Recreational Equipment, Inc. (REI) is one of the numerous retailers out there that issue credit cards to interested individuals. As a result, people who make a lot of purchases from said retailer should take a look at these credit cards to see whether they are suitable for their particular needs and circumstances so long as they are REI member. This is particularly true because besides their primary use in making purchases from REI, these credit cards have other potential benefits as well. Here are 10 benefits of having a REI credit card:
One of the biggest upsides to credit cards is their sheer convenience. Simply put, whether people are making a purchase over the Internet or a purchase in a brick and mortar location, there aren’t a lot of payment methods that can match it when it comes to ease of use. This is particularly true when making bigger purchases, which is something that can make using cash very cumbersome.
Credit cards tend to come with a lot of protections from credit card fraud. For instance, the REI Mastercard comes with zero fraud liability, meaning that if it is used to make fraudulent charges, the credit card owner will not be held responsible for those sums.
3. Ease of Borrowing
There are both revolving and non-revolving forms of credit. Credit cards are classified as a form of revolving credit, meaning that the credit card owner can choose to borrow whenever and wherever so long as they haven’t hit their credit limit. Something that can’t be said by the consumer when it comes to non-revolving credit, which will require them to send in a new application each time.
4. Credit Building
The use of credit cards and other credit product result in credit histories, which are used to calculate an approximation of a person’s creditworthiness called their credit score. In other words, sensible use of a credit card can be used to raise a person’s credit score, which in turn, can provide them with better interest rates as well as better conditions in their loan terms. Something that can make a world of difference when it comes to a wide range of very popular credit products.
5. Widespread Acceptance
Some credit cards are limited for use at no more than a small number of locations. The REI Mastercard isn’t one of these. Instead, it is accepted at the same places as other Mastercards, which is a very long list of retailers situated in countries all around the world.
6. Get a $100 Gift Card
As an incentive, REI offers people with REI credit cards a $100 gift card so long as they make an eligible purchase using it. Of course, there is a limited window of time for this particular incentive, which is a period of 60 days in which to make said purchase.
7. 5 Percent Rewards
Perhaps unsurprisingly, the REI credit card encourages people to make more purchases from REI. This can be seen in how it offers 5 percent back on REI purchases, whether those purchases happened at full price or at sales price. For someone who does a lot of shopping from said retailer, this can be a pretty attractive feature.
8. 1 Percent Rewards
With that said, the REI credit card has an upside in that other purchases are incentivized as well, though not to the same extent. In the case of non-REI purchases, the reward is 1 percent back, which is not as good as the rates that can be found with some other rewards credit cards. In both cases, the rewards are paid out on an annual basis.
9. No Annual Fee
There are some rewards credit cards that have high annual fees, which are used to cover the costs of the rewards programs attached to them. However, the REI credit card isn’t one of them, which should come as welcome news to people who dislike being pressured into making purchases by cost structures.
10. Various Features
Of course, the REI credit card comes with a number of features that are common with credit cards. For example, both cash advances and balance transfers are possible. Furthermore, the REI credit card comes with trip cancellation service as well as some other benefits that can prove useful for people who are planning to head out onto the road.