Synchrony Bank Sam's Club MasterCard Review
Updated April 12, 2016.
The Facts
The Math
This is a 5-3-1 cashback card with an annual spending cap for gas purchases and an annual cap of earned cashback, but without an annual fee. For general spending, we will recommend Citi Double Cash MC, which returns 2% on everything and is also accepted at Sam's Club. However, for Sam's Club members who prefer having only one cashback card will seriously consider Sam's Club MC.
Sam's Club MC vs. Costco Visa: They are similar in that you will only consider one when you are a member of one of the two wholesale clubs. They also have similar rewards structures: Costco Visa returns 4%, 3%, 2%, and 1%, for gas (with a $7,000 annual limit), travel and dining, Costco, and other purchases, while Sam's Club MC returns 5%, 3%, and 1%, for gas (with a $6,000 annual limit), travel and dining, and other purchases, respectively. Basically, Sam's Club MC returns an extra 1% for gas while Costco Visa returns an extra 1% for its wholesale club purchases. Sam's Club MC has an annual cashback cap of $5,000, which is pretty hard to max out, and Costco Visa has no cap. On paper, we will say they are almost neck to neck; in reality, however, it all comes down to which wholesale club you prefer.
The Conclusion
Sam's Club MasterCard is a great card to have if you are a Sam's Club member and don't like too many cards in your wallet. 5% is also the highest earning rate on gas purchases among cashback cards.
The Facts
- Annual Fee: none; however, you need to have a current Sam's Club membership to apply and to keep rewards.
- Signup Bonus: none
- Rewards: 5% cashback on gas stations (for the first $6,000 annual purchases and 1% thereafter), 3% on travel and dining, 1% everywhere else. The maximum cashback you can earn each year is $5,000. The cashback rewards are given every February for the previous year's spending and can only be cashed out at Sam's Club stores. If your Sam's Club membership terminates or lapses or your annual cashback earned is less than $5, your rewards will be forfeited.
- Other Facts: Synchrony Bank used to be known as GE Capital Retail Bank before June 2014. This MasterCard was introduced in June 2014.
The Math
This is a 5-3-1 cashback card with an annual spending cap for gas purchases and an annual cap of earned cashback, but without an annual fee. For general spending, we will recommend Citi Double Cash MC, which returns 2% on everything and is also accepted at Sam's Club. However, for Sam's Club members who prefer having only one cashback card will seriously consider Sam's Club MC.
Sam's Club MC vs. Costco Visa: They are similar in that you will only consider one when you are a member of one of the two wholesale clubs. They also have similar rewards structures: Costco Visa returns 4%, 3%, 2%, and 1%, for gas (with a $7,000 annual limit), travel and dining, Costco, and other purchases, while Sam's Club MC returns 5%, 3%, and 1%, for gas (with a $6,000 annual limit), travel and dining, and other purchases, respectively. Basically, Sam's Club MC returns an extra 1% for gas while Costco Visa returns an extra 1% for its wholesale club purchases. Sam's Club MC has an annual cashback cap of $5,000, which is pretty hard to max out, and Costco Visa has no cap. On paper, we will say they are almost neck to neck; in reality, however, it all comes down to which wholesale club you prefer.
The Conclusion
Sam's Club MasterCard is a great card to have if you are a Sam's Club member and don't like too many cards in your wallet. 5% is also the highest earning rate on gas purchases among cashback cards.