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*Disclaimer: This article is accurate as of the publish date January 6, 2014
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Cabela’s is adirect marketer and specialty retailer of hunting, fishing, camping, shooting, and related outdoor recreation merchandise. It is one of the most popular and well-known outdoor brands in the nation, serving outdoors enthusiasts with a full inventory of quality products. Cabela’s is also liked because it offers such competitive pricing.
To accelerate the bargain shopping, however, you may want to pay with the Cabela’s VISA Rewards card. There are three different levels of rewards you can earn – Classic, Silver, and Black.
Cabela’s Club Visa Features:
- 2, 3, or 5% points back on Cabela’s purchases
- 2% back on participating Cenex stores
- 1% back on all purchases
- Points never expire
- No cap on points
- No annual fee
The Classic card earns you the lowest cash back amount on Cabela’s purchases at 2% and there’s no minimum spend requirement. The Silver version earns you 3% back on Cabela’s purchases with a $10,000 annual spend requirement, and the Black version earns you 5% back on Cabela’s purchases with an annual spend of at least $25,000.
Upon approval for one of the cards, you can earn a new cardholder bonus worth $25 in points. If you shop with the card at merchants other than Cabela’s at least five times during your first 30 days of card membership, you can earn another $10 in free bonus points. Join the Cabela’s Club Points program and you can also take advantage of special offers on specific merchandise deals with additional rewards that can be as much as 15%.
Crunching the Numbers
Regarding the interest rate you’ll pay for your purchases, it appears that Cabela’s offers preferential treatment – with a rather reasonable and relatively low APR of 9.99% charged on whatever you buy from Cabela’s. However, the APR on all other purchases (anywhere except Cabela’s) is between 15.16% and 21.16%, depending upon your credit worthiness and how much you spend at Cabela’s each year. That translates into a pretty good deal when you shop exclusively at Cabela’s and a potentially steep rate otherwise. When a rate is above 15% – which is common on many of today’s credit cards, by the way – it should inspire you to never carry a balance on your plastic because that kind of interest gets expensive fast.
What We Don’t Particularly Like
This would not be the right card if you are looking at getting a credit card to perform a balance transfer. Cash advances and balance transfers are a whopping 25.16%. That’s a terrible rate that can get you into debt very fast by making the amount of the owed balance carried forward double within less than four years. On top of that, you will pay a surcharge of $10 or 4% (whichever is greater) of the amount of each balance transfer or cash advance.
The Bottom Line
If you’re a loyal Cabela’s customer and you do not use the card for other purchases or to do balance transfers or cash withdrawals, this card might serve you well. If you have excellent credit and qualify to carry the Cabela’s Black Card you can rack up bonus points really fast.
Even if you only carry the Silver version you’ll still earn robust rewards, and the low-tier Cabela’s VISA Classic still kicks back a solid 2% in purchase points. That means that for the same products you would normally buy with some other card you’ll be receiving significant discounts in the form of rewards.
We also like that you can use it all over town to earn 1% Cabela’s rewards points. In that case using the Cabela’s card is a no-brainer, but only if you use the card in the somewhat restrictive, limited way outlined above. What you want to avoid is carrying a balance or applying for this particular card if you don’t shop regularly at Cabela’s.
There are other cards that are much more sensible and affordable – including ones that offer cash back or rewards – for consumers who are not big fans of Cabela’s. With a Discover Card, for instance, you can use Discover’s online shopping mall with partnered merchants and automatically get great discounts and cash back bonuses of 5%, 10%, 15%, and even 20%. That’s tremendous, and although Cabela’s is not currently listed as one of their more than 200 online retailer partners, other outdoor recreation product sellers are. Those include, for example, Bass Pro Shops, Wal-Mart, L.L. Bean and Sears.
*Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.