Cabela’s Credit Card Review: A Lackluster Store Card

Cabelas Credit Card

The Cabela’s Credit Card doesn’t offer much benefit, even to the most loyal Cabela’s shoppers. People who sign up for the Cabela’s CLUB Rewards program alone (without the credit card) can earn the same rewards and pay with another card — effectively earning double rewards on each purchase. The only true benefit to this card is its reduced interest rate on purchases at Cabela’s.

ALSO READ: CardCruncher’s Complete Guide to Improving Your Credit Score

Cabela’s Credit Card Review

Here are the highlights of the Cabela’s Credit Card:

  • Annual Fee: None
  • APR:
    • 9.99% APR on purchases at Cabela’s
    • 16.97% – 25.97% variable APR on other purchases
    • 26.97% variable APR on cash advances
  • Sign-Up Bonus:
    • Earn $20 in Cabela’s CLUB points upon approval
    • Earn an additional $10 in Cabela’s CLUB points after five purchases
  • Benefits:
    • Reduced interest rate on purchases at Cabela’s
    • Can be used anywhere, not just at Cabela’s
    • Get access to member-only Cabela’s CLUB events
    • Earn Cabela’s CLUB points on every purchase:
      • 2 points per dollar spent at Cabela’s and Cenex stores
      • 1 point per dollar spent elsewhere
  • Minimum Payment:
    • If balance is $27 or less, then $27
    • Otherwise, 1% of your statement’s new balance, plus billed interest and fees, rounded to the next dollar
  • Other Fees:
    • $10 or 4% of the amount, whichever is higher, for cash advances
    • $10 or 3% of the amount, whichever is higher, for balance transfers
    • Up to $37 for late payments

What’s a Cabela’s CLUB Point Worth?

The Cabela’s Credit Card offers Cabela’s CLUB points as rewards instead of cash back. Each point is worth $0.01, and they can be used toward any Cabela’s purchase. If you spend $2,500 at Cabela’s in an average year, you’ll earn 5,000 CLUB points. That’s enough to get $50 in savings on future Cabela’s purchases. This  rate isn’t out of line with the rewards offered by many store credit cards, but you can earn these points even without signing up for the Cabela’s Credit Card, which makes the card far less valuable.

Why to Apply for the Cabela’s Credit Card

Cabela’s fans and people who enjoy the great outdoors will find a few reasons to apply for the Cabela’s Credit Card.

You want to earn Cabela’s CLUB rewards while having the freedom to shop anywhere.  The Cabela’s Credit Card offers 2 points per dollar spent on purchases at Cabela’s and Cenex stores, and 1% cash back on purchases everywhere else, letting you build your rewards balance even without shopping at Cabela’s. And if you ever want to see your rewards balance, it’s easily available using your Cabela’s Credit Card login.

You want a reduced interest rate on your purchases at Cabela’s. The Cabela’s Credit Card offers a special interest rate of 9.95% for purchases at Cabela’s stores, which is helpful if there’s a chance you might need to carry a balance for an extended time. This discounted rate will help you save tens or even hundreds of dollars on your Cabela’s Credit Card payment.

Cabela’s Credit Card: Drawbacks and Downsides

The Cabela’s Credit Card has a number of disadvantages that make it a poor choice for most people.

You can earn the same rewards at Cabela’s without the card. Cabela’s has a free rewards program independent of their credit card called the Cabela’s CLUB Rewards Program. This program does not require you to sign up for a credit card. It is a simple loyalty card program that gives you access to Cabela’s discounts and rewards. In fact, it offers the same rewards on Cabela’s purchases — 2 CLUB points per dollar spent — that the Cabela’s Credit Card does. You can even earn these rewards when you pay with a different credit card, letting you earn Cabela’s rewards and rewards from another card issuer in a single purchase.

You won’t earn many rewards, even on Cabela’s purchases. The Cabela’s Credit Card’s 2 points per dollar spent on Cabela’s purchases can be easily matched or beaten by other credit cards, even ones that don’t include Cabela’s purchases as part of a bonus rewards category. Its 1 point per dollar spent on other purchases is beaten by the many cards that offer 1.5% cash back on all purchases. The card’s sign-up bonus is similarly unimpressive. At best, you’ll receive $30 toward a Cabela’s purchase. Most cards’ sign-up bonuses are worth $100 at a minimum.

Cabela’s Credit Card Alternatives

If you’re thinking about opening a Cabela’s Credit Card, consider these alternatives.

If you want to earn a similar rate on any purchase, consider the Citi Double Cash Card. This credit card provides 2% cash back on any purchase (when you pay off your balance in full), matching the elevated rate for purchases at Cabela’s that the Cabela’s Credit Card offers. You get 1% cash back when you make a purchase, and another 1% when you pay the card’s balance. Another benefit is that this cash back can be redeemed directly as cash deposited to your bank account. The cash back offered by the Cabela’s Credit Card can only be redeemed at Cabela’s stores.

Find the right card that fits your lifestyle.

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If you want to earn similar rewards and a larger sign-up bonus, the Capital One Quicksilver Card may be a good choice. The Quicksilver Card’s sign-up bonus only requires $500 in spending, which should be easy to meet with regular credit card use. If you do hit the bonus threshold, you’ll earn a $150 sign-up bonus, far exceeding the Cabela’s Credit Card’s $30 bonus. You’ll also earn 1.5% cash back on every purchase you make, which is more than the Cabela’s Credit Card offers on non-Cabela’s purchases.

Bottom Line: Should I Apply for the Cabela’s Credit Card?

The only reason you should consider signing up for the Cabela’s Credit Card is to receive the lower interest rate on Cabela’s purchases. We recommend avoiding credit card interest when possible, so, this isn’t really such a compelling reason to apply. If you do shop at Cabela’s on a regular basis, sign up for the free Cabela’s CLUB Rewards program instead and stack its rewards with the rewards offered by one of your other credit cards.

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