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