You can go ahead and swipe your American Express card at Sam’s Club.
The issuer announced Thursday that its cards are now accepted at the wholesale retail chain’s bricks-and-mortar locations. Previously, AmEx cards were only accepted by Sam’s Club online.
To celebrate the new deal, AmEx is offering a $25 statement credit to customers that come in and spend $45 or more on a new Sam’s Club membership over the next month.
The news follows a decision from Costco and AmEx earlier this year to end their exclusive co-branded credit card issuer and credit card network agreement effective March 31, 2016. Costco is planning to replace the TrueEarnings Card from Costco and American Express with a new co-branded credit card from Citi and Visa once that agreement expires.
How the Offer Works
The new AmEx promo is designed to attract prospective Sam’s Club customers; renewals, upgrades and add-ons don’t qualify.
Interested cardholders can enroll in an eligible charge or credit card on AmEx’s website. Prepaid products, corporate cards and AmEx-branded plastic issued through other financial institutions aren’t eligible. To get the $25 statement credit, you must spend $45 or more on a Sam’s Club membership in-store by Oct. 31 — online purchases won’t qualify. Memberships at the warehouse club generally cost between $45 and $100.
The credit should appear on your AmEx billing statement around 90 days after the promotion’s Oct. 31 end date. It may be reversed if you wind up returning or canceling your qualifying Sam’s Club purchase.
What to Know
Promotional offers and cash-back rewards credit cards can certainly help you save a buck or two. Of course, the opposite is true if a particular deal or deals inadvertently causes you to blow your monthly budget. Remember, if you can’t pay purchases off in full at the end of any given month, the balance you wind up revolving on a credit card will likely incur interest, which could negate any cash-back or savings you originally earned.
Running up a high balance could also effect your credit score by negatively skewing your credit utilization rate, which is essentially how much debt you are carrying versus how much credit has been extended to you. It’s generally recommended to keep this rate below 30%, though 10% is even better, so it’s always a good idea to choose deals (and charge) wisely.
You may also want to check your credit report to see how much debt you are currently carrying on your credit cards before taking an issuer up on a new offer. You can get a free credit report summary each month on Credit.com.
More on Credit Cards:
- Credit.com’s Expert Credit Card Shopping Tips
- How to Get a Credit Card With Bad Credit
- An Expert Guide to Credit Cards with Rewards