Who is Comenity Bank's Gander Mountain Credit Card Designed For?
The Gander Mountain credit card is a good choice for outdoor enthusiasts who shop regularly at Gander Mountain or Overtons.com and don't have the credit to qualify for a major rewards credit card. It is particularly attractive for those who spend a lot on gas and groceries and don't mind getting their rewards in Gander Mountain cash certificates.
What are the Rates?
The rates on Gander Mountain's credit card are what you would expect from a store credit card: not great. They range from 16.99% APR to 24.99% APR on purchases, depending on your creditworthiness. If your credit is good, the rate is acceptable. Although if you have good credit, you should probably apply for a better credit card.
The rate on balance transfers and cash advances is high: 24.99% APR. This is certainly not the card to use for cash withdrawals and balance transfers.
What Are the Fees?
Gander Mountain's credit card doesn't have an annual fee, which is what you would expect from a store card. It does have a $10 or 3% (whatever is greater) balance transfer and cash advance fee, and a $35 late payment and returned payment fee. There is also a 3% foreign transaction fee to remember.
Bottom line, don't use it outside of the United States and never keep a balance or use it on an ATM.
What Is the Rewards Program Like?
Gander Mountain has a stacked rewards program that offer 3 points for every dollar spent on Gander Mountain and Overtons.com, 2 points for every dollar spent on gas and groceries, and 1 point for every dollar spent on all other purchases.
The double reward rate on gas and groceries only applies to the first $500 every month. After that, the rate drops to 1 point per dollar. Spend $500 a month on gas and groceries and get back $120 a year.
The only way to redeem your points is as cash certificates, which can only be spent at Gander Mountain stores. Every point is worth a cent, so 20,000 points can be redeemed for a $20 cash certificate.
What about the Signup Bonus?
Gander Mountain's credit card comes with a $60 signup bonus when cardholders spend $500 and make at least one purchase at a location other than a Gander Mountain store.
How Is Comenity Bank - Gander Mountain MasterCard Better Than Other Credit Cards?
The signup bonus and rewards program are excellent for a store credit card. The rates are on the high side, particularly for balance transfers and cash advances; but it doesn't have an annual fee. As long as you avoid keeping a balance and don't use it for cash advances, this card can provide significant discounts on your Gander Mountain and Overton's purchases.