With the economy as shaky as it’s been the past few year years, most consumers are trying to keep credit card debt to a minimum, and are looking for smart credit cards or rewards credit cards that provide them with the most benefits. Many consumers try to stick with cards from retail stores where they frequently shop anyways. One example is with the Cabelas Visa credit card. Learn what this credit card is all about and what type of benefits it may offer.
Overview of the Cabelas Visa Credit Card
The Cabela’s Club Visa credit card is a reward credit card aimed at consumers who shop at Cabela’s, the leading store for fishing, hunting and outdoor gear. Consumers can earn reward points when they make purchases using the Cabela’s credit card. Although the card offers two different interest rates, they’re both determined by the consumer’s credit scores.
The interest rate for purchases made at Cabela’s is about 9.99 percent while the interest rate for purchases made elsewhere is at a higher rate. This rate is generally the prime rate plus 7.99 percent. The APR will not go any lower than 12.99%. If the card is used for balance transfers, the rate is prime plus 11.99 percent. The APR on purchases can go anywhere from 15 percent to more than 18 percent.
Because the interest rate is higher for both balance transfers and purchases made outside of Cabela’s, many feel that this card is not for consumers who carry a balance from month to month. The Cabela’s Visa credit card offers three levels of rewards, but they’re determined by the amount you spend each year.With almost 100 catalogs published annually and the large variety of items available in its online store, there are plenty of items the avid fisherman or hunter can find to buy.
Benefits of the Cabela’s Visa Credit Card
Despite the slightly higher interest rate on non-Cabela’s purchases, this card does come with some nice benefits.
• You get $15 off your first purchases if you’re approved for the card.
• Each time you use the card at Cabela’s, you get 2 percent cash back.
• You get 1 percent cash back on purchases made elsewhere.
• Points can be redeemed at any Cabela’s store, through their catalogs or on the online store.
• There are no restrictions on what you can redeem the points for.
• They offer free online services.
• You can download your account history to Microsoft Money or Quicken.
• You get 2 percent back on any purchases made at Cenex convenient stores since they’re owned by Cabela’s.
Pros of This Card
• There is no cap on the number of points you can earn.
• You can earn double points on purchases at Cabela’s.
• No expiration date on points earned as long as the account is kept current.
• No annual fee
• New card holders get 1,000 points upon approval.
• Big Cabela’s spenders can earn up to 5 percent on Cabela’s purchases.
Cons of This Card
• The different APRs can be confusing for customers.
• Higher interest rate on non-Cabela’s purchases
• Only 1 percent back on non-Cabela’s purchases
• The 2 percent back you get on Cabela’s purchases is often higher with other credit cards.
• Because of the way the rewards points are conditional, customers often feel they’re very restricted in how many reward points they can earn.
• They have additional bonuses and reward levels that can be earned, but you need to spend at least from $10,000 to $25,000 annually to earn these.
As with all store credit cards, the key to getting the most out of your Cabela’s card is to shop at Cabela’s a lot and pay your balance off monthly.