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U.S. Bank, REI Renew Multi-Year Contract

Co-branded cards now on MasterCard network; include ‘chip’ for additional security

MINNEAPOLIS--(BUSINESS WIRE)--May 15, 2015-- U.S. Bank announces the long-term renewal of its co-brand partnership with REI and the launch of the new REI World MasterCard®.

Under the agreement, the new REI co-branded credit cards will offer members more opportunities to earn through everyday purchases. The card portfolio will be converted to MasterCard with EMV chip-card technology, better protecting members from card-present counterfeit fraud.

“We are thrilled to continue our partnership with REI,” said Robert Goeller, senior vice president at U.S. Bank. “This long-term extension and partnership enhances our existing credit-card program through delivery of high-value products and services. Our goal is to enable REI members to accelerate reward earnings and take greater advantage of REI’s exceptional service, gear and unique adventure-trip experiences.”

The launch of the new REI World MasterCard offers members many benefits, including:

  • 5 percent back on all REI purchases
  • 2 percent back on groceries through March 2016
  • 1 percent back everywhere else the card is accepted
  • No annual fee
  • $100 REI gift card for all new accounts opened with a purchase made within 60 days of opening the account
  • Other exclusive MasterCard benefits and features

“REI members could turn up in any and every country as they pursue their outdoor passions. They can travel with confidence knowing that MasterCard is widely accepted,” said Michael Cyr, executive vice president, Market Development, MasterCard. "REI cardmembers also gain peace of mind from greater chip card security and protection. You can safely use your MasterCard, anywhere, anytime.”

For more about the REI World MasterCard or to apply today, visit www.reimastercard.com. Full terms and conditions apply.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $410 billion in assets as of March 31, 2015, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,172 banking offices in 25 states and 5,016 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

About REI
REI is the nation’s largest consumer co-op with a growing community of more than 5.5 million members. In March the leading outdoor retailer announced a record annual dividend, returning $168 million to its members. As part of its mission to give back to the outdoor community, REI will also invest nearly $8 million in non-profits and new projects to create access to inspirational outdoor places.

Source: U.S. Bancorp

U.S. Bank Public Relations
Michael Bares, 612-973-1918

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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