Review: Cabela’s Credit Card

Cabela’s outdoor stores, in partnership with Capital One, offers a credit card that allows you to earn points toward free Cabela’s gear. Our overview / review of the card is below:

The first thing to understand about the Cabela’s credit card is that it is a Mastercard credit card, meaning it is accepted anywhere Mastercard is accepted — which is just about everywhere. This is a good thing — many retailer credit cards are good only at the one store chain, but this card has wide acceptance, making it potentially more useful (though we wouldn’t really recommend using it outside Cabela’s, more on that below).

In terms of rewards, the Cabela’s Club Mastercard offers:

  • 2 points for every dollar in purchases made at Cabela’s or Bass Pro Shops, as well as Cenex convenience stores.
  • 2 points per dollar at a limited number of resorts and restaurants. See a list here.
  • 1 point for every dollar spent with the card anywhere else.

Points are worth a penny each when redeemed toward future Cabela’s or Bass Pro purchases — 10,000 points = $100 in Cabela’s rewards, for example. You can redeem points whenever you’d like; there is no minimum point total to hit before redemption, which is nice.

If you are a really big spender at Cabela’s and/or Bass Pro, you can earn greater points on purchases at those retailers. Spend over $10,000 in a year at Cabela’s/Bass Pro to reach 3 points per dollar in rewards (Silver reward level) or get 5 points per dollar if your yearly spend is $25,000 or more (Black level). That’s an awful lot of Cabela’s purchases, though.

In addition, new Cabela’s credit card holders will get $25 in Cabela’s Club points upon approval that can be used toward your first purchase with the card.

There is no annual fee for the Cabela’s credit card. In terms of interest rate, the Cabela’s Mastercard has a novel formula — your interest rate on Cabela’s or Bass Pro Shops purchases is only 9.99%, while your other card purchases will have an interest rate of 16.99% to 25.99%. (Your interest rate on non-Cabela’s purchases will be determined based on your credit history when you are approved for the card.)

Our thoughts on the Cabela’s credit card? The rewards program is weak when compared to other retail rewards cards. Most cardholders are only getting a 2% reward on their Cabela’s purchases when other retailers commonly give 5% rewards when shopping with their credit cards. In addition, there is little reason to use this card outside of Cabela’s or Bass Pro, because the 1% reward it gives on those purchases is much less than you could earn with a good cash back credit card.

If you are a frequent Cabela’s/Bass Pro shopper who will reach those higher reward tiers (3% at $10,000 yearly spend or 5% at $25,000 yearly spend), this card makes sense. Otherwise, we’d say steer clear — there’s not enough value to make it worthwhile.

If you are interested in applying for the Cabela’s credit card, you can do so in-store or online via this application.