Maybe I'm not understanding how this works and I'm not pissed about it really, it just seems a little bit like smoke and mirrors. Here's my math:
I will have to spend more money to access the dividend.
Say I have a $200 dividend. Using the 10% discount offered, I have to spend $2000 (on full price items) to access the full dividend value. If the normal rules apply, I won't get future dividends on those $2000 of purchases because we don't receive dividends on discounted items or items purchased using dividends. I'm not quibbling with that policy, to do otherwise would be double-dipping. But, using this example, I'm losing $1800 dollars of purchases that would normally accrue dividends for the 2021 year in order to recover $200 of dividends I've already earned from 2020. Normally I would buy $250 of stuff, use the $200 dividend and only lose future dividends on the remaining $50.
I fully understand that dividends are tied to profit, again, not quibbling about that. This solution, however, feels like REI is trying to stimulate sales for recovery and then extending that recovery - at the members' loss - into 2021 by limiting dividends on current eligible purchases.
It would have been better to simply acknowledge the crappy year we all had and say 'no dividends'.
Am I off base here?