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Cabela's finds buyer for credit card business but unnamed

Established Contributor

Cabela's finds buyer for credit card business but unnamed

Message 1 of 20
19 REPLIES
Valued Contributor

Re: Cabela's finds buyer for credit card business but unnamed

Guess we'll have to wait for more info to come out down the road
                                                                  

Total Credit: $192,100Utilization: 1%AAoA: 5yrs, 4mthsInstallments: Car Lease, Marcus LoanBaddies: 0On Chop Block: Penfed, Citi

             
             
                          DSC-24.1K | NFC-25K | ALI-25k | WAL-10k | BoA-13k | BB-12k | NFL-15k | LOW-25k | AMX-19.3k | CHA-10k | PF-6k | C-TY-3.9k | C-DC-3.8k
Message 2 of 20
Frequent Contributor

Re: Cabela's finds buyer for credit card business but unnamed

My guess is that Bank of America is getting their credit card business if Bass Pro ends up buying Cabelas. It's how I interpreted the article at least.

 

According to the Post, the deal is contingent on the sale of the retail part of the business and would be formalized at the same time such a deal is struck.

 

The newspaper said the team of Goldman Sachs Capital Partners and Bass Pro Shops remains the favorite to buy the company, which has a market value of about $3.3 billion.

 

 

Too many new cards and am too lazy to update my signature
Message 3 of 20
Frequent Contributor

Re: Cabela's finds buyer for credit card business but unnamed

Found this dated July 18, 2016

 

Worth noting too the card has 9.99% APR for purchases made in Cabelas or on their website or through their catalog, If it gets sold that could go away and the rate could go up to a more standard retail store APR (20%+)

 

http://www.omaha.com/money/cabela-s-bank-draws-interest-but-a-sale-could-be/article_97898841-f2a3-52...

 

Some big players reportedly have been interested in the credit-card operation. Citing unidentified sources, Reuters news service reported in April that at least five companies were vying for the portfolio: Citigroup Inc., Bank of America Corp., Capital One Financial Corp., Toronto-Dominion Bank and Synchrony Financial.

 

~~~~

 

At least one analyst — Jamie Friedman of Susquehanna Financial Group — thinks that Synchrony, the largest private-label credit card issuer, is the most likely to win the portfolio.

 

I really hope it isn't Synchrony, ughhhh

Too many new cards and am too lazy to update my signature
Message 4 of 20
Valued Contributor

Re: Cabela's finds buyer for credit card business but unnamed

I'll close my account if it goes to Synchrony... I like the thought of Citi and BofA though
Message 5 of 20
Established Member

Re: Cabela's finds buyer for credit card business but unnamed

Im with you on the sychrony. 

Message 6 of 20
Senior Contributor

Re: Cabela's finds buyer for credit card business but unnamed

I think it depends on the terms, Citi retail cards carry very high APR's, Cap-1 is an auto-closure for me, TD bank is no treasure and GE/Sync is also known for high APR's - BoA would be the best bet and they back Bass Pro at higher APR. I've got a $10k CL Cabela's card that is slated for my next round of thinning the herd, and unless the new "buyer" offers something unique, I'll be closing it anyway. GE/Sync does offer zero percent financing on a lot of their accounts (Amazon, Golfsmith, CareCredit ,etc) that would be worthwhile. 

Message 7 of 20
Super Contributor

Re: Cabela's finds buyer for credit card business but unnamed

Looks like the card end of things is still up in the air being actively negotiated and it might land who knows where yet.

Message 8 of 20
Senior Contributor

Re: Cabela's finds buyer for credit card business but unnamed


CreditMagic7 wrote:

Looks like the card end of things is still up in the air being actively negotiated and it might land who knows where yet.


BOA is swimming for the Gold 🏅

Message 9 of 20
Frequent Contributor

Re: Cabela's finds buyer for credit card business but unnamed

Sounds like we'll hear something soon.

 

http://www.reuters.com/article/us-cabela-s-m-a-idUSKCN11Z2RL

 

http://www.omaha.com/money/report-cabela-s-to-receive-two-acquisition-bids-by-the/article_b5281ec4-8...

 

Two consortia have formed to make offers to buy Cabela's Inc this week, people familiar with the matter said, making the sale of the U.S. outdoor gear retailer, which has been targeted by activist fund Elliott Management Corp, more likely.

Privately held retailer Bass Pro Shops, which has partnered with Goldman Sachs Group Inc's  private equity arm, is now working on a bid with U.S. bank Capital One Financial Corp, which is interested in Cabela's credit card business, the sources said on Thursday.

 

Private equity firm Sycamore Partners has formed its own consortium with U.S. credit card company Synchrony Financial to make an offer, the sources added. Binding bids for Cabela's are due this week, the people said.

Too many new cards and am too lazy to update my signature
Message 10 of 20