REI Co-op Mastercard
A no-annual-fee cash back card from Capital One.
Rates, fees, and full terms are set by Capital One and can change. See current rates & fees on the issuer’s site, and always confirm the latest terms before applying.
Our review
The REI Co-op Mastercard is a cash back card from Capital One, running on the Mastercard network. The REI Co-op Mastercard keeps things simple, earning a flat 1.5x on every purchase with no categories to track or quarterly activations. There is no annual fee, which means every dollar of rewards is pure profit. New cardholders can earn $100 REI gift card after after your first purchase within 60 days.
It is built for simplicity. There are no categories to track, no quarterly activations, and no annual fee, which makes it one of the easier cards to set and forget while still earning a respectable flat rate.
Think twice if: you want richer bonus categories or a transferable-points setup for premium travel redemptions.
Our 3.9 out of 10 rating
Each score weighs the rewards rate, value after the annual fee, welcome offer, points flexibility, and perks, with every point valued at a flat 1 cent. This is our editorial assessment to help you compare cards, not a guarantee of approval or of the value you will get.
Earning rates at a glance
Rewards: how it earns
The REI Co-op Mastercard earns a flat 1.5x on every purchase. On a typical $29,160 of annual average household spending that comes to about $437 back a year, with nothing to track or activate.
| Category | Rate | Notes |
|---|---|---|
| Dining and restaurants | 1.5x | Base rate |
| Groceries | 1.5x | Base rate |
| Gas | 1.5x | Base rate |
| Travel | 1.5x | Base rate |
| Streaming | 1.5x | Base rate |
| Everything else | 1.5x | Everything else |
The fine print on rates: Card rewards redeem only at REI and require a one-time $30 REI Co-op lifetime membership to apply. The 10% member dividend is a separate membership benefit. Rewards do not transfer to travel partners.
Every point and mile above is valued at a flat 1 cent, the same honest standard we use for every card. Run your own spending through the calculator to see what this card would actually return for you.
Best ways to earn & redeem
Use it as a flat-rate everyday card, since it earns the same on every purchase, and pair it with bonus-category cards for groceries, dining, and travel.
When you cash in, take the rewards as cash back or a statement credit, worth a flat 1 cent each. We value every point at a flat 1 cent, so treat any transfer upside as a bonus rather than the baseline — see what your points are really worth.
Pros and cons
- No annual fee
- Welcome offer worth about $100
- Plain rewards with no standout bonus categories
The welcome bonus
The current welcome offer is $100 REI gift card, earned after you spend after your first purchase within 60 days. Valued honestly at a flat 1 cent per point, that is worth about $100. Stacking the welcome offer on top of a typical year of rewards and accounting for no annual fee, the first year is worth roughly $537.
First-year value vs ongoing value
| Welcome bonus | $100 REI gift card |
| To earn it | after your first purchase within 60 days |
| Est. first-year value* | $537 |
| Est. ongoing value / yr* | $437 |
The welcome bonus makes year one the high point: roughly $537 in value once you count the bonus, this card’s rewards, and its credits, minus the no fee. After that, the honest figure is about $437 a year, so judge whether it earns its keep on the ongoing number, not the first-year headline.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent, on average spending.
Benefits and protections
Beyond the rewards, the perks and protections worth knowing about include:
- The 10% annual Co-op member dividend still stacks on eligible REI purchases
Statement credits
This card does not come with recurring statement credits. Its value is in the rewards rate and welcome offer.
Who should get it, and who should skip it
It is best for people who want a dependable everyday rewards card from a major issuer.
Skip it if you want richer bonus categories or a transferable-points setup for premium travel redemptions.
Alternatives to the REI Co-op Mastercard
Pairs well with
The REI Co-op Mastercard earns a flat rate on everything, so pair it with a category card or two to earn more where you spend the most.
Frequently asked questions
Best-card guides featuring this card
Learn more
How does it rank for your spending?
Every card is ranked by what it actually returns on the way you spend. Run your numbers and see where the REI Co-op Mastercard lands.
Calculate My CardOffer details verified against issuer sources as of October 2026. Editorial opinions are our own. Cardocrat values all points at a flat 1 cent and never inflates redemptions.
