REI Co-op and Capital One have teamed up on a new card partnership — and have found a way to make it sustainable.
The outdoor specialty retailer and the financial corporation revealed their card partnership today and launched the new REI Co-op Mastercard program. In addition to the list of benefits of the REI Co-op Mastercard, the companies revealed in a statement that the card itself is made of 85% recycled materials.
Aside from the sustainability element, REI and Capital One revealed a lengthy list of benefits that includes 5% back in REI Co-op Mastercard Rewards for purchases at REI, a $100 REI gift card welcome bonus offer for new cardholder accounts (after the first out-of-store purchase made within 60 days of opening the account), a $50 REI Co-op annual statement credit when the card is used to book an REI Co-op Experience and more.
The companies also said in a statement that cardmembers will receive 5% back in card rewards for donations made to the REI Cooperative Action Fund, which supports organizations promoting justice, equity and belonging in the outdoors. (REI Co-op launched the REI Cooperative Action Fund in October 2021, which focuses on three grant-making initiatives: connecting more people outside, creating more space outside and centering health outside.)
Additionally, Capital One confirmed it will also support the REI Cooperative Action Fund with an annual donation with 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,” REI VP of customer and brand services Pardis Ghorbani said in a statement. “Most importantly, this card offers our members a wide range of benefits and more great ways to help them pursue their outdoor passions.”
Aside from the REI Co-op Mastercard program, the outdoor specialty retailer has been the subject of several other headlines as of late. For instance, the company collaborated with Airstream on a special-edition Airstream Basecamp model in July, adding a range of sustainable attributes to the travel trailer. Also last month, REI — through its REI Path Ahead Ventures initiative — launched its 16-week Navigate program accelerator program. The effort, according to the retailer, brings business founders of color together both in-person and online to provide funding, mentorship, programming and access to REI’s production, distribution and marketing expertise. The effort will kick off with six companies.