Sam’s Club MasterCard with 5-3-1 Cash Back Program: First Retail Credit Card with Chip and PIN Technology
In the aftermath of the massive data breaches at Target and other retailers, the interest in credit card security has grown significantly. Pushed by consumer demand for more secure card technology, Target announced earlier this year that it was accelerating its plan to rollout all its credit and debit cards with “chip and PIN” technology by early 2015, with new payment terminals appearing by September 2014.
However, it is Sam’s Club, a subsidiary of Wal-Mart, that will be the first major retailer in the US to offer secure chip technology in its credit cards.
This week, Sam’s Club revealed that it will be introducing a new Sam’s Club MasterCard on June 23, 2014, that features “Chip and PIN” technology. “Chip and PIN” credit cards generate new random codes for each transaction and require the consumer’s PIN number, making them significantly more secure compared to traditional magnetic stripe credit cards, which contain only a single, static security code.
The new co-branded MasterCard, issued by GE Capital Retail Bank, is available to qualifying Sam’s Savings, Sam’s Business and Sam’s Plus members in the U.S. and Puerto Rico. It will also offer a “5-3-1 cash back program,” earning 5 percent cash back on fuel, 3 percent cash back on dining and travel, and 1 percent cash back on all other purchases, up to $5,000 annually.
The card does not have an annual fee, though Sam’s Club membership is required.
For more info on Sam’s Club credit cards, see this link.
For a list of more credit cards with secure chip technology, see this page.