A reader on Twitter (follow us if you don’t already!) asked us to review the REI Mastercard, so here you go. If you’d like to see us review a credit card, let us know on social media or by contacting us.
Card Basics
- $100 REI gift card after your first purchase
- You can refer friends and they’ll receive $100 gift card after their first purchase, you get a $20 gift card
- Card earns at the following rates:
- 5% back on everything at REI
- 1% back on all other purchases
- No annual fee, but you must be a REI member to be eligible ($20 one time fee for this)
Rewards
You receive the 5%/1% rewards in addition to your annual member dividend (meaning you only get it once per year).
Referral Program
As mentioned above it’s possible to refer friends, they need to use your membership number to apply. If they do they’ll receive the standard $100 gift card after approval and first purchase and you’ll also receive a $20 gift card. There is no limit to the number of people you can refer, please feel free to share your REI details in the comments and also feel free to use others.
Our Verdict
It doesn’t make sense to use this card for everyday purchases (as you can get 2%+ cash back). 5% back at REI stores isn’t bad, but you might just be better off purchasing gift cards to REI at a discount (currently about 10% off). The sign up bonus is OK as well, but there are much better cash sign up bonuses out there.
The only thing that might sway me to sign up, is if they regularly offered cardholders targeted spending bonuses or other promotions. If you have the card, let us know if they do/don’t offer this and your other thoughts in the comments below.
updated links with details:
https://www.rei.com/membership/mastercard or https://reimastercard.capitalone.com/
It seems that the 2% category is now gone
Thanks, T. Updated post
I’ve had both the Visa and Mastercard versions in the past…I’m guessing the typical US Bank bonus wait time applies to get the bonus again? It’s a great way to get a free pair of shoes.
I’ve had the card for a decade and use it occasionally to work the MasterCard Price Protection angle. For example, use the card to purchase something at REI for regular price that’s available elsewhere for a steep discount. In this scenario you get the standard 10% dividend (which you wouldn’t get if the item was on sale) + 5% for using the card. Then submit the price protection claim and get the cash difference refunded by MasterCard. I did this recently for a tent that was going for about 25% off online at another seller. Got the full 15% dividend (well, I’ll get it next year) and a check from MasterCard for more than $100.
With Black Friday deals coming up it’s prime season to take advantage of Price Protection/Price Rewind benefits to purchase from the seller you want while paying the sale price advertised elsewhere.
lame bonus…lame reward structure.
The REI of old is not the REI of today….a co-op with the CEO earning millions of dollars?
Hi, can anyone post a referral for me? I’d be glad to give you a $20 gift card so I can get a $100 one!!! 🙂
Hi Jacob,
This card doesn’t have referral links. Instead you out the REI member number of the person referring you into the application.
I’d rather not post my member number here – do you have an email address that doesn’t contain your name I could contact you at?
Also, keep in mind you do need to be an existing REI member to apply.
Hello, I will send you the email now. I’d appreciate your REI number for referal!!! 🙂
Thank you
Hi Jacob,
You’d need to post your email address here (if you’re comfortable with that) so I can email you. I don’t want to post my REI number publicly, whereas perhaps your email address doesn’t have your actual name associated with it and can therefore be posted more freely.
Sorry I’m at [email protected]
I’ve had the REI card for years, they’ve only started sending me targeted since they switched to mastercard (it was formerly a visa). I dug through my old emails and here’s one of the last few I’ve received:
“Earn a 2% Statement Credit – Enroll in this offer by June 30, 2016, and use your REI World MasterCard for purchases from June 1 through July 31, 2016. During the promotion period, net purchases will earn a 2% statement credit (up to $100).”
I’ve had the REI card about a year and a half (from before my DoC days) the gift card is nice, and occasionally I’ll MS through grocery stores for the 2% just to switch it up. The only spending bonuses I can think of are “every purchase gets you an entry into our sweepstakes” kinds.
They renewed the grocery store 2% last year, so I imagine they plan on renewing it in the future too.
I’ve had the card for 12 years or so and mostly it has been sock drawered the whole time, coming out for the occasional REI purchase. When they added the 2x grocery I started using it a little more and then I started getting the targeted spending bonuses. I’ve received 3 in the last year- the first an extra 2% back on the first 5k in spend- turning my grocery spending to 4%. Next offer was the same, but had to spend 1k first before receiving the extra, last offer I’m not bothering with as I’d have to spend $2700 before I start earning the 2% statement credit on the next 5k. Will be interesting to see if I start getting better offers again with my spend back down to zero. Will be fun to have a little extra cash to play with at REI this next year, as well…
Thanks for the DP about the targeted spending bonuses.