REI Mastercard Changes Effective May 31, 2022

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Mtnman200
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REI Mastercard Changes Effective May 31, 2022

Post by Mtnman200 »

I’ve been an REI Coop member since 1986 and have had an REI Mastercard for over 10 years. Every July, I’ve looked forward to getting 5% cash back on the previous year’s REI purchases and 1% cash back on the previous year’s non-REI purchases.

This morning, I received my 5/4/2022 REI Mastercard statement, and REI’s notice on the last page caught my attention. Specifically: "Cash-back deals are ending. Cash-back deals for your REI Co-op Mastercard will no longer be available after May 31, 2022. Login to Online Banking or the mobile app to view your current offers."

After wondering exactly what that means, I went to REI’s FAQs at https://www.rei.com/membership#faq, but it was still clear as mud. Customer Service at US Bank (the bank that issues the REI Mastercard) was unaware of impending changes to the REI Mastercard.

Next stop: REI customer service, where again they were unaware of the upcoming changes. After checking into the situation, the customer service representative told me that going forward, any purchases made with an REI Mastercard will only earn credit at REI. No longer will you be able to get cash back on July 1st of each year.

If that's what REI's change means, REI needs to say so in plain English, and giving more notice would have been nice. I'm going to cancel my REI Mastercard and replace it with a credit card that gives me cash back. REI’s changes and the way they made them definitely doesn’t cause me to want to buy from REI again.

What do others who have an REI Mastercard think about REI’s changes?
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turbocat
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Re: REI Mastercard Changes Effective May 31, 2022

Post by turbocat »

That is my understanding as well. You are correct, the REI branded card started going downhill during COVID and into 2021, now they are continuing to destroy the benefits in 2022. I will wind up cancelling mine in 2022. I get that the pandemic was tough on retail, but it is really unfortunate that they are cutting back member benefits on the DL to right the ship. On the other hand, I get it, they are a Co-op and it is important to break even and not lose money. The only reason I got that card to begin with is they started curtailing the dividends down from 10%, the card was a way to get the full 10% dividend (assuming you pay it off in a timely manner because the interest rate is outrageous).

I have better rewards cards for cash back, travel benefits, and perks.
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SkaredShtles
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Re: REI Mastercard Changes Effective May 31, 2022

Post by SkaredShtles »

Mtnman200 wrote: Thu May 05, 2022 12:35 pm <snip>
What do others who have an REI Mastercard think about REI’s changes?
I've got one and I don't really care. I don't use the card much any more... and I don't buy much crap from REI any more.
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HikerGuy
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Re: REI Mastercard Changes Effective May 31, 2022

Post by HikerGuy »

I've had mine for years. I used it frequently early on, but hardly at all in the past ten years. There are better cash back cards out there. It's my backup card these days.
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Re: REI Mastercard Changes Effective May 31, 2022

Post by yaktoleft13 »

I don't mind the change. I never cashed out, just used the dividend/credit. I spend so much at REI that the credit is all I want anyway
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Re: REI Mastercard Changes Effective May 31, 2022

Post by Bombay2Boulder »

Yeah, this ain't cool of them to not be totally transparent about this. I was looking to cancel my card with them this year and this does it for me. I rarely shop there anymore as between mine and friends pro deals, I pretty much get all my outdoor gear covered. REI has been a very last minute stop for me for the last couple of years to get Aquamira and camping fuel.
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JChitwood
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Re: REI Mastercard Changes Effective May 31, 2022

Post by JChitwood »

I have one but only used it at REI or the rare business like my wife’s hair salon that only accepts Mastercard. I like REI and since all three of us in the house are members we each get 20% off one item three times a year. Hopefully they won’t do away with the 20% off next. They don’t seem to have a ton of expertise in the store but if you know what you want it’s a good place to shop.
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Re: REI Mastercard Changes Effective May 31, 2022

Post by timisimaginary »

i've never used it as a cash back card, since i've got better cards for that already. i also only use it for REI purchases, basically to get a better dividend. i can usually count on getting at least a couple pairs of running shoes at REI each year, so the 5% back just goes towards next year's shoes. that plus the generous return policy and occasional 20% off coupon keep me coming back.
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Re: REI Mastercard Changes Effective May 31, 2022

Post by DaveLanders »

I went to my local REI yesterday to use my 20% off coupon for the Memorial Day sale, so I asked about this change. I got a very different story than what others have reported in this thread.

The person that I talked to said that you won't be able to get cash back directly from the store anymore, but that you can still request a check starting on July 1st. If what I was told is accurate, then this isn't a big change. In years where I had a large dividend (hundreds of dollars), the store would never give me cash; I always had to request a check.
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laswa-guide
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Re: REI Mastercard Changes Effective May 31, 2022

Post by laswa-guide »

The Membership FAQ now says:
NOTE: You will no longer be able to receive cash or check for 2022 Co-op Member Rewards and beyond. Co-op Member Rewards earned in 2022 and beyond will be able to be redeemed at an REI store, REI.com, REI Outlet, for an REI adventure trip, or via the REI app.

REI Co-op Mastercard Rewards with a balance greater than $1 at the time of expiration can be cashed out by following the directions below. Starting with card rewards earned in 2021, issued in 2022, and expiring in January 2024, REI will no longer automatically mail a check when REI Co-op Mastercard rewards expire. You can still request a check at any time prior to expiration. As a reminder, card rewards currently expire approximately 21 months after issuance.

The Denver store said today that's what they are telling members. Co-Op Member Rewards are based on what's purchased from REI at full price. Co-Op Mastercard Rewards are based on purchases made on the card.
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nyker
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Re: REI Mastercard Changes Effective May 31, 2022

Post by nyker »

Inflation disguised in another form, reducing services, benefits and quality of life.
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Re: REI Mastercard Changes Effective May 31, 2022

Post by Jeff Valliere »

Thanks for the heads up, I too am a long time REI member/credit card holder and missed that.

While on the topic, just curious which other cards those here find to have the best benefits? I have been thinking about this for a year or two (I have found US Bank to be very good about covering/alerting to fraudulent card use, etc...., though I am sure many banks are).
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