Cabela's finds buyer for credit card business but unnamed

[Creditplz]

Hoping it goes to Capital One or BofA and not Synchrony... Cabelas WFB has been good to me

[Anonymous]

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@Creditplz wrote:
Hoping it goes to Capital One or BofA and not Synchrony... Cabelas WFB has been good to me

I used to hope it went to BOA, too until I recently finally got in with BOA. So, now, quite selfishly, I'm hoping it goes to CitiBank, as I still haven't been able to get in with them.

[Creditplz]

Yeah Citi would be a good fit but from what I'm reading now I haven't seen Citi anywhere ! Really hope it's BofA or Citi above Cap1

[gibeon]

Looks like Sync and CapOne are in the running...

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

[Anonymous]

What a buzz kill. Very disappointing news.

[Royalbacon]

Interesting that Bass Pro has teamed up with Capital One since the Bass Pro Credit card is issued by Bank of America.

[Anonymous]

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@Royalbacon wrote:

Interesting that Bass Pro has teamed up with Capital One since the Bass Pro Credit card is issued by Bank of America.

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It could be that Bass Pro knows that BoA has stricter underwriting than Cap One and with the number of Cabela's Club Visas Capital One would be a better fit? Bass Pro may switch if they win, who knows but Worlds Formost Bank seems to be closer to Cap One than BoA in underwriting. 

[Anonymous]

For my part, I rushed to hit the love button on Cabela's site. They've turned me down the other 2 times I tried since I got the card in Nov/Dec 2015 with a $3,000 limit. But my UT is looking awesome at about 7% and I have several large limits on other cards since then. I also reasoned that perhaps they'd look favorably on increasing my limit with the impending sale. It may be silly, but I hoped they'd want to increase limits where they could for a higher price.

Crossed fingers and heard nothing for about 3 days. Then this morning I got an alert. Logged in and found my new limit to be $10,000! So happy. Don't know (and never will know) if my reasoning had much to do with it, but there it is! Now whomever buys them, I won't need to take my chances, begging for an increase from the new issuer. And if it's CapOne, so much the better, as I've been stuck at $6k on their two cards, with no hope of another increase until the next 6 month mark in February 2017. 

[Royalbacon]

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@Anonymous wrote:

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@Royalbacon wrote:

Interesting that Bass Pro has teamed up with Capital One since the Bass Pro Credit card is issued by Bank of America.

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It could be that Bass Pro knows that BoA has stricter underwriting than Cap One and with the number of Cabela's Club Visas Capital One would be a better fit? Bass Pro may switch if they win, who knows but Worlds Formost Bank seems to be closer to Cap One than BoA in underwriting. 

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Stumbled upon this via Google http://www.omaha.com/money/cabela-s-credit-card-business-is-a-cash-cow-that/article_be435391-5599-5121-a168-1ad3bc2f0472.html

And Cabela’s $4.6 billion credit card portfolio is the envy of the industry, analysts say.

The median FICO score of Cabela’s cardholders is an eye-popping 795 out of a possible 850.

“That’s a really high median score. I can pretty much promise that the median for most retailers is not that high,” said Matt Schulz, senior industry analyst at CreditCards.com

Cabela’s cardholders also carry balances on their accounts; the average outstanding cardholder balance grew 59 percent to more than $3,900 from 2010 to 2014.

 And thats a good point too, Bass Pro could very well just switch their entire credit card business to Capital One if they get it.

 
One thing though.The Cabelas card has 9.99% interest for purchases made in Cabelas or at their website. Don't be shocked when it gets sold if the interest goes up to normal retail store interest rates like 24-27%. To those that carry balances, especially huge balances (and theres a lot of them considering it said the average outstanding cardholder balance is more then $3900) you better hope not haha. 

[Royalbacon]

Sounds like Bass Pro is in the lead

http://www.reuters.com/article/us-cabelas-m-a-basspro-idUSKCN1220UP