Capital One
REI Co-op Mastercard
Earn 5% cash rewards on REI Co-op purchases and 1.5% on all other purchases with no annual fee and no foreign transaction fees.
Annual fee
None
Top rate
5x online shopping
Welcome bonus
$100
Quick look
REI Rewards
Earn 5% cash back on all REI Co-op purchases
3.8
out of 5
Rewards
Fees
Welcome bonus
Perks
Value
Overall score is a weighted average: Rewards 20% · Fees 20% · Welcome bonus 20% · Perks 20% · Value 20%.
Ideal for
REI Co-op members who buy outdoor and sporting gear regularly at REI and want to consolidate rewards into annual dividend growth or redemption on gear they'd buy anyway.
The verdict
The REI Co-op Mastercard is a straightforward no-fee card that rewards its niche well: if you shop at REI regularly, the 5% back on Co-op purchases—combined with the optional REI Co-op membership's annual dividend—adds up quickly. The $100 welcome bonus is easy to earn and the card carries no annual fee, making it a genuinely free tool for members.
The catch is real, though. Rewards are locked to REI redemption, and the 1.5% rate on everything else ranks middle-of-the-pack against flat-rate alternatives. If REI is central to how you buy outdoors gear, this card pays for itself; if you shop there casually, you're better off with a card that earns cash or points anywhere.
Pros
- No annual fee with solid 5% rewards on all REI Co-op purchases
- Easy-to-earn $100 welcome bonus requires just one purchase outside REI within 60 days
- Clean, straightforward earning structure with no category rotation or activation required
- Competitive alternative to REI's in-house card for members who want Mastercard ubiquity
Cons
- Rewards are locked to REI redemption only—no cash or points transfer flexibility
- 1.5% everywhere else is below the 2% floor offered by competing flat-rate no-fee cards
- Requires REI Co-op membership, which carries a $30 lifetime or annual fee
- No documented perks like travel insurance, purchase protection, or extended warranty coverage
Reward rates
| Category | Rate | Details |
|---|---|---|
| Online shopping | 5x | on REI Co-op purchases |
| Everything else | 1.5x | on all other purchases |
The 5% on REI Co-op purchases (including outdoor gear, camping, cycling) places this card in the upper tier for category-specific earning. The 1.5% baseline is below the 2% you'll find on competing no-fee flat-rate cards, making the REI specificity both the card's strength and its ceiling. For cardholders who buy the bulk of their outdoor gear at REI, the concentrated earning outpaces a generic alternative; for diversified shopping, it underperforms.
Fees and APR
Does it pay for itself?
At $0 card fee, this is a pure-utility card with no cost to hold. The REI Co-op membership ($30 lifetime or $20 annually) is a separate decision—members cite the annual dividend and in-store perks as justified; for occasional shoppers, the membership fee can offset rewards. If you're already a Co-op member for the dividend, the card becomes genuinely free.
Welcome bonus
Is it worth chasing?
The $100 gift card is one of the lowest opening offers in the no-fee space (compare: $150-$200 on flat-rate competitors), but it's also trivially easy to earn—just one outside-REI purchase in 60 days. Low friction + low value = modest incentive, appropriate for a niche card that succeeds on long-term rewards, not signup appeal.
Similar cards
Chase Freedom Flex is a no-fee alternative with 5% rotating bonuses (up to $1,500/quarter on activating categories) and 1% base—more versatile earning, but requires quarterly activation and doesn't specialize in outdoor retail.
Another Capital One no-fee card earning 1.5% flat everywhere, with transferable points instead of REI lock-in—if you want simplicity and cross-issuer flexibility without brand specificity.
Frequently asked questions
Do I need to be an REI Co-op member to apply?
You must be an REI Co-op member to hold the card, but you can join when you apply (membership is $30 lifetime or $20/year). Many outdoor enthusiasts view the membership as a baseline—the dividend alone pays for frequent shoppers.
Can I redeem rewards outside of REI?
No. Rewards accrue in your REI account and can only be spent on REI Co-op purchases. They don't transfer to cash, travel points, or other partners, which is a significant constraint if you also want a general-purpose card.
How does this compare to the REI Visa card?
REI also offers a co-branded Visa through US Bank with different terms (higher REI rewards, different fee structure, different perks). The Mastercard is Capital One's entry for people who already carry Capital One cards or prefer Mastercard acceptance.
What's the credit score requirement?
Capital One targets applicants with good credit (typically 670+), though approvals lean toward very good/excellent (740+). The average approved cardholder has a 742 FICO score.
Is the 1.5% outside REI competitive?
No—flat-rate no-fee competitors like Chase Freedom Unlimited, Bank of America Customized Cash, and Capital One's own VentureOne all earn 1.5-2% everywhere. You're taking a rate cut for the REI specialization.
Reviewed by YoungerFinance Editorial · Last updated August 11, 2026