The Sam's Club Business Credit Card, paired with the Sam's Club Business Membership, serves as an exceptional financial toolkit for business owners aiming to maximize their savings and benefits on purchases.
In this article, we'll explore the comprehensive features of the credit card and membership program, including its advantages, disadvantages, and the steps to sign up for a Sam's Club account.
What is the Sam's Club Business Credit Card?
This is essentially the same as other business credit cards
, except for this specific retailer (if you are already a Sam's Club member, then the Sam's Club business credit card will double as your membership card).
Sam's Club Credit Business Card At A Glance
|Annual Percentage Rate (APR) for Purchases
|Late payment fee
|Returned Check Fee
|Method of Computing the Balance
|Minimum Finance Charge
|Sam's Club and Walmart
*Do not confuse it with the Sam's Club Business MasterCard
Pros And Cons Of The Sam's Club Business Credit Card
- Easy Sign-Up. Signing up for a business credit account at the store is pretty straightforward and quick.
- If you need credit for fast purchases, you would be in luck signing up for a Sam's Club credit card.
- Variety of Goods. There are a lot of different items that you can purchase to help your business.
- Giving purchase options is crucial because you want to make as many purchases at Sam's Club or Walmart as possible to take advantage of your deals.
- Cash Back. Getting cashback on purchases is a big deal, especially when you are a business.
- Ability To Add Authorized Users. If you don't want to make every purchase yourself, you can add users who can use your account and even see how much they spent.
- Not a Business Credit Card. The Sam's Club credit card for business is unlike traditional credit cards, as you can only use it for purchases at Sam's and Walmart. You would not want to get this card if you never shop at these stores.
- Limits your buying options. Sam's Club is great for stocking your home supplies and will be very helpful many times for your business, but any credit store will only allow you to buy there, and most likely, you won't find everything your business needs at Sam's.
So, at some point, you'll have to find other providers, maybe with better prices, and you'll need another type of financing.
- You'll add debt to more companies. If you're running a small or medium business, you must know that having debt with multiple companies is not good.
If you get a credit card for every store where you buy, you'll have many employees buying in different places, and keeping track of what you owe will be more complex.
- Might Not Save You That Much Money. Whether a business credit card saves you money often depends on the card and your purchases.
Most of the time, finding the right business credit card will save you more money in the long run as you can make a cashback and other rewards on all of your purchases, not just at a specific retailer.
Plus, items will still cost you the same, whatever payment method you use.
- Membership Required. While there is no annual fee for the credit card, you need a membership to get the card, which has an annual fee of $45.
- You don't need a credit card to shop there. It links to the last point: you can shop at Sam's Club using your business capital if you already have a membership.
If a lender financed your company with a loan, you just need to keep making your payments as usual.
- Credit Dependent. If you have had trouble with your credit score in the past, you might have a problem getting approved.
Building your credit is not as hard as you might think. You can improve your credit score in 60 days.
Sam's Club Business Credit Card Perks
- Monthly Itemized Billing Statements. Detailed line-by-line statements for each purchase. Streamlines accounting and highlights areas of significant expenditure.
- Eligible Purchases At Both Sam's Club And Walmart. Sam's Club is a Walmart Inc. subsidiary. That means you can use the credit card flexibly at either Sam's Club or Walmart locations.
- Authorized Users Management. Designate employees as authorized card users. Monitor spending by each employee for better oversight.
- No Annual Fee. The card doesn't carry the burden of an annual fee, making it cost-effective.
- Earn Cash Back. Enjoy cashback rewards on all eligible purchases.
- 5% for gas station purchases.
- 3% on dining and travel.
- 1% on all other purchases (with an annual cap of $5,000)
- Online Account Management. A user-friendly online portal for all your account needs. Features include viewing statements, making payments, updating info, and more.
Sam's Club Business Credit Card Requirements
Here is a list of some of the information you will need to provide on your application:
- Business name, address, and phone number
- Billing representative's name
- Year business established
- Monthly spending
- Number of Employees
- Type of Business and how you have incorporated (sole proprietorship, corporation, etc.)
- Personal Guarantee information (only required for certain businesses)
There’s also a Best Buy for Business Commercial Program.
How To Apply For A Sam's Club Business Credit Card
To apply for a Sam's Club credit card, you just need to complete a credit application and provide relevant information and documents.
Just print and fill out the application and visit your local Sam's Club.
You can apply online or by visiting a Sam's Club store.
However, you must already have a Sam's Club membership before applying, as the online application requires a membership number.
Do You Need A Good Credit Score?
They will base their credit approval not only on your application but on your business credit. Therefore, it is rare for any business to get approved below a "good" credit score.
That means you probably need a score of 700 or more.
What About The Sam's Club Business Mastercard?
The retailer also offers a MasterCard credit card.
The best thing about the MasterCard is that you can use it anywhere, not just at Sam's Club and Walmart.
It has the following benefits:
- Cashback is 5% for gas stations, 3% for dining and travel expenses, and 1% on all other purchases (there's a cap of $5,000 per year)
- No annual fees
- Free employee cards
Sam's Club Business Mastercard Rewards Program
- Earn a $30 statement credit when you open a new account and make a minimum purchase of $30 within the first 30 days.
Cash Back Rewards:
- Gas and EV Charging. Earn 5% cash back on eligible gas and electric vehicle charging stations, up to a spending cap of $6,000 annually. After reaching the cap, earn 1% cash back.
- Sam's Club Purchases and Dining. Earn 3% cash back on purchases made at Sam's Club with a Plus membership. Club members earn 1% cash back. This also applies to dining and takeout expenses.
- Curbside Pickup. Earn 2% in Sam's Cash on qualifying pre-tax purchases made directly through Sam's Club curbside pickup service.
- Other Purchases. All other eligible purchases will earn 1% cashback.
These credit cards are not the only alternatives! Small business loans are also great tools to invest in your business.
Apply For A Business Loan!
What Is A Sam's Club Business Membership?
A Sam's Club membership allows you to become a member of the wholesale retail warehouse; this, in turn, will enable you to buy at the retailer.
Members get perks with a membership, namely,
- instant savings on select items
- higher cashback percentage on Sam's Club purchases
Additionally, you don't pay shipping fees with a Plus membership and can add up to 16 members to your account at a reduced cost.
You also get discounts on prescriptions and glasses.
Benefits Of A Sam's Club Business Membership
This affordable membership gives Sam's Club members access to members-only sales and early-bird shopping.
Likewise, you can save on dining costs when taking clients to lunch or hosting an employee Christmas party by getting cashback or purchasing discounted gift cards
Getting deep discounts for products and buying them in bulk lowers your business expenses, especially when you purchase consumables.
By paying wholesale prices, it's possible to save 20% to 40% compared to retail pricing.
Also, you may be able to purchase most of your business supplies at one location to save on travel expenses
. You could also order online and deliver the products without leaving the office.
Sam's Club offers products to suit a variety of business industries, such as restaurant equipment, janitorial supplies, flowers, foods and beverages, and vending and concession items, to name a few.
Other Inventory Financing Options
Equipment Financing Loans
These loans are specifically for businesses to purchase equipment
. The equipment itself acts as collateral for the loan.
This is particularly beneficial for businesses in sectors like manufacturing, construction, or any industry that relies heavily on expensive machinery.
If the business defaults, the lender can claim the equipment. These loans allow businesses to obtain the necessary equipment without tying up their working capital.
are traditional loans that provide businesses with a lump sum, which is paid back over a set period with interest.
They can be short-term or long-term, depending on the repayment tenure.
This is a straightforward lending option that you can use for various business needs, from expanding operations to hiring staff.
Is A Business Credit Card The Right Fit For You?
The world of financing offers various tools, and one prominent option is the business credit card. But is it the right fit for every enterprise?
When mapping out your financial journey, it's essential to consider tools that align with your long-term objectives and immediate needs.
This is where the flexibility of a business loan becomes invaluable. Driven by our motto, "No Business Left Behind," we're here to offer the best financing solution for your needs.
Why Choose Camino Financial Business Loans?
Apply For A Business Loan!
- Ease Of Application: With a simple online form and minimal documentation, you're on your way to securing a loan tailored to your needs.
- Modern Financing: By eliminating traditional financing hurdles, we ensure you get the support your business deserves. You have complete autonomy over how you utilize your credit.
How to add authorized users to Sam's Club credit card?
Access your online account and scroll to the membership-additional cardholder's link to add or delete membership cardholders. Enter the person's name, email, and phone number. Make sure to save your information before exiting.
Pick up a complimentary card at the membership services desk the next time you visit Sam's Club.
Did Sam's Club discontinue the business membership?
To make shopping quicker and easier and reduce costs to their members, the company streamlined their membership categories in the past and eliminated the business membership.
Nowadays, Sam's Club offers two membership levels: Club and Plus, with the latter considered the option for businesses.
How much is Sam's Club business plus membership?
A Plus Membership is suitable for 12 months and costs $100. The owner can add up to 16 Club-level memberships at a reduced price of $40 each. Sam's Club allows one Plus membership per household.
Is Sam's Club worth it?
Yes, because members can buy items at bulk pricing, save on costs for specific services, and stock up on supplies to save money.
Thanks to these savings, a business owner can increase their profit margin and use the extra cash to grow and expand their business.
What is the difference between business loans and store credit cards?
Business Loans and store credit cards cater to distinct needs. While store credit cards are only for specific outlets, business loans offer flexible funds to invest anywhere within your business. This freedom allows you to direct finances where they matter most.
Store-specific cards may offer perks within their domain but might not support broader business visions or larger-scale projects.