1% cash back from Mastercard/Visa!
Written: May 12 '01 (Updated Apr 17 '03)
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Pros: 1% cash back or REI store credit
Cons: cash rebate available 6 months after year end, no E-bill support
The Bottom Line: If your looking for 1% cash back, no annual fees, consider this card.
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| beskeptical's Full Review: REI Visa Card (Bank of America) |
The REI card is actually now serviced by US Bank. Bank of America sold their REI credit card customers to US Bank a couple of years ago.
1% cash back
In the last two years a lot has changed in terms of what other credit cards offer. Back then it was rare for a Visa/Mastercard to offer you 1% cash back on purchases. Now this feature is available from several other banks, ie the MBNA Montley Fool Mastercard or the State Farm Visa.
Unlike some other cash back cards like Discover or American Express, this card does not use a tiered system, nor is there a cap on the rebate amount you can receive. Tiered systems usually give you a smaller percentage rebate until you make a certain amount of purchases per year. ie Discover might pay you just 0.25% for the first $2,000 and only give you 1% when you make over $10,000. These numbers a just examples, but if you don't spend a lot the 1% straight cash back offered by the REI Visa is a better option. Unlike Discover or Amex, Visa is accepted more widely.
On top of the 1% cash back for non-REI purchases, 10% cash back is given for REI purchases.
One drawback about the 1% cash back is that you must wait until 6 months after the year has ended to redeem it for cash at REI. Otherwise, you can use it to buy something at REI within that 6 month period.
Features
US Bank offers online services for your credit card. The Quicken/Money integration is ok, but not as good as that found with American Express. Web connect is used, so you must manually log in via their web page to download statements into your financial software.
They also provide the ability to pay your credit card bill online with either another US Bank account or via an external bank account.
US Bank does not support E-bills. If you use a third party bill payment service such as that offered by CheckFree, statements will not be sent to your bill payment service. If this feature is important to you, I suggest looking into other reward cards. Some that I know offer this service: American Express, MBNA, Bank One.
If you need to dispute a credit card charge, this can also be initiated online. However, you will probably need to either fax or mail in supporting documentation.
No annual fee
This card has no annual fees. I'm not sure what the APR on this card is, but I believe it is reasonable. I don't carry balances, so this is something I hardly look at.
In order to apply you can visit the website: www.reivisa.com.
Recommended:
Yes
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beskeptical
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Reviews written: 12
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