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.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

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