Sam’s Club is reportedly planning to launch chip-enabled credit card in collaboration with MasterCard that uses both a magnetic strip and an embedded microchip to store the data.
Issued by GE Capital Retail Bank, the new Sam’s Club 5-3-1 MasterCard will be available to qualifying Sam’s Savings, Sam’s Business and Sam’s Plus members across the US and Puerto Rico starting on June 23.
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Sam’s Club operates as a division of Wal-Mart Stores.
MasterCard North America president Chris McWilton said, "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."
"This will no doubt help drive chip-enabled technology forward here in the U.S. as it gains more traction."
Besides equipping with the chip technology the new Sam’s Club-branded credit card features no annual fee, Sam’s Club membership required, worldwide acceptance, extended warranty coverage for consumers and extended warranty insurance for businesses.
Furthermore, the new credit card provide identify theft resolution services for consumers and MasterRental coverage for businesses.
The retailer said that the rewards will be reimbursed each February following the yearly reward period and since the payee is Sam’s Club, these cheques must be redeemed at the store.
