Will the Cabelas Visa actually save you money in 2013? Make sure you read this Cabelas credit card review before you submit your application!

Cabelas tower, Dundee MI
Quick Overview: This has a sub-par rewards program for a store card. It only pays 2% rewards at Cabelas and Cenex convenience stores (which they also own). Everywhere else is 1%. The signup bonus is only $20.

Is It Worth It? Getting only 2% at their stores and 1% everywhere else is probably not worth the hassle, especially considering that there are cards like this:
Even though I'm not a fan of the Cabelas credit card, don't get me wrong I still love their stores. their catalog is great, but their stores are even better. Whenever I visit home (Michigan) I always hit up their store in Dundee which was built a few years back. But I've done a full review of the card and I think you will agree with me, it's just not worth getting....

Cabelas Visa Review
Officially dubbed Cabelas Club card, it is typically pitched to those of us that get the catalog and often when we visit their store, too. There are some perks, but definitely some drawbacks – let’s take a look at both.

Interest Rate...
The card actually has two different interest rates – one for regular spending and another for purchases at Cabela’s. At the time of this review, the APR on Cabelas purchases is 9.99%. Regular purchases carry a 15.19% to 18.19% - the rate depends on your credit.

The rate on store purchases is quite fair, but a lot of other store cards out there actually offer 0% when you shop with them. The APR on your other spending isn't low, so if you’re someone that carries a balance once in a while the Cabelas credit card is a bad idea.

Rewards...
I don’t know about you but when it comes to credit cards, this is the most important thing to me. I’m always looking for ways to save a buck or two! Like many cards, this one gives you points (which they call Club points on your purchases. They can be redeemed at their stores, catalog, or on their website.
Regular Purchases: You get 1 point per $1 spent. This isn’t bad, but it’s not good either. As you know most credit cards nowadays give you 1% cash back. So this is just average.

Cabela’s Purchases: You get 2 points per $1 spent (they also do this at Cenex Convenience Stores, which they are affiliated with). I was extremely disappointed when I saw how little they give. You see, most store charge cards give you anywhere from 3 to 5% in rewards when you spend at their stores. So the Cabelas Visa card is definitely subpar.

It is possible to get 5x points if you get upgraded to the Visa Signature black card, but unfortunately they impose a steep spending requirement to get there:
Cabela's Visa Signature spending requirements
That's right, the Cabela's Visa Signature black spending requirement is a whopping $25,000 per year on the account! So you have to spend at least $25k annually in total purchases on your card before you can get upgraded to earn the 5% at their store.
When it does - and does not - make sense?
Cabela’s is my favorite place to go, especially for my hunting and fishing gear. But at the end of the day it’s about going with the credit card deal that will save you the most money. If you don’t, you're just throwing money down the drain. With such low rewards, I don’t recommend the Cabelas Visa card. However if you shop there a lot and spend $25,000+ per year on the account... then it could make sense.

Want more options? Go here to compare cash back card offers.