There aren’t many customers tougher to impress with price than discount warehouse club members, who have been known to all but pinch the buffalo off their hard-earned nickels. But SAM’S Club, with financial partner GE Capital, has developed a new rebate program that adds even more buying power to SAM’S Club’s business and consumer members nationwide — because after a year’s worth of purchases, they’ll have earned credit for free merchandise.
A 1 percent Credit Bonus Awards Program has been launched in all U.S. SAM’S Club locations, effective, October 1, 1996. Under the program, members will receive an annual 1 percent rebate on all purchases made with their Personal or Business Revolving Credit accounts with SAM’S Club. For Joe Hardin, president and chief executive officer of SAM’S Club, it was a natural move.
“SAM’S Club Credit has shown tremendous growth for a start-up private label credit program. A 1 percent rebate adds incentive to continue this momentum while showing our appreciation to our members for their continued support and loyalty,” Hardin said.
SAM’S Club Credit Bonus Awards, which are being underwritten by GE Capital will begin accumulating on an annual basis with purchases on and after October 1, 1996 with the first 1 percent Credit Bonus Awards certificate being sent to members in October 1997. Members can redeem the award certificate for merchandise within 60 days from the date of issuance. The Credit Bonus Award Certificate is good at all U.S. SAM’S Club locations.
SAM’S Club is a division of Wal-Mart Stores, Inc. with 436 operations in the U.S. Wal-Mart (NYSE: WMT) operates in all fifty (50) states, Argentina, Puerto Rico, and Canada and in China, Brazil, Indonesia and Mexico under joint venture agreements. Wal-Mart employs over 670,000 associates in the United States and 28,000 internationally. Its securities are listed on the New York, Pacific and Toronto stock exchanges.
GE Capital Services, with assets of over $185 billion, is a global, diversified financial services company with 26 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital Services, based in Stanford, Connecticut, provides equipment, management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.