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

Rhea-AI Summary

On August 8, 2022, REI Co-op and Capital One announced their partnership, launching the REI Co-op® Mastercard® program. This card aims to enhance rewards for outdoor enthusiasts, offering benefits such as 5% back on REI purchases and 1.5% back on other purchases, with no annual fees. New cardholders can earn a $100 REI gift card after their first purchase and a $50 annual credit for booking REI experiences. The card supports sustainability with materials made of 85% recycled content and also includes contributions to the REI Cooperative Action Fund.

Positive

• 5% back in rewards for purchases at REI, including sales and used items.
• No annual fees or foreign transaction fees.
• $100 welcome bonus for new cardholders after first purchase.
• $50 annual credit for using the card with REI experiences.
• Rewards do not expire and can be redeemed as earned.

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• None.

The partnership supports both companies' values, while providing enhanced rewards and benefits for co-op members and the outdoor community

MCLEAN, Va., Aug. 8, 2022 /PRNewswire/ -- Today, REI Co-op, the largest consumer co-op and outdoor specialty retailer in the United States, and Capital One, introduced their card partnership and launched the new REI Co-op® Mastercard® program. This new program offers existing and new cardholders a compelling set of benefits and inspires members' daily pursuit of a life outside by rewarding everyday purchases to support their outdoor adventures.

The new REI Co-op Mastercard, made of 85% recycled materials, offers benefits for REI members that recognize their passion for the outdoors, including:

• 5% back in REI Co-op Mastercard Rewards for purchases at REI, including on sale items, used gear, store services and REI gift cards
• 1.5% back in REI Co-op Mastercard Rewards on purchases everywhere else
• No annual fee and no foreign transaction fees
• Card rewards that will not expire for the life of the account and members can redeem rewards as they earn them
• A welcome bonus offer of a $100 REI gift card for new cardholder accounts, after the first out of store purchase made within the first 60 days of opening the account
• A $50 REI Co-op annual statement credit when they use their card to book an REI Co-op Experience
• The ability to earn double card rewards on REI purchases during an annual special event period
• The ability to choose to display their preferred name on their card*
• Mastercard's World Elite^® exclusive offers on ridesharing, food delivery and online shopping; discounts on movie tickets and access to Priceless^® Experiences; and peace of mind with protection from identity theft and fraudulent purchases.

Cardmembers will also receive 5% back in card rewards for donations made to the REI Cooperative Action Fund, a 501(c)(3) community-supported public charity that directly supports organizations promoting justice, equity and belonging in the outdoors. Capital One will also support the fund with an annual donation as a key pillar of the card partnership.

"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," said Pardis Ghorbani, REI vice president of customer and brand services. "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 offers industry-leading digital capabilities that help create a seamless experience for cardholders, including a top-rated mobile app. In addition to Capital One's digital focus, REI chose the company as its new card partner with an appreciation for common values, including demonstrated commitment and action in the areas of community engagement, financial well-being, sustainability and diversity, inclusion and belonging for its community.

"We are thrilled to be partnering with REI Co-op, a company that cares deeply about their members and their passion for the outdoors," said Buck Stinson, SVP of Card Partnerships at Capital One. "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."

"We're so happy to grow our partnerships with Capital One and REI Co-op, two companies that share Mastercard's commitment to building a world in which our people and planet thrive," said Bunita Sawhney, EVP, U.S. Financial Institutions at Mastercard. "With this latest card program launch, we're bringing exciting benefits to cardmembers who are passionate about the outdoors."

In 2022, Capital One was named to Time's "100 Most Influential Companies" list for its decision to eliminate overdraft fees and non-sufficient funds fees for all Capital One consumer bank customers, and are consistently recognized on 'best places to work' lists including Forbes "Best Employers for Diversity." Capital One is also committed to protecting the environment, with further information available at https://www.capitalone.com/environment.

For more information on programs REI has been working on most recently visit REI's 2021 Impact Report. For more information on the REI Co-op Mastercard, offered by Capital One, please visit rei.com/mastercard.

Disclosures: Purchase and Balance Transfer APRs: a variable rate of 15.49%, 22.49% or 26.49%%, based on your creditworthiness. Cash Advance APR: 26.49% variable. Variable APRs as of 7/1/2022. Balance Transfer Fee: 3% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer you, none for balances transferred at the Transfer APR. Cash Advance Fee: greater of 4% of advance amount or $10.

*Changing the name as it appears on your credit card will not change the legal name on your account or your responsibility for your account. Capital One will continue to use a person's legal name on statements and other communications and for identity verification purposes.

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $307.9 billion in deposits and $440.3 billion in total assets as of June 30, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index. Visit Capital One About for more information. 

About REI
REI is a specialty outdoor retailer, headquartered near Seattle. The nation's largest consumer co-op, REI is a growing community of 21.5 million members who expect and love the best quality gear, inspiring expert classes and trips, and outstanding customer service. REI has 177 locations in 41 states and the District of Columbia. If you can't visit a store, you can shop at REI.com, REI Outlet or the REI shopping app. REI isn't just about gear. Adventurers can take the trip of a lifetime with REI's active adventure travel company that runs more than 100 itineraries across the country. In many communities where REI has a presence, professionally trained instructors share their expertise by hosting beginner-to advanced-level classes and workshops about a wide range of activities. To build on the infrastructure that makes life outside possible, REI invests millions annually in hundreds of local and national nonprofits that create access to—and steward—the outdoor places that inspire us all. 

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

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SOURCE Capital One Financial Corporation; REI Co-op; Mastercard

FAQ

What are the benefits of the new REI Co-op Mastercard launched with Capital One?

The REI Co-op Mastercard offers 5% back in rewards for REI purchases, 1.5% for other purchases, no annual fees, and additional bonuses.

When was the REI Co-op Mastercard program announced?

The program was announced on August 8, 2022.

What is the stock symbol for Capital One?

Capital One trades under the stock symbol 'COF'.

How does the REI Co-op Mastercard support sustainability?

The card is made of 85% recycled materials, aligning with sustainability goals.

What is the connection between Mastercard and the REI Co-op Mastercard program?

Mastercard provides the platform for the REI Co-op Mastercard, enhancing offerings for outdoor enthusiasts.