REI Co-op Mastercard® from Capital One Review

If you’re an outdoor enthusiast and frequent shopper at REI, the REI Co-op Mastercard® from Capital One could be a rewarding addition to your wallet. In this comprehensive review, we will delve into every aspect of this credit card, from the rewards program to the various benefits and potential drawbacks. This review aims to provide you with a thorough understanding of what the card offers and help you decide if it’s the right fit for your financial and lifestyle needs.

REI Co-op Mastercard® from Capital One Key Takeaways

Before we dive into the detailed analysis, here are the key takeaways of the REI Co-op Mastercard®:
– Rewards Structure: Earn 5% cash back on purchases at REI and 1% cash back on all other purchases.
– Sign-Up Bonus: Receive a $100 REI gift card after your first purchase outside of REI within 60 days of account opening.
– Annual Fee: $0
– APR: Variable APR between 19.24% – 30.24%.
– Credit Score Requirement: Good to Excellent (670-799).
– Additional Perks: Travel Assistance Services, MasterRental Coverage, Lost or Damaged Luggage, and Lounge Key Airport Lounge Access.

REI Co-op Mastercard® from Capital One Pros and Cons

Pros

1. No Annual Fee: One of the most attractive features of the REI Co-op Mastercard® is the absence of an annual fee. This makes it a cost-effective option for cardholders who want to maximize their rewards without worrying about a yearly charge.
2. Generous Cash Back at REI: Earning 5% cash back on purchases at REI is a significant advantage for those who frequently shop at the retailer. This can lead to substantial savings over time, especially if you’re an avid outdoor enthusiast.
3. No Foreign Transaction Fees: For those who travel internationally, the lack of foreign transaction fees is a valuable perk. You can use your card abroad without incurring additional charges on your purchases.
4. Sign-Up Bonus: The $100 REI gift card after your first purchase outside of REI within 60 days of account opening is a nice incentive for new cardholders. This can be a great way to offset initial expenses and get a head start on your rewards.
5. Travel Benefits: The card offers several travel-related benefits, including Travel Assistance Services, MasterRental Coverage, Lost or Damaged Luggage reimbursement, and Lounge Key Airport Lounge Access.

Cons

1. High APR: The variable APR ranges from 19.24% to 30.24%, which is relatively high compared to other credit cards. This could be a drawback for those who carry a balance from month to month. It’s essential to pay off your balance in full each month to avoid hefty interest charges.
2. No Introductory APR Period: Unlike some other credit cards, the REI Co-op Mastercard® does not offer an introductory APR period for purchases or balance transfers. This may be a disadvantage for those looking to finance large purchases or consolidate existing debt.
3. Limited Cash Back Categories: While the 5% cash back at REI is impressive, the 1% cash back on all other purchases is relatively low compared to other rewards cards that offer higher cash back rates in various categories.

REI Co-op Mastercard® from Capital One Benefits

Cashback Rewards

The REI Co-op Mastercard® offers a straightforward rewards program:
– 5% Cash Back on REI Purchases: This is an excellent rate for those who regularly shop at REI. Whether you’re buying outdoor gear, clothing, or equipment, you’ll earn substantial rewards on your purchases.
– 1% Cash Back on All Other Purchases: While this rate is lower than some other rewards cards, it still provides a consistent return on everyday spending.

Travel Benefits

The card comes with several travel-related perks that can enhance your travel experience:
– Travel Assistance Services: Provides pre-trip destination information, emergency medical and legal referrals, tracing of lost luggage, and more. This can be incredibly useful when traveling to unfamiliar destinations.
– MasterRental Coverage: Pays for damages to a rental vehicle due to collision, theft, vandalism, or accidental fire when the cardholder initiates and pays for the entire rental transaction with the eligible Mastercard. This can save you money on rental insurance.
– Lost or Damaged Luggage: Reimburses cardholders when luggage they check in for travel on a common carrier is delayed or lost in transit. Assistance to locate lost luggage is also available. This provides peace of mind when traveling.
– Lounge Key Airport Lounge Access: Airport lounge access provided by Lounge Key is available to all eligible U.S. World Elite Mastercard cardholders. This can make your airport experience more comfortable and enjoyable.

Additional Features

The REI Co-op Mastercard® also includes several additional features that add value to the card:
– Purchase Protection: Protects your purchases against damage or theft within a certain period after purchase.
– Extended Warranty Protection: Extends the manufacturer’s warranty on eligible purchases, providing additional peace of mind.
– Lost Luggage Reimbursement: Provides reimbursement for lost luggage, which can be a lifesaver during travel mishaps.
– Auto Rental Insurance: Covers damages to rental vehicles, saving you from having to purchase additional insurance from the rental company.
– 24/7 Travel Assistant: Offers assistance with travel-related issues, providing support when you need it most.

Conclusion

The REI Co-op Mastercard® from Capital One is an excellent choice for outdoor enthusiasts and frequent REI shoppers. With its generous 5% cash back on REI purchases, no annual fee, and a range of travel benefits, it offers substantial value. However, the high APR and lack of an introductory APR period may be drawbacks for some users.
If you have good to excellent credit and are looking for a card that rewards your outdoor lifestyle, the REI Co-op Mastercard® could be a perfect fit. Just be sure to pay off your balance in full each month to avoid high-interest charges and maximize the benefits of this rewarding credit card.
In summary, the REI Co-op Mastercard® from Capital One provides a compelling package for those who align with its rewards structure and benefits. By understanding its pros and cons, you can make an informed decision and enjoy the perks that come with being a cardholder. Happy adventuring!