American outdoor apparel brand REI has partnered with Capital One to launch the 'REI Co-Op Mastercard,' a specialty credit card that provides REI shoppers with 5% back in rewards for every purchase. Aligning with REI's outdoor ethos, the credit card is also sustainably produced; it is made from 85% recycled materials.
Other notable benefits of the REI Co-Op Mastercard include a $100 REI gift card bonus for those signing up for a new cardholder account and a $50 REI Co-op annual statement credit towards booking the brand's signature 'REI Co-op Experiences.'
“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.”
Image Credit: REI
What's Driving This Trend
- Sustainable Credit Card
- The growing trend of sustainable credit cards made from recycled materials opens opportunities for eco-friendly credit card innovations.
- Rewards Credit Card
- Reward-based credit cards are a popular trend due to the appeal of getting perks and bonuses while spending money.
- Brand-specific Credit Cards
- Brand loyalty promoted by charging customers to make purchases with specific co-branded cards can be an opportunity for businesses to boost customer engagement.
Who This Affects Most
- Retail Industry
- The retail industry can capitalize on the trend of sustainable credit cards and offer existing customers a way to shop smarter and make eco-friendly choices.
- Credit Card Industry
- As reward-based credit cards grow in popularity, credit card companies can innovate and create new ways to attract customers with unique rewards and offers.
- Travel and Tourism Industry
- Brand-specific credit cards that offer bonuses and discounts on travel and tourism experiences can increase customer loyalty for businesses in this industry.
