Consumer Payment Card News

REI Visa

The best place to buy outdoor stuff has just sweetened up its offerings with a new rewards VISA card. Washington state-based Recreational Equipment and U.S. Bank launched the ‘REI Classic VISA’ and ‘REI VISA Gold’ cards this week. REI is a major online and brick-and-mortar retailer of gear and clothing for outdoor activities such as hiking, camping, climbing, skiing, paddling and bicycling. REI is also the nation’s largest consumer cooperative with two million active members, and annually shares its profits with members through a patronage refund based on their regularly priced purchases. The ‘REI VISA’ program provides members a one-percent rebate on all non-REI purchases made with the card. While REI reduces patronage refund amounts by two percent for credit card purchases, holders of the new ‘REI VISA’ card receive a full patronage refund on their eligible REI purchases. The patronage refund and rebate are issued annually and can be redeemed at REI by mail, phone, Internet or at any of the company’s 59 retail stores. The new no-annual-fee card is available in ‘Classic’ or ‘Gold’ versions. U.S. Bank is charging a prime +7.99% APR (currently 13.49%) for the ‘Gold’ card and prime +8.99% (currently 14.49%) for the ‘Classic’ card. For more information: or

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