Here’s a rundown on the changes of keenest interest to insurance advisors...
BENTONVILLE, Ark., June 3 -- General Electric issued the following news release:
Sam's Club today announced a credit card cash back program that gives members the opportunity to earn 5 percent cash back on fuel, 3 percent cash back on dining and travel, and 1 percent cash back on all other purchases, up to $5,000 annually.
Starting June 23, the Sam's Club 5-3-1 cash back program on its new co-branded MasterCard, issued by GE Capital Retail Bank, is available to qualifying Sam's Savings, Sam's Business and Sam's Plus members in the U.S. and Puerto Rico. The cash back value proposition makes the new Sam's Club program the most competitive credit reward program in the club category.
"We're always looking for ways to find time and money-saving solutions for our members. The 5-3-1 Sam's Club program and co-branded MasterCard mean industry-leading savings and security innovation for today's consumer," said Rosalind Brewer, president and CEO of Sam's Club.
"Under the 5-3-1 cash back program, Sam's Club members can earn up to $5,000 cash back annually. That could cover a family of four's travel to Disney, or five sets of laptops and wireless phones for a small business. We believe this value is the best in the industry."
The new Sam's Club MasterCard comes with enhanced credit card safety, a top concern for today's shoppers. Sam's Club is the first mass retailer to actively implement chip-enabled technology. Each credit card has an embedded chip that makes the card more difficult to duplicate, which provides enhanced security from fraudulent activity.
"MasterCard has taken a strong stance on the need for the U.S. market to make the transition to chip-enabled credit cards for the benefit of cardholders and merchants alike," said Chris McWilton, president North America, MasterCard. "This move by Sam's Club makes them a trailblazer in getting chip cards in the hands of businesses and consumers, and leading the push toward a safer and more secure customer experience. This will no doubt help drive chip-enabled technology forward here in the U.S. as it gains more traction."
In addition to the 5-3-1 cash back program, the new Sam's Club MasterCard includes these benefits:
* No annual fee, Sam's Club membership required
* The new cobranded card can be used anywhere MasterCard is accepted across the globe
* Extended Warranty Coverage for Consumers and Extended Warranty Insurance for Businesses
* Identify Theft Resolution Services for Consumers and MasterRental Coverage for Businesses
"We have worked closely with Sam's Club to enhance the shopping experience for Sam's Club members, such as launching this 5-3-1 credit program," stated Tom Quindlen, CEO of GE Capital Retail Finance's Retail Cards platform. "This new program provides enhanced rewards for co-branded cardholders, who can manage their account and shop in-club, online and on the go, with easy to use rewards and greater savings."
Sam's Plus members now have two opportunities to get dollars back on their purchases with the new 5-3-1 program and exclusive Plus-only Cash Rewards program. Beginning June 12, all Sam's Plus members will be automatically enrolled to receive $10 in Cash Rewards for every $500 spent on qualifying pre-tax Sam's Club purchases, regardless of payment type.
In summary, Sam's Plus members have access to earn up to $500 annually through Cash Rewards on top of earning up to $5,000 annually when they use the co-branded Sam's Club MasterCard. These funds are redeemable for cash, for purchases in-club or on SamsClub.com, or to cover annual membership fees.
For additional details on the Sam's Club credit card cash back program, visit SamsClub.com/newsroom.
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