REI VISA Card (US Bank)

Pros: No annual fee, easy 1% cash back on all purchases, full REI patronage refund.
Cons: Like most other cards, high penalty, service, foreign currency transaction fees. No platinum card.

This card is one of the best kept secrets in the credit card industry. I’m one of those people who likes things simple and easy. I hate “reward cards” that give me airline miles that I may or may not be able to use, free long distance ...

Pros: Cash-back program works very well:  simple, and easy to find out balance.
Cons: Payment procedures designed to trap unwary customers into late fees.

US Bank's payment arrangements are not user-friendly.  Their customer service people tell me that I need to mail my payment 10 days before the due date in order to be sure that it will be credited in time to avoid a late fee.  But I usually ...

Pros: The dividend check
Cons: Their inability to not get mail in time and their late fee of $39

I have been an REI Visa card owner since February 04 and although I love getting the percentage back in the form of a check I can spend at REI, I have been totally upset by the fact that, even though I can send my payments over a week ahead of time, I have been docked at least 4 times for late fees. Their payment center is in St Louis, Missouri and somehow mail doesn't seem to make it there as fast as it does in the rest of the country. It also doesn't help that they have payment dates that are on Sundays, which of course, I wouldn't notice, and even if the mail got there on a Saturday it won't be logged in till Monday - an of course a late fee applied which is a whopping $39. I understand that some credit card companies have set things up this way to make more money...I will be closing this account.

Pros: nothing new
Cons: bad policy

I apply this card after I receive the promotion and use it to purchase 20 dollars metro pass before my two weeks vacation. After my return I receive the statement and paid 20 dollars. Guess what? I receive another statement 2 week late in which they charge me 15 dollars late fee and 2 dollar interests. That's right, two charges for 20 dollars.

Read policy carefully before you apply!