Cabela's partners with Cenex for co-branded card, loyalty program
Outdoor products multichannel retailer Cabela's has partnered with CHS, an energy, grains and food company, to launch a credit card and loyalty program for CHS' Cenex brand, a wholesaler and retailer of refined fuels.
This is the first card Cabela's credit card division, World's Foremost Bank, has created with another retailer. The companies announced the partnership on October 20.
“The Cenex brand is well-known in rural America, particularly in the West and Midwest, which aligns with Cabela's core customer base,” said Joe Friebe, president and CEO of World's Foremost Bank, in a statement. “Both brands enjoy strong recognition among people who enjoy the outdoors, and this partnership rewards those members with more opportunities for free gear from Cabela's.”
With the co-branded Cenex and Cabela's Club Visa card, members receive double points or 2% in “club points” for purchases made at any of the 1,600 Cenex-branded fueling centers in the US. This is in addition to the benefits of Cabela's own Club Rewards card, which gives users 2% back from Cabelas.com, retail and catalog purchases.
Friebe added in a statement that the offering of additional points aligns with the company's long-term strategy by “leveraging these engaged customers to drive brand recognition and market share.”
Club members with the co-branded card will also receive discounts and invitations to members-only events. The card has no annual fee. It will be promoted by CHS online and in Cenex fueling centers.
Cabela's reported revenue for the second quarter of $549.2 million, a year-over-year increase of 4.4%. Net income for the quarter totaled $9.1 million.