New Sam’s Club Credit Card to Feature Chip for Increased Security
Sam’s Club is set to become the first major retailer in the United States to offer a credit card that will feature EMV chip technology, making it much safer than the magnetic strips found in most cards.
The new card will be a MasterCard and will be issued by GE Capital Retail Bank. It is scheduled to be available on June 23.
The card will also have enhanced rewards. Cardholders will receive 5% cash back on fuel, 3% cash back on dining and travel, and 1% back on all other purchases, up to $5,000 annually.
Sam’s Club is owned by Walmart, Inc.
Credit card companies and processors are working work to enhance their security measures in lieu of the significant number of recent data breaches, including a massive one at Target last year. MasterCard and Visa have joined forces to advance the adoption of chip technology, also known as EMV, in the United States. They have set a deadline of October 2015.
“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,” Chris McWilton, MasterCard’s president in North America, said in a statement. “This will no doubt help drive chip-enabled technology forward here in the U.S. as it gains more traction.”