A few years back there was some ruckus on the forum about the Gander Mountain credit card. Why? Because the card’s issuer (World Financial Network National Bank) was allegedly “in breach of its contract by threatening to not issue cards to customers with good credit scores” as reported by Twins Cities Business.
What’s considered a good score by them? That’s where it gets shocking.
As mentioned in this Washington Post article, the credit card issuer was reportedly “turning down shoppers with nearly perfect credit scores of 800 or above.” Wow!
However that incident was a few years ago and today, the Gander Mountain MasterCard is still issued by WFNNB (Comenity) so I think it’s safe to conclude they’ve since kissed and made up.
Does the card still suck? Yep
Even with that credit score fiasco behind them, the card still is a dismal failure and I say that because of the rewards program:
- Only 3% on Gander Mountain purchases – Most of the best retail credit cards will give you up to 5% (or 5x points) when shopping at their stores, but not the Gander Mountain MasterCard. 3% isn’t bad, but it’s nothing to write home about.
- Gas stations and grocery stores earn 2% – A nice touch, but remember there are credit cards that give 2% everywhere.
- 1% on other purchases – You can use your account wherever MasterCard is accepted and earn 1%. When you consider that 1% cash back is standard these days, this is nothing special.
Why would you apply for the MasterCard from Gander Mountain just to earn 3% at their stores? Does that really seem like the card is worth the hassle?
GM really needs to up the ante with the rewards, because the only reason to apply for a retail-branded card is if you (a) shop there a lot, and (b) earn significantly higher rewards. Obviously 3% is not significantly higher!
Are the financing offers worth it? Nope
If you’re not applying for rewards, the only other reason would be to get their financing. But that’s a big failure, too.
When I looked at the application, here’s what was being advertised:
- Spend $299+ and take 6 months to pay
- Spend $499+ and take 9 months to pay
- Spend $999+ and take 12 months to pay
Another big yawn. This credit card fails in both categories.
Lastly, the interest rates are 16.99%, 20.99%, or 24.99%. Even the lowest one of 16.99% is about 5% higher than what you see on most major credit cards these days.
Written or last updated Jan 2013