Outdoor enthusiasts are familiar with REI as the go-to retailer for quality gear and apparel for adventures like hiking, climbing, camping, and more. As an REI member, you already know you can earn an annual dividend on full-price REI purchases. It offers 5% back on REI purchases and 1.5% back on other purchases to reward loyal REI shoppers.
But the card comes with no annual fee and a just one-time $30 REI membership cost. Does the card’s higher rewards rate make it worth getting for frequent REI shoppers?
Let’s explore the features and benefits of the REI Co-Op World Elite Mastercard so you can decide if it’s right for you.
Quick Facts
- $0 annual fee ever, only a one-time $30 REI membership fee
- 5% cash back on every REI purchase, in-store or online.
- 1.5% cash back on other everyday purchases adds up over time.
- First time applicant receives a $100 REI gift card for making a purchase outside of REI within the first 60 days.
- $50 annual credit gives savings on REI Adventures multi-day trips and classes
- Cash back rewards through the co-op program never expire.
- Global acceptance with no foreign transaction fees
- Gives back to important causes – REI donates $2 million yearly to support equity and inclusion in the outdoors.
- 24/7 U.S.-based customer service for all cardholder support needs
- However, you need to have good/excellent credit score.
- This card is Exclusive only for REI members, supporting loyal customers.
Why should you have REI Credit Card in your wallet?
Below is a list of reasons why you should have the REI Credit Card in your wallet. I believe it is a good card to have in your wallet.
Earns Lucrative Rewards on REI Purchases
Purchase Category
Cash Back Rewards Rate
REI Purchases
5%
All Other Eligible Purchases
1.5%
The crown jewel benefit is unquestionably the 5% cash back earned on every REI purchase. Whether it’s full-price or sale items, picking up the latest gear or grabbing an REI gift card, you’ll maximize rewards for shopping your favorite outdoor retailer. Even more rewards come from the 1.5% cash back on all other purchases.
Cash advances and balance transfers do not count as purchases and will not earn you any rewards. Rewards are earned and will be available for redemption once they've been posted to your account, usually within 1-2 business days of the purchase being posted.
$100 Gift Card Welcome Bonus
If you buy outside REI within the first 60 days, you’ll receive a $100 REI gift card to offset some of your next REI purchase. Once you qualify, you’ll receive an e-gift card if they have a valid email address for you. If not, they will send a physical gift card to your address within 6-8 weeks.
Annual $50 Credit for REI Adventures
Book REI Adventures trips and classes like kayaking, mountain biking and wilderness first aid training and get reimbursed up to $50 every cardmember year. This complements the 5% cash back to keep more money in your pocket.
No Foreign Transaction Fees
When your outdoor excursions take you abroad, the usual credit card foreign transaction fees (typically 1% – 3%) won’t eat into your travel budget. The REI Mastercard has no foreign transaction fees whatsoever.
No Penalty Fees
If your account slips into the overlimit status or you make a late payment, you won’t get hit with a costly penalty APR or overlimit fee. However, this should not be viewed as permission to use the card irresponsibly.
$0 Balance Transfer Fee
While you likely won’t use this card to transfer other debt, it’s good to know there is no balance transfer fee just in case. But with no introductory financing offer, moving existing balances to this card is not recommended.
Now, i have discuss a few key benefits of the REI Mastercard, lets now discuss why you should be mindful when using it.
Why you should be mindful when using the REI Mastercard?
While the card offers nice perks for REI loyalists, it does come with some limitations to be aware of. There is no 0% intro APR offer on purchases or balance transfers. This means interest charges start accumulating right away if you carry a balance. Depending on your credit score at time of application, your purchase/balance transfer APR could range from 19.24% on the low end up to a costly 30.24% at the highest.
Also, only existing REI members who paid the $30 lifetime membership fee can qualify for this card. So while lucrative 5% cash back and special financing offers are missing, there is huge rewards potential through the enhanced earning rate at REI.
How to redeem REI Mastercard rewards?
All cash back rewards earned on the REI Mastercard must be redeemed directly with REI, either online at REI.com or in-person at REI retail locations. This differs from your annual REI membership dividend which is issued only once per year.
The key advantage of your REI credit card rewards is the flexibility to use them more frequently. As soon as rewards post to your account, you can apply them instantly towards a purchase rather than waiting months.
Other than this, your credit card rewards will never expire. As long as you remain an REI member and keep your card open and active, you can redeem your accumulated rewards at any time down the road, unlike membership dividends which expire after 2 years.
How the REI Co-op Card Stacks Up?
Above, I have discussed the advantages of redeeming REI credit card rewards. Now lets see how it stacks up against other co-op cards so that you can decide if the REI Co-op Card is right for you.
Below are the Table Comparison for REI Co-op Card and other co-op cards.
Rei Co-op Card | Other Co-Op Cards
Card Benefit
REI Co-op Mastercard
Citi Double Cash
U.S. Bank Cash+ Visa
Costco Anywhere Visa
Rewards Rate on REI Purchases
5% back
N/A
N/A
N/A
Rewards Rate – Other Purchases
1.5% back
2% back
1-5% back (category-based)
1-4% back (category-based)
Welcome Bonus
$100 REI gift card
None
$200 cash back
None
Annual Fee
$0
$0
$0
$0
Foreign Transaction Fee
0%
3%
3%
0%
Rewards Expiration
No expiration
No expiration
No expiration
No expiration
If you are a true outdoor enthusiast who frequently shop at REI, the unmatched 5% cash back is hugely valuable and can lead to hundreds in rewards annually. This outsizes what you may earn through category bonuses on cards like the Citi Double Cash and U.S. Bank Cash+.
However, for more general spending, the flat-rate 2% back from the no-annual-fee Citi Double Cash is hard to beat. It also offers more flexible redemption compared to REI rewards that must be used for purchases in REI stores/site.
The Costco Anywhere Visa is great for warehouse club loyalists, giving 4% back on gas and 3% on restaurant/travel purchases. But it’s only worthwhile if you shop at Costco year-round.
There are merits to each card, but I’d argue the REI card makes the most sense if you are a frequent REI shopper first and foremost. Claiming 5% rewards consistently at your favorite retailer likely outweighs the category bonuses or higher flat rates from the other options. But it requires putting a reasonable amount of annual spending through REI to maximize value.
Is the REI Credit Card for You?
The REI Credit Card deserves strong consideration if you are a dedicated REI shopper but lacks compelling benefits for general spending compared to other options.
Here is a Pros and Cons of this card:
The Good:
- 5% cash back to use at REI is very lucrative if you spend thousands yearly there.
- Easy approval process for existing REI members
- No annual fee or foreign transaction fees
The Bad:
- Requires high spending at one retailer to maximize rewards.
- REI rewards can only be used for purchases on REI.com or in REI stores.
- Other cards offer better earnings for non-REI spending.
The Bottom Line
- My Rating 4.5/5
With limited flexibility and captive redemption, I would rate it 4 .5 out of 5 stars. The REI card makes sense as a supplemental card for true REI loyalists rather than an everyday spending card. Optimize it for REI runs, grabbing 5% back on gear, clothing and trips. Use a flat-rate cash back card like the Citi Double Cash as your daily driver for things like gas, groceries, dining.
The lack of category bonuses does limit the REI card’s utility. But if REI accounts for a major part of your annual budget, the 5% rebate is a big perk. Just supplement it with a card that earns more elsewhere and redeems to your bank.
