If you are a fan of REI, the Co-op World Elite is one credit card you might consider. This REI Co-op World Elite Mastercard review is designed for outdoor lovers, allowing you to earn rewards and cashback from eligible purchases. I’ll list all of its features and details to help you decide if this is the right credit card for you.
The REI Mastercard has no annual fee and foreign transaction fee. All your REI purchases will have a 5% cashback. Meanwhile, there is a 2% rebate for mobile wallet transactions and 1% for all other purchases. Users can also enjoy special discounts on REI Adventure Travel. You are also eligible for a $100 welcome gift.
Below is a summary of the card’s rates and fees:
|Foreign Transaction Fee||$0|
|Balance Transfer Fee||$5 or 3%, depending on which is higher|
|Cash Advance Fee||$10 or 5%, depending on which is higher|
|Annual Percentage Rate||Balance Transfers – 13.99 to 23.99%, Cash Advance – 25.99%|
Read on to learn more about the REI Co-op World Elite Mastercard, including some of its features and its pros and cons.
About the REI Co-op World Elite Credit Card
If you love the outdoors, perhaps you know REI, which stands for Recreational Equipment Incorporated. It is an American company specializing in outdoor recreation products, such as:
- Skiing, and
- Traveling gear.
The company also offers services, such as vacations.
One of their most unique offerings is the Co-op Mastercard. Travelers and outdoor adventurers will love its many rewards and benefits. From your vacations to everyday spending, there are plenty of ways to maximize this card.
Main Features of the REI Mastercard Credit Card
What makes the Co-op Mastercard great? We’ll answer this question by giving you a rundown of some of its most notable features:
1. $100 REI Credit for New Users
If it is your first time to have this REI Mastercard, you are in for a treat. To attract more customers and reward their clients, the company offers a $100 gift card that you can use exclusively for your REI purchases. You need to purchase any product or service within the first 60 days of your credit card.
2. Rebates Are Distributed in Dividends
Once a year, which is usually in March, cardmembers will receive a dividend payout. It is typical to have as high as a 10% dividend, but it is not guaranteed. Some items are not included in the computation of the dividends, such as sale and clearance products.
3. REI Adventure Travel Savings
REI Adventure Travel is the company’s service that provides the following:
- Family getaways,
- Cycling tours, and
- Active vacations, among other things.
When you have the REI Mastercard, you can enjoy significant benefits in Adventure Travel.
You can save up to 50% of the dividend that you have paid when booking your trips. For instance, if you pay a dividend of $200 for a trip, then you will have an additional saving of $100.
4. World Elite Mastercard Benefits
As an Elite Mastercard credit cardholder, you can enjoy the following benefits:
- Extend the warranty of eligible purchase by up to two times or two years
- Reimbursement when an eligible purchase has a price drop within 120 days after you buy it
- Insurance for trip cancellation
- Reimbursement from expenses associated with card fraud
- Concierge service
5. State-of-the-Art Security
The card also has top-notch security features for your peace of mind. One of our favorites is zero fraud liability. This means that when there is an unauthorized charge that has been proven to be a case of fraud, you do not have to pay for such.
More so, it has the latest chip technology, which minimizes the possibility of cloning. The EMV chip has global acceptance. You can tap your card instead of swiping it in a terminal.
REI Co-op World Elite Rates and Fees
Depending on the services that you are using, there are corresponding charges. This section looks at some of the rates and fees associated with using the REI Mastercard credit card:
1. Annual Fee
It is common for credit cards to charge an annual fee to their customers to use their service. One of the best things about this REI Mastercard is that you won’t pay an annual fee.
2. Foreign Transaction Fee
Use this card anywhere in the world that accepts Mastercard. You won’t have to pay any foreign transaction fee. It does not matter whatever currency you are using, and the card will not charge you for foreign transactions.
3. Balance Transfer Free
While you can transfer the balances from other cards, you might want to think twice before doing so. REI charges 3% for the balance transfer. This is pretty much the standard rate that you will see from other credit cards. The minimum amount to pay for the balance transfer is $5.
4. Cash Advance Fee
Like other credit cards, you can also use the REI card like an ATM to withdraw money if you need cash. While we strongly advise against doing so, if there is an urgent need, then be prepared to settle the fee. The cash advance fee is 5% of the amount of $10, whichever is higher.
5. Annual Percentage Rate
The APR is the interest rate that you will pay for different card services. The exact interest rate will vary. For balance transfers, the APR ranges from 13.99 to 23.99%. Meanwhile, for cash advances, the APR is 25.99%.
Again, what does the REI Co-Op World Elite Credit Card offer? Aside from zero annual fees and a $100 welcome gift, the REI Co-Op World Elite Credit Card gives you 5% cashback for your purchases, 2% rebate for mobile wallet transactions, and 1% for all other purchases. Lastly, you get to enjoy special discounts on REI Adventure Travel.
Pros and Cons of REI Co-Op World Elite Credit Card
To help you decide if this card is for you or if you should look for other choices, let’s talk about the good and the bad.
REI Co-Op World Elite Credit Card Pros
Below are some of the benefits of using the REI credit card:
1. Rewards for All Your Expenses
Regardless of the expense category, you will receive a reward. The highest is 5%, which you can get for everything that you buy at REI. For transactions using your mobile wallet, on the other hand, the reward is 2%. Meanwhile, you will get a 1% rebate for every other purchase on your credit card.
2. Great Sign-up Bonus
If you are still not convinced to sign up for this credit card, you might have a change of mind after learning about the $100 welcome offer. The best thing is that there is no minimum purchase requirement. Nonetheless, you must make a qualifying purchase within the first 60 days.
3. Has a Free Spend Analysis
Staying on top of your budget is easy when you have this credit card. One of the best features is the spend analyzer. It provides an annual summary that will help you look at everything you have been spending your money on.
4. Enjoy Airport Lounges
This is another benefit that makes it a great card for travelers. You will enjoy a free membership on LoungeKey. The latter will let you access more than 400 airports in over 120 countries. While the lounge membership is free, you still must pay for access.
5. Access Credit Score for Free
With an online account, REI Credit cardholders can enjoy free access to their credit rating from TransUnion. However, note that such is only for educational purposes and cannot be used by banks to make financial decisions.
REI Co-Op World Elite Credit Card Cons
Despite the good things, the REI Co-op credit card also has some drawbacks, including those we’ll talk about below:
1. No Introductory Interest Rate
Many credit cards have an introductory APR for their new customers. It usually lasts a couple of months to a year, which will let you get 0% interest within the qualifying period. However, REI does not offer such a benefit on interests for balance transfers and purchases.
2. Dividends Are Only Once a Year
As a cardholder, one of the unique benefits that you can enjoy is a dividend. However, you might not like how the distribution of the latter is only once a year. It means that you cannot enjoy the dividend reward anytime you want.
REI Co-op World Elite Rewards and Redemption
With an REI credit card, you will enjoy exceptional rewards. The latter, however, will depend on your spending category. In a nutshell, here’s how much reward you will earn from your transactions:
- 5% rewards on everything you buy from REI
- 2% cashback for all purchases in a mobile wallet
- 1% rebate on all other purchases
When it comes to redemption, you have no option but to wait once a year. The payout happens every March. Once it is on your account, you can use the dividend for shopping online or in-store. Alternatively, there is also an option to change it from cash in a store, only from July 1 to January 3. More so, you can request a check payment through email, phone, or online.
Conclusion: REI Co-op World Elite Mastercard Credit Card
The REI Co-op Mastercard is for people who love outdoor adventures. You can make the most out of your REI purchases as you qualify for a 5% rebate. More so, mobile transactions will have a 2% cash back and a 1% reward on all other purchases.
You will enjoy World Elite Mastercard Benefits with this credit card, including price protection, extended warranty, and concierge. It also features state-of-the-art security, such as ID theft protection and chip technology. Despite the benefits, however, there are some problems, such as having no introductory APR.