U.S. Bank and REI, an outdoor retailer, have taken their relationship to another level by renewing their multi-year contract and rolling out the new REI World MasterCard, offering 5% back on all REI purchases, 2% back on groceries up until March of 2016, and then 1% on everything else. There is no annual fee for this card. As a bonus new cardholders get a $100 REI gift card, once they make an initial purchase within 60 days of having the card.
This new card and the contract extension with U.S bank is seen as a win-win for REI customers in terms of rewards and benefits. “This long-term extension and partnership enhances our existing credit-card program through delivery of high-value products and services. Our goal is to enable REI members to accelerate reward earnings and take greater advantage of REI’s exceptional service, gear and unique adventure-trip experiences,” said Robert Goeller, senior vice president at U.S. Bank.
Dividends on REI
Every March cardholders will receive a dividend, which is basically a refund, usually totaling 10% back on all eligible REI purchases. The dividend can be spent on REI gear, merchandise and adventures.
There are certain purchases that are excluded from earning dividends, including sale merchandise, items on clearance, gift cards, rental fees, lift tickets, membership fees, mounting, engraving, and sales tax as well as REI Outdoor outings and classes. Items purchased at REI are excluded if the price ends with $.73.
The MasterCard bennies
The REI World MasterCard comes along with travel benefits including: trip cancellation service MasterRental car rental collision damage waiver insurance, lost luggage coverage, travel assistance services, and 24/7 cardholder service.
“REI members could turn up in any and every country as they pursue their outdoor passions. They can travel with confidence knowing that MasterCard is widely accepted,” said Michael Cyr, executive vice president, Market Development, MasterCard.
The card also includes lost/stolen card reporting, price protection, extended warranty, zero fraud liability, and identity theft resolution.
The cards are also outfitted with EMV chips to provide people with additional security, and ease of use when they travel because they are accepted around the world.