Sam’s Club recently announced that it will issue cash-back credit cards with an EMV chip. The credit card cash back program enables members to earn 5% cash back on fuel, 3% cash back on dining and travel, and 1% cash back on all other purchases, up to $5,000 annually. The EMV chip cards will be available to Sam’s Club members starting June 23.
“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,” says CEO of GE Capital Retail Finance’s Retail Cards platform, Tom Quindlen, in a written statement. “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.”
The cards are issued through the retailer’s relationship with GE Capital Retail Bank. This new card comes at a time when many consumers are concerned about financial security. The recent data breaches at stores such as Michaels, and Neiman Marcus have shoppers on edge.
According to the Unisys Security Index Report, there has been a steady increase in the number of consumers who are concerned about their financial security. Approximately 35% expressed concern, compared with 28% this time last year.
“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. 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,” says Chris McWilton, president North America, MasterCard, in a written statement.