World Financial Network National Bank, the provider of Gander Mountain Co.'s store-brand credit cards, has countersued the hunting and fishing retailer for publicly disclosing their contract over a policy dispute.
As reported, Gander Mountain Co. filed a lawsuit against World Financial Network National Bank over its credit card approval policies. The outdoor retailer claims a proposed new policy will deny customers with good credit from being approved for its store credit card.
World Financial Network National Bank said in a recent court filing that it does not want to withhold store-brand credit cards from customers with good credit as Gander Mountain alleged, according to a report published by Business First of Columbus. The credit card company also acknowledged accounts with credit scores higher than 800 are unprofitable for it.
The company also denied Gander Mountain's claim that it threatened to prohibit those accounts unless Gander Mountain waived a $37 bounty World Financial pays the retailer for each new high-score account.
The company said Gander Mountain caused “irreparable harm” by publicly filing the contract and other allegedly confidential documents with the court.
