cash back checks will be made payable to Sam’s Club and may be cashed only at a Sam’s Club location."
I'm going to pass but thought I'd share...
Essentially, $6K spend at 5% = $300 cash back annually
If you assume $5 fee/$500 spend, then you're profit is $240.
May make sense if you're smaller scale...obvious comparison is Amex old blue cash. Sams club doesn't require $6500 minimum spend to get 5%, but of course, you dont get grocery or drugstore 5% as you do with the old blue, so YMMV depending on local MS opportunities.
if you use my fee assumption above, the breakeven is at ~$14k spend (anything over blue cash earns more). this assumes every dollar you spend is MS at $5 fee/$500 spend.
Link: http://www.samsclub.com/sams/pagedetails/content.jsp?pageName=creditMarketing
Must be a Sam's club member.
Also, the cash out terms are strange: "Cash back checks are issued each February for the Cash Back earned during the previous calendar year. Cash back rewards are forfeited if the Sam’s Club MasterCard account is not in good standing, if the Sam’s Club Membership terminates or lapses, or if the Cash Back earned in a calendar year is less than $5.00. Cash back checks will be made payable to Sam’s Club and may be cashed only at a Sam’s Club location."
I'm going to pass but thought I'd share...
