Outdoors brand REI is the latest retailer to announce a change to its credit card program. The brand will shift its co-brand credit card portfolio from U.S. Bank to Capital One this summer. The REI credit card changeover will also introduce new, enhanced cardmember features.
REI Mastercard Switching to Capital One
The REI Co-op Mastercard is a robust cash back and retail reward card for those who love the outdoors and want to earn rewards while exploring. The REI credit card program is currently issued through U.S. Bank, though that is set to change this August.
REI began notifying Co-op Rewards credit cardholders that the program will switch to Capital One on August 5, 2022. The changeover will see existing card members receive a new Capital One version of the card this fall.
Here is a breakdown of the REI credit card changeover timeline:
- Now – changeover: Use the REI Co-op Mastercard as usual until a replacement arrives in the mail (late summer, early fall 2022)
- August 5, 2022: The new REI credit card program with Capital One Existing cardmembers gain access to new features (see below).
- August 7, 2022: REI Co-op Mastercard Rewards cannot be redeemed* (one day only)
- August 8, 2022: Existing cardmembers may enroll with Capital One for online bill pay, paperless statements, and more.
New Card Features
Beyond the switchover to Capital One, the REI Co-op Mastercard will also receive a selection of new features. Chief among these new features is an unlimited 1.5% back in rewards on all purchases made outside REI Co-op locations. Previously, REI cardmembers earned 1% back in rewards on all non-REI purchases.
Other new features with the card include:
- Rewards never expire
- $50 annual credit toward REI Co-op Experiences
- Redeem rewards as soon as they post to the account
*As part of the new REI Co-op Mastercard Rewards program, cardmembers are no longer able to receive REI Co-op Mastercard Rewards via cash or check. You have through August 5 to request a check for your available rewards. Any REI Co-op Mastercard Rewards not redeemed or requested via check will be transferred to the new card rewards program.
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Featured image by Capital One
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