Capital One and REI Introduce New REI Co-op Mastercard
REI Co-op Mastercard

Capital One and REI Introduce New REI Co-op Mastercard

The popular outdoor retailer REI is changing up its co-branded credit card. After partnering with Capital One, the two companies have now unveiled the refreshed REI Co-op Mastercard.

First, the REI Co-op Mastercard will earn 5% in rewards on all REI purchases. This includes regularly priced items as well as sale items, used gear, store services, and even REI gift cards. All other purchases will earn 1.5% back in rewards. These earned rewards will not expire as long as the account is open and members will be able to redeem them as they earn. While the card carries no annual fee, it is only available to REI Members — with membership coming at a one-time cost of $30.

The new REI Co-op Mastercard is also offering a welcome bonus. Now, new card members can earn a $100 REI gift card when they make at least one non-REI purchase with the card within their first 60 days. Elsewhere, card members will earn a $50 annual credit toward REI Co-op Experiences, including classes, day trips, and multi-day outings. 

Speaking to REI’s environmentally conscious mission, the card is also made from 85% recycled materials. Plus, as part of the “key pillar of card partnership,” Captial One will be making an annual donation to the REI Cooperative Action Fund, which promotes justice, equity, and belonging in the outdoors. Cardholders will also be able to earn 5% back on donations to the Fund.

Announcing the co-branded rewards card, REI VP of customer and brand services Pardis Ghorbani said in a statement, “We chose Capital One to be our Mastercard partner because of their ability to support the co-op’s expanding needs, and align to the co-op’s broader philanthropy goals. Most importantly, this card offers our members a wide range of benefits and more great ways to help them pursue their outdoor passions.”

Capital One’s SVP of Card Partnerships Buck Stinson added, “We are thrilled to be partnering with REI Co-op, a company that cares deeply about their members and their passion for the outdoors. We look forward to providing our best-in-class offerings to cardmembers, starting with a compelling value proposition that supports REI Co-op’s brand and mission.”

Previously, the REI Co-op Mastercard was issued by U.S. Bank and offered a different set of rewards. Although the 5% REI category was the same, this version offered 2% on mobile wallet transactions and 1% everywhere else.

Whether you view the new Capital One version of the REI Co-op Mastercard as an upgrade to the prior version will likely depend on your mobile wallet usage. However, on the whole, it does seem as though the switch comes with some positive changes for cardholders. Of course, considering that the card only earns REI rewards, those who don’t frequent the retailer will likely not be any more interested in this Capital One refreshed version than they were previously. Yet, for those who are looking to get outdoors more and could benefit from the 5% category, perhaps this new REI Co-op Mastercard could be a good option.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...