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I have had my credit card with them for almost 5 years. I have NEVER had a late payment and I have never carried a balance. The past year I charge an average of $8,000 per month, always over $5k and sometime right to my limit of $16k (like app time). Always paid off with each statement.

I own rentals and have started rehabbing homes, so I charge a lot (and getting the free stuff with sweet - 1% of charges in cabelas points). I went to use my cc 2 days ago and it was rejected? Tried again then called to check. My available balance was $1, and my credit line was down to $600! I have $16,000.

Obvisouly unhappy I called them and was polite but firm. I had to call back later to speak with the credit department. I explain I have 20 mortgages, no late payments or bad credit marks anywhere ever. My FICO is not high (not bad at all just will never be 800) and never will be with 20 mortgages. They give me a bs line they pulled my credit (random) and it was below some limit, which it has been all along. I explained I have plenty of money double checked I was never late, always paid off etc. What makes things worse is they did NOT tell me. They send a letter out AFTER the fact (I still do not have the letter).

The stated this was because I might rake up the balance when I found out my limit was going to be lowered. I guess that is how they treat an honest loyal customer with a perfect track record. I appealed their decision to manager and higher up and latest was they feel $600 is all I should have now. I have little doubt they simply said why give this guy more when he never carries a balance and we give him free stuff? Illegal but who knows. I understand the economy etc and they have to be carefull etc and my wife works for babnk of America (formerly MBNA) they own 40% of all cc debt in the world. I know what is going on.

Bottom line is I am still pissed - I have had charges rejected (since I had no idea this was coming) embarrasing, and I am salty I will do not get my free stuff anymore. That aside with my perfect record, good credit, no bad marks, graet income (same job for over 10 years) owned my house and I actually own 2 properties sellling now free and clear etc. To drop me to $600 without a warning is not the way I feel I should be treated.

I just wanted to share this bad experiance so others are aware how they have treated a good customer.

To lower someones credit from $16,000 to $600 without warning when they have always charged a lot and paid it of and their FICO score has not changed is not good buisiness IMO.

DonV Ohio

They are one in the same.

No annual fee and if you have to carry the balance the rates are quite low.

Maybe, maybe not. Although Cabela's has their name on the card, they might not be aware of the crap the credit card company is pulling. I would give Cabela's Customer Service a call and see what they have to say about a loyal customer being treated this way. If they give you the same ol' song and dance, then I would close the account ASAP, but I'd at least hear what they had to say first.

I was hoodwinked on a purchase for an oriental rug that I drove about 45 minutes to buy at a Going Out of Business Sale. My fault, I was too trusting and let my guard down. I have been using the Cabelas card for about 15 years and thought they would help me. I called them immediately - within 2 hours of leaving the store - to dispute the charge. I was sent some forms to fill out and mail back, which I did promptly. Did not hear from them for over 7 weeks, then it was "Too bad, so sad." By now the rug dealer had closed up and left town, so I had no recourse with the store. I had enclosed the ad that drew me to the store, so Cabela's knew the store was going out of business, yet they waited until the store was gone to answer. No hint that they would not back me, the customer.

I refused to pay the entire charge, sent them several letters and my torn up card. Endured numerous harassing phone calls from their bill collector staff. Very rude, arrogant, jerks. They finally agreed to my settlement offer and sent me something to sign. There was a catch. They agreed not to pursue the money, but they would still send an R9 report to the credit bureaus to ruin my credit. I told them no dice but that I would be open to further negotiation on the settlement amount if they withdraw the R9 report aspect. Now I have been turned over to the collection agencies. I would welcome a day in court, but just thought you all should know how they treat a loyal customer who has never had a disputed charge in 15 years and has charged way over $100,000 on the account and paid every penny. Could have been avoided if they would have told me over the phone that they would not lift a finger to help me.

Criminy.

From Cabela's 10-K for FYE 12/27/08 (publicly available information):

"Overview

We are a leading specialty retailer, and the world’s largest direct marketer, of hunting, fishing, camping, and related outdoor merchandise. Since our founding in 1961, Cabela's has grown to become one of the most well-known outdoor recreation brands in the world. We have long been recognized as the “World's Foremost Outfitter.” Through our growing number of retail stores, and our well-established direct business, we believe we offer the widest and most distinctive selection of high-quality outdoor products at competitive prices, while providing superior customer service. We also issue the Cabela's CLUB Visa® credit card, which serves as our primary customer loyalty rewards program."

"Financial Services Business

Through our wholly-owned subsidiary, World's Foremost Bank, we issue and manage the Cabela's CLUB Visa card and related customer loyalty rewards program. We believe the Cabela's CLUB Visa card loyalty rewards program is an effective vehicle for strengthening our relationships with our customers, enhancing our brand name, and increasing our merchandise revenue. The primary purpose of our Financial Services business is to provide our merchandise customers with a rewards program that will enhance revenue, profitability, and customer loyalty in our Retail and Direct businesses.

Our bank subsidiary is an FDIC-insured, special purpose, Nebraska state-chartered bank. Our bank’s charter is limited to issuing credit cards and selling brokered certificates of deposit of $100,000 or more and it does not accept demand deposits or make non-credit card loans. During 2008, we had an average of 1,140,834 active credit card accounts with an average balance of $1,828 compared to an average of 987,411 active credit card accounts with an average balance of $1,712 during 2007."

As I said above, they are one in the same.

http://www.sec.gov/Archives/edgar/data/1267130/000120677409000336/cabelasincorp_10k.htm

$18,000 limit, average charges ran from $1500 to 5000 a month depending on business travel, etc. Balance paid in full monthly.

In February I had a balance of about $200, bought tires for the SUV, and came home to find a letter telling my limit had gone from $18000 to $500. Well, those tires automatically put me over the limit!

A call to Cabelas informed me that my card was cancelled, and that I had a $35 over limit fee (!!) in addition to the charges, and would I please pay immediately. WTF???? This is with a 780+ FICO and very few other debts besides the mortgage.

This is also NOT THE FIRST TIME Cabelas screwed me.

In 2002 the ex and I went to Venice. Plane tickets on the Cabelas card, room reservation on the card, limo to the airport on the card.

We got to Venice--guess who cut us off after we charged dinner on our first night there?

Even worse--guess who wouldn't take a call from me from overseas to straighten it out??

I was bitter after the whole Cabelas/Montana Weaver Ranch thing though. I haven't used it in several year. I really should cancel it.

They'll waive the over limit fee too if you haven't done it in the last 6 months I think.

I am thinking it will not

This has nothing to do with Fico scores. Don the same thing happened to me 8 months ago, I own real estate like you and also used credit cards the same way. I was told because of all the additional mortagages and the fact they don't view rental income as "secure" I am now a bigger credit risk!! Never late with mortgages or any other payments, Fico score at 770 and when my renters don't pay me I still pay the bank.

Don it's frustrating and I feel your pain, I found out my limit was lowered while on business in CA and the hotel declined my card. It sucks, but "it is what it is" Or maybe it is just an OH thing.

See Matt's post above.

Not all of the cards use worlds foremost bank though

Cabelas does, however, use several banks. If World's Foremost isn't intersted in you (low income, credit score, etc.) they let others look at you to see if they want to take the risk before you get a rejection. If your circumstances change you can also get your account sold to another bank, which will then notify you about the new changes.

They need to make something off you or it's a waste to them. leave 1000 balance on there and i bet you'd still have your 16k limit.

I was told to call customer service and request a limit increase, which I did. I got refused......and that was the day I told them to stick their card up their rear end and cancelled it.

what a crock of crap!

Something tells me the language was a bit more colorful:)

Obama and congress are sorting this out as we post. The'll have us all straightened out in a few months.

The Old Sarge

Don....it may be a sign of the times, not how you pay, but the "potential risk/debt" because of the mtg's and rentals.

How they handled it does not sound right...are you sure you have everything correct?

I did the math, I average $18000 on my card per year...mostly at non-Cabelas vendors. If you throw in the Cabelas purchases I get about $200 worth of "free" stuff from Cabelas. This got me thinking that if that is all it adds up to why not tell them to stick it because it really doesn't seem worth it! I am thinking of going 100% cash and carry...just like my younger days! Or, possibly getting a BP card which would be good towards free gas, something I really need.

I like Cabelas gear, but their shananigans got me thinking it's time to move on...

Why? Because default rates are going up due to the poor economy. Since more folks are not paying their debts, the issuer has to find someone to take up the slack - you.

If you do not carry a balance, it is a non-issue. If you switch issuers, you will probably find more of the same. If Obama has his way and "reforms" the cc industry, prepare for the decreases in limits and increases in rates to get worse.

Ah well I feel it was handled very poorly and after I gave it my best and got nowhere I figured I would share my experiance here.

Sign of the times yes, but still not right.

Not true, they charge the retailers fees up front in the 1.5 to 2% range. That is 18 to 24% (annuual) up front.

Holding my breath because I have a $25,000 limit and charge aprox 15-20,000 each month and pay off in full.

I was a day late on my farm note this month and got a letter of reference for housing counseling dated the next day.

Amazing,no track record matters in these times.Small hometown banks are still pretty hassle free though around us.

They just sent me a letter a couple of months ago and upgrated me to their signature card and kept my limits the same. I don't know what a signature card gives me, but it is still working the same.

Sometimes I wish they would cancel me, it would keep me out of their store that is 10 minutes from my house.

There is a whole generation out there that only knows buy on credit.... the .com era, then housing boom, buy, buy, buy....don't worry credit is always good. Things are going back to the way the used to be concerning credit, show control when using credit.

We can thank our elected representatives for all of these changes. Most of the credit card companies are making these changes in response to the CARD Act as well as increasing default rates. The new regulations on pricing are making it very difficult for the issuers to continue to make money so they're reducing their "risk". If you don't fit into their models for profitability you're gone.

I.E. Don. He's making a killing on their rewards program but they aren't making much off of him in terms of interest or fees, only what they earn on the interchange from his purchases (anywhere from 2-3%). They pretty much told Don to take his business elsewhere without using those exact words.

I have purchased stuff from them for 25 years. A recent visit to one of their stores has me rethinking how/if I do business with them. The price hikes on equipment has me holding on to more of my money and shopping other retailers.

I have had a Cabelas Gold card for around 10 years (They now call it the Signature Card). My avg bill is around $1200-$1500 per month, paid off in full. My FICO score, along with my wifes score are both over 800. (I know, because we bought a truck the end of June).

The purchasing power with Cabelas points is diminished with over priced gear. Since my affinity for Cabelas is waning, I will dump their card at the drop of a hat. I will use the credit card which offers me the greatest benefit. It is just plastic and I have something other companies are interested in.

I learned a lesson long ago with insurance. When it comes to finances, do not allow allegiences to cloud my better financial judgement. I treat these items as commodities and will dump them in a heart beat if there is a better deal.

(BTW. I checked my cc limit before I typed this!)

For the person paying off $10K on a single card, EVERY MONTH, I wouldn't think the point savings are that big a deal. LOL

There is a term for people who pay in full every month but I can't think of what it is right now. But it is something similar to Moocher.

Anyhow, that is NOT the type of customer they prefer. They like those that always carry a balance and thus the interest charges make them money.

1) Is that even true? 2) If it is that clear-cut, why the 7 + week time waiting for a response?

(By the way, the store had misrepresented the value of the rug, which was apparent from a tag sewn into the bottom of the rug that I discovered when I got home.)

That's not true.

Every time a merchant accepts your card, they pay a service fee (2% +) to get the bank to give them money immediately.

If you charge $1500 a month, they make $360 a year off your card even if you never pay a penny in interest.

For me, best case scenario they give me 1%, charge others 2-3%, likely there other "fees" they pay someone in between them and the merchant selling me stuff.

Then add in cost of buisiness and I would guess, best case, they break even on me. Likely they loose.

I have little doubt that they may have initially based my reduction on FICO scores and revising their limits due to the economy BUT after I called and explained the situation, my steady good job, credit report with no bad marks, ever good income and lots of spendable income I should have recieved a higher limit then $600. However why would they?

I am going to find another card with some freebies.

Having too many open accounts will lower your credit rating due to the possibility of you maxing them out and then not paying them.

I have never had any issues with Cabelas Club Visa and have been with them for 12 years. In fact, they have been outstanding in just about every aspect of the game in my dealings.

I don't know about that but I can tell you if you apply for a mortgage and have 5 credit cards open even with no balance on them, the bank will be far more concerned with that than they will with 5 closed accounts that the customer chose to close.

A different card and company cancelled my account altogether because I carried no balance and didn't use the card. I had that card since college. Made a phone call and told them I was not happy about it and wanted it opened again. It was re-opened during the conversation.

They're just picking on you DonV for all the freebies!

Nick

I too have had issues with their credit card. I called and canceled it immediately.

That crossed my mind a few years back. I said basically the same thing to them after my Venice fiasco ion 2002 when the cut me off on an anniversary trip I booked with their travel agency!

"YOU'RE lucky I wasn't in Yellow Knife with an outfitter, or I'd SUE you!"

From what I can tell they set up a dinky little backwater bank with minimal staffing to process the cards. The quality isn't there, and it SHOWS.

They'd be better off farming out the operating part of the bank to MBNA.

Lets see what happens.

Here are their emails:

[email protected], [email protected], [email protected]

Good luck to all of you !! I just couldn't deal with what some of you do.

That's not the fault of Cabelas, but is just another one of the Government requirements they have to follow like any other company that has business site within the state where you live!

That said, I just signed up for the Capital One cash card that pays 1.5% on every purchase. So I get 50% more credit and can buy products anywhere! A win/win.

Got an initial $100 credit for charging $500 the first month. Like it so far.

I would make it an issue with Cabelas. Tell them that everyone, including you, links the credit card with the integrity of Cabelas. If the credit card company didn't fix this ASAP, I would start a dialogue with Cabelas directly and go to their CEO. Don't screw around. use this thread as a reference to what can tarnish Cabelas image.

Cabelas typically conducts their company with an integrity beyond reproach and I would expect, that if your story is true, they will intercede to protect their name.

That said - I still am a Cabelas Black card or whatever it is but am using my Costco Amex more every month in place of the Cabelas card.

I don't mind having to make a call if my card exceeds a predetermined threshold at a flagged, high risk vendor, because they are looking out for me.

Credit card companies are dealing with risks by keeping those cardholders who don't pay off their balances. I don't understand why cardholders want to blame the credit card companies for reasons caused by the cardholder's own lack of discipline.

Top gun, for one thing, plenty of credit cards will protect their customers by allowing you to dispute charges, that is a common practice. In my case, not only did the store misrepresent the value of the rug but I could have resolved it on my own if Cabelas had simply told me they would be of no help. Instead they had me fill out forms and kept me in the dark for six or seven weeks, by which time the store had shut down and left.

AND, I told Cabelas from the start that it was a "going out of business" sale. If their policy was that they would not let me dispute the charge, why couldn't they just tell me, a customer for over 15 years? I had explained the entire situation within a couple hours of the purchase.

The general rule of thumb, is that the more options you have to use your points on, the less bang you get for your buck, specifically when purchasing product that the card is specifically for.

The best cards out there for actually getting money or products are the Visa/MC for specific gas stations, followed by some of the motel chains, like Mariott.

My Shell MC gives only 1% cash back on random stuff, but 5% cash back on Shell gas. That turns a $4.00 gallon of gas into a $3.60 gallon of gas (provided you pay it off every month, of course).

You will not find a better return for your purchases than the gas cards (not just their regular gas CC, but the Visa/MC), although, they're really only good for gas at that gas station, but that's a big expense for a lot of people.

There's a website that compares all the different rewards cards and shows the real monetary return.

The best strategy is to have gas card and maybe one more focused card if you spend a lot of money on one particular expense like motels or air fare, then the best multipurpose rewards card for everything else.

It's 5% on Shell gas and it's his new math that's off by 20 cents! We have a least a half dozen different cards that we use depending on what they offer on certain things, use them accordingly, and always pay them off every month.

Yeah, that should have been $3.80

Cabelas does not own the credit cards. The issuer (bank) does. The Terms and Conditions are generated by the issuer of the card, not Cabelas. Cabelas has their name on the card and is responsible for the terms and conditions of the rewards program, processed by the issuer. The issuers (banks) do make money outside of collecting interest. On every transaction, the acquirer (merchant) pays what is called an interchange fee. The issuer (bank) receives an interchange fee. A portion of said fees goes to the real credit/debit card company (Visa and MasterCard) for switching and settling the transaction. Note too that Visa and MasterCard do not own any cards. Discover and Amex do. Visa and MC simply switch and settle transactions (along with loads of other types of optional services).

So, complaining to Cabelas over an issue with your card is like walking into a BP station and complaining to the owner of the station about your BP Visa. You are barking up the wrong tree. Call the issuer of your credit card as they are the ones 100% responsible for its processing.

Your “fraud” calls are automatically generated from the fraud processing on every transaction that uses neural network technology. That is technology that “learns” as buying habits are established. With new mobile technology, you can get transaction alerts to your phone or via emails. There is a lot to the fraud detection processing depending on what each bank subscribes to.

Easyliving, according to my agreement and contract, Cabelas is the finance holder-not an outside source. When we applyed for this card in 2009 they even told us it was an in house finance and not a out sourced bank, but these days one never knows the BS that goes on behind the door.

Just opened a business line of credit through my bank 3.9% fixed, just won't get the rewards points any more for stuff:(