Inside This Issue - News
Samís Club offers security innovation
June 16th, 2014
NEW YORK – Sam’s Club is introducing a new cash-back program on a credit card with chip-enabled technology to provide more security from fraudulent activity.
Due out on June 23, the Sam’s Club 5-3-1 cash-back program on its cobranded MasterCard, issued by GE Capital Retail Bank, enables members to earn 5% cash back on fuel, 3% on dining and travel, and 1% cash back on all other purchases, up to $5,000 annually.
Each credit card has an embedded chip that makes the card more difficult to duplicate. Sam’s Club says it is the first mass retailer to actively implement chip-enabled technology.
“We’re always looking for ways to find time and money-saving solutions for our members. The 5-3-1 program and cobranded MasterCard mean industry-leading savings and security innovation for today’s consumer,” comments Rosalind Brewer, president and chief executive officer of Sam’s Club.
Chris McWilton, North American president for MasterCard, says that with the new card Sam’s Club is taking a key step toward enhancing credit card safety.
“MasterCard has taken a strong stance on the need for the U.S. market to make the transition to chip-enabled credit cards for the benefit of cardholders and merchants alike,” McWilton explains. “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.”
Security of payment card transaction and customer information has been top of mind among retailers and consumers following the massive data breach at Target Corp. late last year, which resulted in the theft of at least 40 million card numbers and 70 million other pieces of customer data.
In a letter to shareholders earlier this month, interim Target chairwoman Roxanne Austin identified steps the retailer has taken to heighten information security since the data breach. Such infiltrations, she noted, are occurring not only in the retail industry but also in the defense and technology sectors as well as the federal government.