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How I Got a 100% Credit Limit Increase on My Sam's Club Plus Card - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video coming to talk to you
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guys today about something that um is
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going to be helpful to you especially
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you guys do a fair amount of shopping
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and you know gassing up like i do
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running around town here in las vegas
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right i want to talk to you about the
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sam's club plus membership credit card
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and how i was able to actually get a 100
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increase on my credit limit with this
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card and having it for uh
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it was about in 10 months i was able to
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get 100 increase and i may be able to
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get more had i like
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planted a little bit better not waited
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so long in the beginning but guys we're
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gonna be talking about that plus some of
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the benefits with this card and that
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kind of thing and why this can be a good
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one to have um in your arsenal okay it
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could be a good card that it can be a
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good card for some people all right so
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guys go ahead and subscribe to the
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channel for those that have already
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subscribed you guys are absolutely
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awesome you guys are great i really do
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have to say it so this channel has been
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growing like crazy i really am enjoying
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it i'm uh having fun sharing what i know
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with you guys and also having fun
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learning a whole hell of a lot from you
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down in the comments section you guys
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teach me a lot and i really do
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appreciate that and i appreciate
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everybody who comments and uh
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because your comments are able to help
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other people learn as well because dude
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the world of credit there's so much to
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learn and so much changing all the time
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and different rules from different
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institutions and things like that and
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just i don't know there's so many little
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things with it to put lightly so for
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someone as a beginner it can be really
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really overwhelming so thank you for
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everyone who makes those regular
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contributions i appreciate you uh you
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guys are absolutely awesome now let's go
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ahead and dive into this talking about
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the sam's club plus membership okay
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if you're gonna get this card now this
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is a pretty cool card to have and this
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was actually uh when i first started
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getting credit cards again this is the
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first one i got
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this was the first one because like okay
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well i go to sam's club uh you know like
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i shop there pretty regularly um
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i didn't really get
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gas up no i had a membership card just a
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regular membership card but not the
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credit card
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so i think i don't know if i would gas
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up there very often i think i would once
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in a while but think of the special
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they're like hey you get five percent
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back just on gas i was like dude that's
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gonna be hard to beat for anywhere else
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so uh really just for that it was worth
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it but now gas lines are so freaking
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long that sometimes i just say forget
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and just go get gas somewhere else
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because your time is also worth
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something so even if gas is 15 cents
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cheaper at sam's club is it worth
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waiting you know 15 20 minutes sometimes
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to get to the gas pump
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you know for everyone else to decide
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right but as we look at this card here
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it gives you some of the benefits they
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offer um right this five percent back at
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sam's club two percent for plus members
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uh in sam's club eligible or and sam's
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club on sam's cash excuse me on eligible
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in club purchases and three percent with
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sam's club mastercard in sam's cash so
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what sam's cash is is you just go over
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here you can see the rewards that they
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have this is what goes um
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on your card so the cool thing about
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this actually this used to expire at the
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end of the calendar year and it says
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right here now cash rewards continue to
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accrue as they are used cash rewards do
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not expire which is great
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they used to expire at the end of the at
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the end of the calendar year and
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actually um it was still saying this on
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their website for a little while into
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2022 but i called twice spoke two
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different reps and said no it's like
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they do roll over to the next year um
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but you have to wait you can't cash you
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can't get them in january you have to
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wait till february so i think it just
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takes them a whole billing cycle to
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process for everyone but you get these
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on your card you can use these towards
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like your membership your cost of
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membership you can use them
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in store if you'd like to pay like
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basically like a statement credit when
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you're checking out and that kind of
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thing so it's cool that you do get some
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of this um back you get some money back
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for just for shopping in there the five
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percent uh back on gas is pretty awesome
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because it's not just a sam's club it's
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anywhere five percent back anywhere that
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will accept mastercard so it's a good
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card to have actually got mine right
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here
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yeah it might be kind of hard for you
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guys to see it but this black car this
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black sam's club card is the one you
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want to have
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three percent back on dining i don't
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really use it for dining then one person
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and everything else so it shows a lot of
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stuff you get here with this card right
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breaks it down for you it also doubles
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up as your membership card so you can
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use it as a credit card and membership
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card
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um
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the no annual fee oh i think that maybe
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they just changed i could have sworn
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there was an annual fee with this card
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at least initially
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except at sam's club at walmart yes
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although i don't think you need this i
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don't think any of these rewards for
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using it at walmart i could be wrong but
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i don't think you do because walmart has
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their own credit card but getting this
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card this was um one i was glad i got
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you know just to get started again with
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credit cards because um you're gonna
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wanna know a few things one is a uh
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synchrony so it's from synchrony bank so
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i actually think yes it's around your
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synchrony so they do hard pull from
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experian when you apply for this card
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when i got this they gave me a three
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thousand dollar credit limit which i was
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like okay cool you know i cut up my
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credit cards like five years before
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doing dave ramsey's stuff um so they
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gave me a three thousand dollar limit on
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the card i was like all right cool
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that's fine with me
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but then i went to get a um i waited i
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think
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so i'm gonna pull up my notes here for
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you guys
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talking about this car seat so we got
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the card the benefits all that stuff
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they gave it to me november the three
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thousand dollar limit there's a hard
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pull from experian for the card the cool
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thing though is when you ask for a
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credit limit increase it's a soft pull
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so it's a soft pull so i mean these one
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of those credit cards i mean dude you
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could ask all the time for a credit
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limit increase and if they tell you no
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it's truly no big deal it's not like um
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going with chase or someone or with um
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like usa usa says every time you ask him
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for credit limit increases says it's
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going to be a hard inquiry um if you go
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with chase i think chase if you ever ask
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chase if you ask them i think it's going
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to be hard inquiry every time they might
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give you give you one but some places
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are more lenient navy federal it's
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usually a soft pole if you do it on the
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app or on the website i think i've only
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heard of one person who said they got a
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hard pull for doing it that way but this
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though i mean this was great because
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that first time i asked her credit limit
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increase they i spoke to the rep on the
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phone she goes no it's a soft pull i'm
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like
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i could call like every day and ask for
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a credit limit increase obviously it did
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not but one thing you want to know is
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with this card
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they ask for your net income not your
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gross incomes they want to know what you
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took home on your taxes so if you've got
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a ton of write-offs that you do um
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that's like like i've had in the past
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from running a business you can you can
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you have a business you can write off
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all kinds of stuff so you know just be
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aware that they do ask for your net
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income versus your gross income that's
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what they want to know now when i asked
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for an increase my first one i waited
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like what six seven months or something
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and i went from three thousand to four
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thousand and this was for me reading
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online i'm like okay what should i do
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for an increase request and i see
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articles that say ten thousand 10 000.
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10 20 never more than that and i was
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like screw that i'm just go over 4 000
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i'm like 3 000 seem that high i mean
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yeah percentage-wise it seems kind of
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high but it's only a thousand bucks so
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they approved me for it no big deal and
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then i was like okay well i thought it
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was a soft pull when i tried that time i
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could just try again so in about a month
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a little over a month i tried again july
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4th they told me no july 7th they told
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me if they tell you no if you get denied
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they do send you a letter uh saying why
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so you could say you know not i think
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one of them's like not enough time at
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this
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uh with this limits uh another one i
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think it's something similar to that
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requesting too often
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there's a confused a handful of
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different reasons i'll give you but they
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will send you a letter when you make
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those requests so i did try i was a
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little more aggressive here tried like a
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month apart was told no and then in
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september it's a few months later i
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tried to i requested five thousand okay
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let me go from four to five i'll request
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five thousand another thousand dollar
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increase this time but then they gave me
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six so i was like i was like okay i only
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wanted you know five thousand dollars
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but yeah here have six thousand all
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right fine with me then i tried again in
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december uh just before the year closed
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out and they told me no on that one too
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so i haven't quite seen how
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you know i don't know if
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how long they want to use what here end
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of may so we have june july august
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obsessed maybe once a quarter you could
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do see if september october november
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maybe once a quarter i don't know it
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might work if you wait once a quarter to
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ask for a credit limit increase and
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probably it's gonna depend right your
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income how much you're asking for
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and then obviously as you see here you
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can get more than you asked for uh if i
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guess they're just feeling generous and
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they want you if they think you can
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handle more so probably once a quarter i
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would i would say maybe once uh once a
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quarter you could go probably the most
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aggressive i'm thinking maybe somewhere
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in the middle might be like
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twice a year you can ask and you know
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then maybe like once a year or something
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like that if you just if you don't want
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to
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if you just want to try every once in a
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while but then these are soft pulls so
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it doesn't hurt your credit score to try
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these so that's one thing that's one way
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people get really high limits they get
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credit cards or when they do a credit
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limit increase request it's a soft pull
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so if they get it great if they don't no
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big deal it's basically like either you
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win or it comes out just neutral it
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doesn't hurt you to take a hit on that
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hard inquiry now one thing to know about
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this happened to me in april
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they uh had the regular card and they
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upgraded to the plus membership card
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because i just had a regular i don't
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know well they said it was a regular
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card but then they they upgrade to the
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plus membership card the black card i
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already had
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the plus membership card that's black i
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have it right here so i don't know if in
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this in their system they had it wrong
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but they wanted to issue me an actual
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another plus membership card even though
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i had one i'm like no i already have
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that card and i asked the lady i said
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you know is this going to be a different
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account number and she told me yes and i
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said no
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because i want to keep the age of my
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card i don't want to start a whole new
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account and lose you know almost a year
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of age honestly i'm like no so they just
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issued me the replacement card um is
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what they did so this was my replacement
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one that i got so again i don't know
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what happened in their system something
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may have messed up where they thought i
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didn't have the membership i did i don't
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know but yeah if that ever happens to
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you not just with sam's club at any card
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and they want to issue you a new one um
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and they go yeah we're just gonna close
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out your old account give you a new card
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i was like nope i want that age on my
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credit house like nah nah
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i don't want to close out and get a
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brand new account that starts over so
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i've got a brand new car that's only a
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month old i said no thank you so if they
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were able to just issue me a new car i
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was able to keep the same account number
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uh just really like doing a product
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switch you guys ever done a product
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switch or product change from one credit
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card to another it's the same account
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you just change different cards that's
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all you're doing so if that ever does
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happen you check with the rep and make
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sure you're going to keep your account
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number and you're not going to lose it
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so you don't lose that age
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in your credit history so that was how i
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was able to get this really this
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increase doubled from 300 3000 up to
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6000. i wasn't even trying to get to 6
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000 i got to 6 000. so this is my
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experience with the sam's club um
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plus membership credit card if you guys
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have any other experience please share
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it down below this may be helpful to you
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this year's might be similar to mine you
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might get better results might get worse
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results who knows but if you're someone
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who goes to sam's club a lot i would say
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this is a card worth having okay just
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for the fact that you get some money for
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spending uh money back for spending
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money in there you get cash back on the
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gas and so if you want to do any hard
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inc um any hard if you guys want to do
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any um
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credit limit increases it's not a hard
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inquiry it's going to be a soft pull so
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i appreciate you guys watching thanks
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for being so awesome and until next time
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keep growing your money
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