Cabela's Credit Card

I've had a Cabela's Credit card for I think 12 years now. It's been a handy tool for emergencies and those special items that are on sale for only a short while. This last week, we received a letter from them stating that because of current market trends, their interest rates on the declining balance needed to be adjusted. They changed our interest rate from 9.99% to over 21.99%. I don't think that this so-called recession has more than doubled the cost of borrowing money. I'll be (darned) if I ever use that card again. I'm going to pay it off as soon as I'm able, then cut that sucker into the smallest pieces possible. For Cabela's to do business with a lending institution like that is sad. Not that long ago, interest rates like that were called usury and they were criminal. It looks like another of the big box stores is out to get your money instead of your satisfaction. If they lose a customer, it doesn't matter to them. They'll just get another.
WOW! I guess I'm upset.

I replaced a LL Bean card for the Cabela's card this past year.
Recently I got a letter from them saying that since I had no activity on it they would cancel it within a month unless I showed some activity...so I charged a lunch on it;).

I think they are going to be hard pressed to find a financial institution that is not going that route. I wouldn't blame Cabela's. If they are going to have a credit card available, they have to accept current market trends.

Of course, I would do the exact same thing you are doing; pay it off and cut it up.

The last personal credit card I had the credit card company somehow figured they could charge me about 20 bucks for not using the card. That was 13 years ago. Ever since then I have had no need for the things.

Pretty much all credit cards are doing that now. I only have two cards right now and once they are paid off they will be canceled because they just went up the exact same rate as yours. I wouldn't blame Cabela's though...Cabela's is not the lending institution that is doing it, its whomever the the card is actually through that is doing it and Cabela's is just the middle man.

When my Capital One Visa did that to me a couple months ago i called them and was told it was "Due to the times we are in".....yeah that makes sence doesn't it. People are having a hard time financially let's raise the interest rates on them to make it even harder:?

Steve

The Credit card companies are running scared, The Feds just came down on them putting restrictions on them. They are trying to get the maximum before the bill goes into effect.

Pay em off and only use them in emergencies

Eric

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Originally Posted by Midwest Custom Fly Rods

I wouldn't blame Cabela's though...Cabela's is not the lending institution that is doing it, its whomever the the card is actually through that is doing it and Cabela's is just the middle man.
Steve

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Steve - Check again. Foremost Bank = Cabela's (ie. World's Foremost Outfitter). No middle man involved.:(

My credit card from them is GE financial bank. I have received no letter stating that yet............... I use that word loosly. I have canceled all my cards except that one and I don't carry a balance month to month on that one. Just pay my utilities and then pay it off at the end of the month. I will be watching this though. If I get the letter they will be added to the pile of oops you are not getting my money anymore.

wow didn't know Cabela's actually were the bank:o ( I don't use one of their cards myself) but figured they were like everyone else and went through an issuer like FIA as Bass pro does.

It does suck I agree wholeheartedly with that, seems like all CC's are doing it now though so it's hard to find one that isn't upping the rates. Besides my Visa I have a "care credit" (health/dental) card which is like a credit card for health care and that just recently went up to almost 27%:shock: CC's are a rip-off no matter how you look at it:?

Steve

I got a letter telling me 'it' was going up again. When ya call that 800 number & tell 'em yer shopping fer a new one, they'll snivel & suck & give ya a bouther-in-law deal! My CITI card went from 20(+) % to 9.sumthin'.. Use yer head! Work smarter instead of harder! S'easier to work from the neck up in stead of from the neck down.

As shortcaster said always ask for a better deal. They don't always give it to you but asking is free.

Also, if you plan on terminating the account just close your card with the current terms. You won't be able to use the card for any future purchases but you'll be able to pay it off at the current lower rate. Typically by not responding to the change in terms or by using the card after the change you are agreeing to the new terms.

I can't speak too negatively about their credit card since they did catch a fraud attempt this year before it even posted to my account. Although I felt they were very slow in getting me a new card. Not sure why they would make me wait 10 days for a new card since they lose money when I don't have my card. I was forced to use my backup card in the interim.

They did recently bump me up to the their signature card because I charge a fair amount each month. I didn't receive any rate increase but then I don't carry a balance so they probably aren't targeting me. I use the card for cabelas bucks, personal convenience and financial security.

I guess it's tough times for most folks including Cabelas. Their coupons are at a lower percentage then in the past. Their return policies are changing slightly but still very good. It will be interesting to see if BassPro follows this trend.

Credit cards should be used as a convenience ONLY. Their rates are plainly stated. If you use them and do not pay off balances at end of billing period, the STATED rates apply. I ,personally, am NOT a cash person. I use credit cards almost exclusively ( if I find $50 in my pocket, there's a good chance I put on someone else's pants) but my card requires me to pay off current balance when due. I could possibly extend payment BUT then the "usury" rate would be at about 20%. SCREW THAT, I pay up.

Mark
PS: My wife and I both applied and got Cabelas Credit Cards at the Mitchell SD store. Got two free hats and $10 off each for first purchase. Some Beef Jerky and a few flies covered that like "right now" and we dumped the cards in the trash on the way out.

Mark

Don't blame the credit card companies for the rates. They are not the ones to set the rates. It is the member banks that does that. The credit card company only provides a service and charges the member banks a fee for the service of issuing, monitoring and guarantee of transaction.

Like Marko, I use credit cards all the time, then pay them off when the bill comes. As a contractor I have the big box cards and Discover for business, and a couple of personal cards, including Cabelas which gets used once or twice a year when I stop at the Dundee store on my way to the Au Sable.

As a young married couple, we got caught up in the "have it now" attitude of the day, and in short order we had more CC debt than we could pay off quickly. But pay it off we did, and ever since then we only put on the cards what we can pay off when the bill comes in. If we can't pay off the purchase in 30 days, we do something that is almost unheard of today...we save for the purchase. Yep, we have reverted back to the Depression mentality of our parents. Surprisingly, when saving for the purchase, we often find that we really don't need what we were saving for, and just leave the money in the Rainy Day account.

If you carry ANY balance on your cards when buying Bargain Cave or sale items, you have wiped out any savings you thought you were getting. You're just fooling yourself. My advice is to get out of CC debt as soon as you can. If you are using CC's for medical debts (recommended by the billing companies because it transfers the debt), stop that practice right now. Let the billing company send you monthly bills and pay off of those statements, because medical debt is looked at differently by credit reporting agencies, and it will not significantly affect your credit score like late payments on CC's will do. You need to keep up your score high for good interet rates, and some employers check your credit score when hiring.

I had the card for 10 years and my wallet and card were stolen. I called for a new card and they informed me that they would not renew it since I had just cosigned for a car for my daughter I was irate but they wouldnt cange their mind. I told them to rip the card up and cancel the account and havent ordered anything from them since. Nick

I do like Joe V. My CC gives a small % cash back for purchases. I charge most everything and when the CC statement comes in I immediately pay it in full. I have not paid any interest since I don't know when.

Tim

I too don't carry a CC balance.

I have read though that some companies are considering charging folks that don't carry a balance an extra fee.
I'm thinking in that case I may pay off all but a dollar and see if that works:p.

Also have read that some may start charging interest from the date of purchase. If that happens I guess I'll go to paying by check or cash:(.

Credit cards are the bain of us all. With that said, I use my Cabelas every month---quite the card to use. We pay that sucker off every month. What I got coming to me with my points will fill the base of the largest Christmas Tree.

Just like the rest said---Call and get a better rate. When you cry over the phone and say "I've used your card for several years and charged somewhere around $$$$$$, now you want more from me??" Watch them snivel and bend over for you. Yes they want to charge you more, yes they are following eveyone's lead on charges, and yes they don't really want to lose you.

Don't give in too quickly, call and complain.

Big D.

Got my notice today....they are lowering the rate for purchases from Cabela's but raising on the other purchases...but only to 9.99%...heavy hit on late charges though....

As I speak, I have about $60 in my pocket. To some folks that may be a lot of money, to others, a pittance. I got in the habit of not carrying a lot of cash when I lived in NYC.

If I need to buy anything today, I have $60 to spend. I can't buy anything for $80, $90 or $100 unless I get some more cash. It's a pretty simple system, don't spend more than you have in your pocket. I do the same thing with my Cabela's Card. If I can't pay the balance when the bill comes due, I don't buy it.

Obviously, some folks have needs and expenses that force them to use lines of credit even if they don't want to. But many who decide that giving up the card is a better option than paying high interest; can live within their means.

I ain't preaching here but IMHO, the BIGGEST reason we are in this mess is too many people didn't check their pocket before they started spending.

credit cards are just like a computer. if you dont tell it what to do, it doesnt do anything! it cant spend if it stays in your wallet! it doesnt get out of your wallet or purse all by itself and wants to spend.

if you have racked up your credit cards to the max, cant pay your monthly minimums then you deserve to to pay a higher interest rate than someone who pays off the balance immediately.

it is unfortunate that the good folks who truly know how to manage their finances are the ones who have to suffer for the ones that dont.

i have also seen on tv and have read on the internet about canceling credit cards and what that may do to your credit score and history. the recommendation was to not cancel a card but to just not use it. lenders like to see a long history of credit. i own my home so that major purchase is out of the way.

i have a capital one "whats in your wallet" credit card and they just sent me a notice that they were increasing my "cash advance" interest rate. ok so what! i have never requested a "cash advance" from a credit card. never plan to do so!

i use my credit unions debit card for most of my purchases along with cash.

Interest rate doesn't matter if it's paid off every month.

If the CC companies ever drop the 20 day grace period from the cycle close to the first finance charge, as some have threatened, than I'll be cutting them up.

The other option is make multiple payments during the month, as you use them send them a payment which is pretty easy if you're paying bills on line.

We have no more credit cards. Don't miss them one bit.

Big Bad Wolf,
So how much cash do you have to carry around all the time? As I stated in my post, I'm not a cash person. I don't need any cash ( almost). With a credit card, I'm NEVER short. If I want/NEED to buy something, there's NEVER a problem. Your credibility is based not on how much money you have but on how much money you are able to borrrow.
In other words, I'd rather do business with someone who has good credit as opposed to someone with a bunch of money. If I need explain, nevermind.


Mark

I called Cabela's and begged. I told them I've been a member for 12 years and I enjoyed having the card. I asked them to reconsider. The said NO, and gave me till July 15 to close the card.
I may be going back to BPS. I'm pretty sure I won't be buying rod building stuff from Cabela's. Too bad, I have a Cabela's just 4 miles from my home.

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Originally Posted by Marco

Big Bad Wolf,
So how much cash do you have to carry around all the time? As I stated in my post, I'm not a cash person. I don't need any cash ( almost). With a credit card, I'm NEVER short. If I want/NEED to buy something, there's NEVER a problem. Your credibility is based not on how much money you have but on how much money you are able to borrrow.
In other words, I'd rather do business with someone who has good credit as opposed to someone with a bunch of money. If I need explain, nevermind.


Mark

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I guess I don't understand. I have very good credit and I have no credit cards. Guess I missed something somewhere. I don't carry much cash either. I plan most of my purchases and rarely buy on impulse so don't need cash or cards. I do have a debit card which I use but I also know exactly how much money is in that account.

Kerry,
"Very good credit" implies you have a high three digit number rating, probably above 700 .To attain such a number, you must have had some credit extended to you which you paid on time and subsequently, in full. Not having/using credit cards, credit, mortgage, car loan etc., there is no way your creditworthiness/rating could be established. You could have paid for everything in cash and have clear title to same but have a low credit rating. You may be a very credible person but what is your rating? ( hypothetical ?- not asking).This is NOT a question about integrity or honesty. It's a number that is established by your dealings.
AND, my original statement is more often true than not.

Mark

why your credit score doesnt matter

http://www.associatedcontent.com/art...ter.html?cat=3

dont blame me!

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Originally Posted by Marco

Big Bad Wolf,
So how much cash do you have to carry around all the time? As I stated in my post, I'm not a cash person. I don't need any cash ( almost). With a credit card, I'm NEVER short. If I want/NEED to buy something, there's NEVER a problem. Your credibility is based not on how much money you have but on how much money you are able to borrrow.
In other words, I'd rather do business with someone who has good credit as opposed to someone with a bunch of money. If I need explain, nevermind.


Mark

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You're brainwashed.

actually your credit is based on ability to pay back(income), and how much unsecured credit(credit cards) you have available to you. The more cards you have the lower your credit score will be and if you have cards and pay them off every month that does not help your credit, or so I was told while working for CITI bank determining who gets a card and who doesn't.

Big Bad Wolf,

Nevermind!



Mark

Credit score doesn't matter if you don't want to use credit. It's not a good or bad thing it's a tool to use if you want to.

Ability to pay doesn't insure a good credit score... the three credit reporting companies have no way of knowing your ability to pay. They establish your score based on your history of using credit.

Credit scores come from a number of things, but to get a good score you have to use credit, establish it, use it and pay it back.

I got what I assume is my notice from Cabela's a day or so ago. I haven't read it yet, but if they (World's Foremost Bank - yes, Cabela's OWNS it) think they're going to raise my rate, I'll shred the card and tell them to jump off a cliff.

I only got the card at the Ft. Worth store when I lived there to use for large purchases so that I could get Cabela's points. Those points have bought me a lot of stuff over the last few years (a pair of waders recently), but as has already been said, you're kidding yourself to think you're getting the better end of the deal unless you pay it off EVERY month.

I have VERY good credit; near 800 because I've had credit since high school and paid it off nearly every month. If they won't give me back the lower rate (esp with my score), I'll simply tell them off and drop the card, then get the regular Cabela's Club card. Unfortunately, you don't earn points on anything but what you buy in their stores or through the website that way, but if that is how they're going to be, then fine! :x

Credit score also takes into account your balance-to-limit ratios. When you carry a high balance (over 50% of limit) on any revolving account or when your total balances are in excess of 50% of your revolving limits, your credit score take a hit.

When you get mad at a creditor and close your revolving account, you increase your balance-to-limit ratios, assuming you carry a balance on at least one account. That subjects your credit to a downgrade. Downgraded credit means you're more likely to be targeted by creditors for their new, uglier terms.

Cutting up cards might feel good, but closing accounts out of fury or the inability to control your spending is like financially shooting yourself in the foot. Compound this with the fact that cc companies aren't as anxious to open new accounts, so you might find yourself in a tougher position to open an account should you need or want to do so.

If the chop 'n' close approach works for you, then do it. But don't just do it because your neighbor, a palm reader, or Dave Ramsey says you should. Times are tougher, and I hate to see people doing things that could make it harder on them subsequently. We all get mad, and that's okay.

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Originally Posted by halomidge

Credit score doesn't matter if you don't want to use credit. It's not a good or bad thing it's a tool to use if you want to.

Ability to pay doesn't insure a good credit score... the three credit reporting companies have no way of knowing your ability to pay. They establish your score based on your history of using credit.

Credit scores come from a number of things, but to get a good score you have to use credit, establish it, use it and pay it back.

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I knew there was a catch!! You've got to pay it back!!! Darn! :p

YOU'VE GOT TO PAY IT BACK? :shock:

Maybe Congress will give ME a bailout? :roll:

Yeah, Right! :p