U.S Bank REI Visa To Become REI Mastercard & Bonus Category At Grocery Stores (2%)

If you’re a U.S Bank REI Visa Signature cardholder, you will have received an e-mail announcing that this will become a U.S Bank REI World Mastercard. In addition to changing payment networks, this card will also come with a new bonus category of 2% cash back at all grocery stores until March 2016.

Official Announcement

The announcement was also made at http://www.rei.com/creditcard:

We’d like to inform our valued REI Visa^® card members of an exciting change to our cardmember program.

A new REI MasterCard will replace your existing REI Visa card and you’ll enjoy the same rates and payment due dates you’ve had with your REI Visa card.

With the new REI MasterCard, earn 2% back² on groceries through March 2016 for a bigger dividend than ever. As always, you’ll continue to earn 5% back¹ at REI and1% back³ everywhere else you use your REI MasterCard.

Watch for your new REI MasterCard in the mail May through July, and be sure to activate it upon receipt. Then get back outside — and watch your Annual Dividend⁴grow!

P.S. Your new REI MasterCard will arrive with a new account number, so be sure to update your account information with the companies you pay automatically.

F.A.Q’s

Q. Do existing REI Visa^® card members have to apply for the new card?
A. No. They will automatically receive a new REI MasterCard in the mail.

Q. When will cardmembers receive their new REI MasterCard?
A. New cards will be mailed out May through July 2015.

Q. Can cardmembers still use their existing REI Visa cards?
A. Yes, but not for long. Existing REI Visa cards will expire on August 31, 2015 or 30 days after activation of the new card, whichever is sooner.

Q. Is there anything that cardmembers need to do when they receive their new REI MasterCard?
A. Yes! Activate and sign the card. Also, the new card will have a new account number, so cardmembers will need to log in to their online banking account and enter their new card number. Then cardmembers can start enjoying a bigger dividend.

Q. When can someone apply for the new REI MasterCard?
A. Beginning March 23, 2015.

Our Thoughts

It really only makes sense to use this credit card on REI purchases, there are plenty of cards that earn more than 2% cash back at grocery stores and lots of cards that earn 1% cash back or more on all other purchases. The new card will also have an EMV chip, while the old Visa card does not come with this chip. The card comes with foreign transaction fees of 3%, so it won’t make sense to use this card internationally.

This isn’t really a big change, but it’s always interesting when banks switch payment networks.