Cabela’s Credit Card is the Best Way to Maximize Your Savings at Cabela’s
If you are an outdoorsy lady or gent, you might be shopping at Cabela’s so much that it feels like home. If it feels like home, you might be leaving a lot of money there. If you are leaving a lot of money there, you might be wondering if having Cabela’s credit card could help you save some of that money. We are here to go over that with you.
Does it make sense to apply for Cabela’s credit card?
First of all and sadly, no – Cabela’s credit card is not the best savings tool. If you get approved after an extensive credit check, you will get $20 off your first purchase. Yes, just $20. If you shop at other places and pay with this card for 5 purchases in the next 30 days, you will get $10 more. There are cards that will give you $500, so there it is.
After the initial cash benefits you will be earning points that are equivalent to 1% cash back per year. This applies to all purchases, except at Cabela’s and Cenex, for which you will get 2%. To get 2% back you don’t even need this credit card, because all free Club Rewards Program members get that automatically.
If you would like to get more perks and benefits, you have to become a big spender. People who spend over $10,000 per year and are approved via very stringent credit check become Cabela’s CLUB Visa Silver Card holders and get 3% cash back. All you have to do is buy a fancy motor boat or yacht every year and you’ll have it made. $25,000 and over per year will make you Cabela’s CLUB Visa Black Card holder and reward you with 5%. We don’t even know what you have to buy to become that.
If you become a respected holder of the latter two cards, the savings are a bit more significant than with the regular card’s 1% and 2%. Many stores routinely offer 5% cash back for store purchases without $25,000 and without annual fee. Cabela’s credit card does not have an annual fee and this might the sole reason why you might consider opening it to save at Cabela’s and Cenex.
What are the pros of Cabela’s Credit Card?
$30 opening bonus
$20 will come to you right after opening the card and will be applied towards your first purchase with it. $10 will come if you’ll make 5 purchases somewhere else in the first month. You will get this $10 within 60 days after the fifth purchase.
2% cash back
You will get 1 point for $1 spent in all stores and 2 points for $1 spent at Cabela’s and Cenex. This is not cash rewards, but definitely money for future Cabela’s purchases.
No annual fee
Credit cards usually carry an average of $19 annual fee, so by not having it here you are saving that much.
Low APR
The APR is not very high for Cabela’s purchases, but still you should definitely pay the balance off at the end of every billing cycle and not have any ongoing debt on this or any other credit card.
What are the Cons of Cabela’s Credit Card?
1. Financing
2. Cabela’s Credit card doesn’t offer any introductory rates and hits you with 26.49% right away. Most other credit cards offer 0% rate for the first year. This rate is for non-Cabela’s purchases. You will be charged 27.49% for cash advances and 4% for balance-transfers. The average APR for good credit is around 20%, but modern credit cards rarely give such low percentage, so this is not surprising. Cabela’s purchases are only 9.99% APR, which is not bad. But again, no percentage is good if you can avoid it all together by paying your credit card balances off right away.
3. 1% Foreign transaction fee
If you decide to enjoy the great outdoors or anything else outside of the US, you will pay for it with 1% surcharge on all foreign transactions. You will pay this fee even if you are here and just buying something from abroad. This 1% fee is not the highest in the credit card market, but still a fee when compared with no foreign transaction cards.
Is there something else we should know about this card?
- The points don’t expire unless you don’t pay, so don’t be in the rush to use them.
- There is no penalty APR or Overlimit Fee, but you should still avoid ever getting to such situations. Don’t be late with payments and don’t spend more than you have allowance for if you want to be smart about your finances, which you always should.
- 4% balance transfer fee is another nail in the coffin for this card, which is already punishing you with its 26.49% APR.
- Special Offers and Events – all card holders and rewards program members are eligible for special events. Silver and Black card owners get invited to Signature Travel Adventures and “The Experience”. All of those are planned hunting and fishing trips. “The Experience” is an access to see how hunting, fishing, and outdoor companies go about their business on a daily basis. You can visit the likes of Zeiss, Ruger, and Simms.
