SCHEELS Visa® from First National Bank of Omaha Review

In today’s competitive credit card landscape, consumers are often overwhelmed by the myriad options available. One card that has been making waves, particularly among outdoor and sports enthusiasts, is the SCHEELS Visa® from First National Bank of Omaha. This review will delve deep into the nuances of this credit card, highlighting its features, benefits, and whether it truly stands out in the crowd.

SCHEELS Visa® from First National Bank of Omaha Key Takeaways

Before we dive into the detailed review, here are some key takeaways about the SCHEELS Visa®:
– Reward Structure: Earn 3x points per $1 on SCHEELS purchases and 1x points on all other purchases.
– Sign-Up Bonus: 1,500 points after the first purchase made with your card outside of SCHEELS.
– Introductory APR: 0% Introductory APR for the first 7 billing cycles from the transaction date.
– Purchase APR: 25.24% Variable.
– Annual Fee: $0.
– Credit Score Requirement: Good to Excellent (670-799).
– Issuer: First National Bank of Omaha.

SCHEELS Visa® from First National Bank of Omaha Pros and Cons

Pros:

1. Generous Intro APR Period: The card offers a 0% introductory APR for the first 7 billing cycles. This can be a boon for those looking to make significant purchases and pay them off without accruing interest.
2. No Annual Fee: The absence of an annual fee makes this card an attractive option for budget-conscious consumers.
3. Reward Points: The 3x points on SCHEELS purchases is a significant advantage for frequent SCHEELS shoppers. Additionally, 1x points on all other purchases ensure that every transaction contributes to your rewards.
4. Sign-Up Bonus: The 1,500 points after the first purchase outside of SCHEELS is a quick and easy way to boost your rewards.
5. Purchase Protection: This feature adds a layer of security for your purchases, ensuring peace of mind.

Cons:

1. High Purchase APR: At 25.24% variable, the purchase APR is relatively high compared to other cards. This could be a drawback for those who intend to carry a balance.
2. Foreign Transaction Fee: For those who travel internationally, the foreign transaction fee can be a significant downside.
3. Limited Reward Redemption: While the points system is beneficial for SCHEELS shoppers, it may not be as advantageous for those who prefer more versatile reward redemption options.

SCHEELS Visa® from First National Bank of Omaha Benefits

Reward Points Program

The SCHEELS Visa® card shines with its robust rewards program tailored for SCHEELS enthusiasts. Earning 3x points per $1 on SCHEELS purchases means that loyal customers can quickly accumulate points. These points can be redeemed for SCHEELS gift cards, allowing cardholders to enjoy more of what they love from the outdoor and sporting goods retailer.
The 1x points on all other purchases ensure that every transaction contributes to your rewards balance. This is an excellent way to maximize everyday spending and see your rewards grow steadily.

Sign-Up Bonus

The 1,500 points sign-up bonus after the first purchase made outside of SCHEELS is a compelling offer. This provides an immediate boost to your rewards balance and is a great incentive for new cardholders.

Introductory APR

One of the standout features of the SCHEELS Visa® card is the 0% introductory APR for the first 7 billing cycles. This can be particularly advantageous for those looking to make significant purchases or consolidate existing debt. However, it is essential to pay off the balance before the introductory period ends to avoid the high 25.24% variable APR.

No Annual Fee

The absence of an annual fee is a significant benefit. This makes the card a cost-effective choice for those who want to earn rewards without the burden of yearly charges.

Purchase Protection

The SCHEELS Visa® card offers purchase protection, adding a layer of security to your transactions. This feature can cover you in case of theft, damage, or other issues with your purchases.

Rate and Fee Information

Purchase Intro APR

The card offers a 0% introductory APR for the first 7 billing cycles from the transaction date. This is an excellent feature for those looking to make large purchases or pay off existing debt without accruing interest during this period.

Purchase APR

After the introductory period, the purchase APR is 25.24% variable. This is on the higher side, so it is crucial to pay off your balance in full each month to avoid high-interest charges.

Balance Transfer APR

There is no special introductory APR for balance transfers. The APR for balance transfers is the same as the purchase APR, 25.24% variable. Additionally, there is a balance transfer fee of $10 or 5% of the amount of each transfer, whichever is greater.

APR for Cash Advances

The APR for cash advances is 29.74% variable. This is relatively high, and cash advances should generally be avoided unless absolutely necessary. There is also a cash advance fee of $15 or 5% of the amount of each cash advance, whichever is greater.

How to Avoid Paying Interest

Your due date is at least 21 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month. This is a standard feature but is crucial for managing your finances effectively.

Fees

Annual Fee

The SCHEELS Visa® card does not have an annual fee, making it a cost-effective choice for cardholders.

Fees for Balance Transfer

The fee for balance transfers is $10 or 5% of the amount of each transfer, whichever is greater. This fee can add up quickly, so it is essential to consider this when planning balance transfers.

Fees for Cash Advances

The fee for cash advances is $15 or 5% of the amount of each cash advance, whichever is greater. Given the high APR for cash advances, this feature should be used sparingly.

Penalty Fees

– Return Payment Fee: Up to $35.
– Late Payment Fee: Up to $40.
These fees are relatively standard but can add up if you are not careful with your payments.

Managing Your Account

Online Account Management

First National Bank of Omaha offers robust online account management tools. You can pay your bill online, view your transactions, and manage your account settings through their website. This makes it easy to stay on top of your finances and ensure timely payments.

Customer Service

First National Bank of Omaha is known for its customer service. You can reach out to their customer service team for assistance with your account, billing inquiries, or any other issues you may encounter. This can provide peace of mind knowing that help is just a call away.

About the Issuer

First National Bank of Omaha has a strong reputation in the banking industry. They offer a variety of credit card options tailored to different needs, from rewards cards to balance transfer cards. Their commitment to customer service and robust online tools make them a reliable choice for consumers.

Conclusion

The SCHEELS Visa® from First National Bank of Omaha offers a compelling package for outdoor and sports enthusiasts. The 3x points on SCHEELS purchases and 1x points on all other purchases make it an attractive option for frequent SCHEELS shoppers. The 0% introductory APR for the first 7 billing cycles and the absence of an annual fee add to its appeal.
However, the high purchase APR of 25.24% variable and the foreign transaction fee are significant drawbacks. This card is best suited for those who can pay off their balance in full each month and do not frequently travel internationally.
Overall, the SCHEELS Visa® card is a strong contender in the niche market of store-branded credit cards. If you are a dedicated SCHEELS shopper looking to maximize your rewards, this card could be an excellent addition to your wallet. However, if you are looking for a more versatile rewards program or lower APR, you may want to explore other options.