Does REI Finance Bikes?

REI, or Recreational Equipment, Inc., is a popular outdoor retailer offering a wide variety of gear, including bikes. A common question among prospective bike buyers is whether REI offers financing options to make purchasing more manageable. The short answer is yes, REI does offer financing options for bikes and other purchases.

The primary way REI provides financing is through their REI Co-op Mastercard. This credit card, issued by Capital One, offers several benefits to REI shoppers, including the ability to finance purchases. While not specifically a "bike financing" program, the REI Co-op Mastercard can be used to finance any purchase at REI, including bikes, accessories, and even services like bike tune-ups.

Here's how the REI Co-op Mastercard can be used for financing a bike:

• Purchase: You use your REI Co-op Mastercard to purchase the bike at an REI store or online.
• Rewards: You earn rewards on your purchases with the card, which can be redeemed at REI.
• Payment Options: You have the option to pay the balance in full each month or carry a balance and make minimum payments. Carrying a balance will accrue interest charges.

It's crucial to understand the interest rates and terms associated with the REI Co-op Mastercard before using it for financing. Credit card interest rates can be high, so it's essential to compare them with other financing options available. Paying off the balance as quickly as possible minimizes the amount of interest paid.

REI also occasionally offers promotional financing deals, particularly during specific periods like holidays or seasonal sales. These promotions may include special interest rates or deferred payment options. Be sure to check REI's website or inquire in-store about any current financing promotions.

While the REI Co-op Mastercard is the main financing avenue at REI, it's always a good idea to explore other potential financing sources before making a decision. Consider options like personal loans from banks or credit unions. These loans may offer more competitive interest rates than credit cards, especially if you have good credit.

In conclusion, if you're looking to finance a bike purchase at REI, the REI Co-op Mastercard is a viable option. However, carefully consider the interest rates and terms, and compare it with other financing possibilities to make an informed decision that best suits your financial situation. Remember to pay off the balance as quickly as possible to avoid unnecessary interest charges.