As a business owner, you already know: when it comes to purchases, you need to save as much money as possible.
Fortunately, it has become commonplace for name brand retailers to focus more on business relationships to become suppliers for a variety of businesses.
They know that to stay competitive, they need to attract customers and keep them loyal.
Imagine if you could build a business relationship with a big retailer that offers low prices? That’d be amazing and could help your business thrive.
That’s exactly why Sam’s Club, which has created its very own Sam’s Club business credit program.
In this article, we’re going to tell you everything to know about this program, including benefits, drawbacks, and how to sign up for an account for your own business.
What is the Sam’s Club Business Credit Card?
Before we get into the nitty-gritty, you might be wondering what Sam’s Club business credit actually is.
It is essentially the same as a business credit card, except it is for Sam’s Club specifically (if you are already a member, then the credit card given to you will double as your membership card).
Sam’s Club Business Credit Card at a glance
|Annual Percentage Rate (APR) for Purchases||24.40%|
|Late payment fee||$15.99-$39.99|
|Returned Check Fee||$15.00-$38.00|
|Grace Period||20 days|
|Method of Computing the Balance||Daily balance|
|Minimum Finance Charge||$2.00|
|Accepted at:||Sam’s Club and Walmart|
*Do not confuse it with the Sam’s Club Business MasterCard
Using your Sam’s Club business credit comes with a host of benefits, which we will get in to specifically below.
Benefits of the Sam’s Club Business Credit Card
Like most other business credit programs, Sam’s Club business credit gives users some unique benefits:
Monthly Itemized Billing Statements
Member businesses will get monthly itemized billing statements for all of their purchases. Itemized billing statements mean every purchase is listed line by line, making it easier for you to account for all your purchases and see precisely where you are spending the most money.
Eligible for Purchases at Sam’s Club and Walmart
Sam’s Club is a subsidiary of Walmart Inc. That means you can use your Sam’s Club business credit at any Sam’s Club location or any Walmart location, giving you more flexibility on where to make your business purchases.
Add and Control Authorized Users
Authorized users are people you allow to use your account. The most apparent use for small business owners is that you can put trusted employees as authorized users, so you don’t have to do all of the shopping yourself. You can also track how much each employee is spending.
No Annual Credit Card Fees
Pretty self-explanatory, but unlike other business credit cards, there are no annual fees for the Sam’s Club business credit card.
Earn Cash Back
Like a typical credit card, you can receive cashback on all of your purchases. Since these are purchases for your business, you likely will be able to get even more cashback with larger purchases.
Online Account Management
Users can manage their accounts on the Sam’s Club website. This includes things like viewing current or previous statements, paying bills, requesting a credit line increase, updating information, etc.
How To Apply For a Sam’s Club Business Credit Card
The process to apply for the Business Credit Card is very straightforward, much like any other business credit card. You just need to fill a credit application and provide some relevant information and documents.
To join the credit card program, print and fill the application and visit your local Sam’s Club.
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 it was incorporated (sole proprietorship, corporation, etc.)
- Personal Guarantor information (only required for certain businesses)
#DidYouKnow that there’s also a Best Buy for Business program.
Pros and Cons of the Sam’s Club Business Credit Card
Like anything else, the Sam’s Club business credit card has its advantages and drawbacks. Below are some pros and cons so you can better decide if this business credit is right for you and your business:
- Easy Sign Up- Signing up for a business credit account at Sam’s Club is pretty straightforward and quick. If you need credit for purchases fast, you would be in luck signing up for Sam’s Club business credit.
- Variety of Goods- Since your business credit will apply at Walmart or Sam’s Club, 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. Saving money any way you can is essential, so earning some of your money back on purchases can help your business save some capital for future use.
- Ability To Add Authorized Users- If you don’t want to make every purchase for yourself, you can add authorized users that are allowed to use your account and can even see exactly how much they are spending.
- Not a Business Credit Card- This card is not like a traditional business credit cards, as you can only use it for purchases at Sam’s Club and Walmart. You would not want to get this card if you never shop at Walmart or Sam’s Club.
- 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 some other type of financing.
- You’ll add debt to more companies- If you’re running a small or medium business, you must know that it’s not good to have debt with multiple companies, and if you get a credit card for every store where you buy, you’ll have many people buying in different places and will be harder to keep track of what you owe.
- Might Not Save You That Much Money- Whether a business credit card saves you money is often dependent on the card and your purchases. Most of the time, finding a right business credit card will save you more money in the long run as you can make cashbacks 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 Sam’s Club business credit card, you do have to be a member of Sam’s Club to get the card, which has an annual fee of $45.
- You don’t need the credit card to shop there. It links to the last point: if you already have the membership, you can shop at Sam’s Club using your business capital. If your company was financed with a loan, you just need to keep making your payments as usual.
- Credit Dependent- Sam’s Club business credit will base their approval on your application and your business credit. It is very rare for any business below a “good” credit score to get approved. If you have had trouble with your business credit 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.
Other Inventory Financing Options
A store credit card is not quite financing for your business, they will help you with your purchases at that store (and will be a benefit for them since it makes you shop there), but it won’t affect the growth or success of your business, it won’t have an impact on your business plan. So, if you’re running a medium or small business, what other options you have when you need inventory financing?
Camino Financial business loans vs. Sam’s Club Credit card.
There is an abysm between both options since a small business loan is meant to boost your business as a whole and it will impact different aspects, while a store credit card is a payment method in that store.
Camino Financial business loans for inventory financing
You can apply online with the basic documents from your business and someone specialized in business loans will review your case and will tell you what is the best financing option for you, and sooner than you think, you will have the money in your bank account.
Fintechs like Camino Financial have made it much easier to get the right financing for your company without all the obstacles from the past. Business owners have freedom with the credit they receive.
The main difference from a store credit card is that the money is not conditioned for some particular use, store, product, etc. You decide what your business needs and use the money to invest in that.
Is a Sam’s Club Business Credit Card Right for You?
We hope that this post cleared up what Sam’s Club business credit is and why it might benefit you and your business.
If you realized that a business credit card is not the right financial tool for you, there are other options. One of which is a small business loan.
A small business loan will help you invest in what really matters to you and will help your small business grow. So why not give a loan a chance and see how your company starts succeeding?
At Camino Financial, we always strive to fulfill our motto: “No Business Left Behind,” and we do it by offering business loans with the best terms, as well as creating a community of small business owners.
We have made it easier to have access to business financing, now you can know in advance how much you would pay monthly depending on how much you ask and receive, using a business loan calculator.
Information is the foundation of best decisions. Reach out to us, apply online and we’ll match your business with the best financing solution we can offer.