Sam’s Club has sent out a letter to their personal & business Mastercard cardholders to let them know of two changes:
- Cards will no longer carry any foreign transaction fee
- They will be offering interest free periods of 6/12/18/24/36 months.
It isn’t clear how the interest free period will work, I suspect there will be different spending thresholds needed for each level (e.g you’d need to spend more to receive 36 months interest free than 6 months interest free). They also recently made it so the card would not earn cash back on tobacco purchases.
Hat tip to reader Eric L
BEWARE SAM’S CLUB MASTERCARD
I want to relate an experience I just had with Sam’s Club Mastercard. I have had this card since October and got it for the cashback program they have. Every month I have charged well over $1000 and every month I pay the balance in full and on time. This month was no exception. The payment was credited and cleared through my bank. I went to charge a small amount at the grocery store and it was denied for lack of sufficient funds. I called today and was told that my payment was put on hold to make sure it clears the bank. I asked to speak to a supervisor and explained it to her. She said because this month was a high payment they have the right to hold the payment until it clears the bank. I told her it did clear the bank, and she replied that it will officially clear on Monday. The balance and payment were well within my credit limit. I am furious in addition to embarrased because my charge would not clear. I am now disassociating myself with this Mastercard. I have had a 4 month history of large purchases and payments in full, yet they don’t trust me that this month is no different? They are the ones that gave me that credit amount, yet they aren’t sure my payment is good? Do not get a card with this bunch, friends. They can make it miserable for you at their will.
The no ftf has been in there for more than a year. This isn’t news.
Hopefully this gets the same change from Citi Costco in response. FTF is the only negative to that card.
I thought it had already been no FTF for a couple of years.
I think it did
Went to canada and was not charged any fees. I think this makes it more clear though. It was not before