If you enjoy scoring a good deal, you might already know about Rakuten, a cash-back platform where qualifying purchases can earn you cash back rewards.
Image courtesy of Rakuten
The Rakuten American Express Card enhances Rakuten’s standard cash-back rates. This $0-annual-fee card, issued by First Electronic Bank, allows you to earn extra rewards in addition to the cash back you already receive by shopping through Rakuten.
You’ll need to wait to collect those rewards, but if you’re a frequent Rakuten user, you’re probably accustomed to that.
Here are five things to know about the Rakuten American Express Card.
1. You must be a Rakuten member
To apply for the Rakuten AmEx, you must first become a Rakuten member. Luckily, joining Rakuten is free, so there are no hidden costs involved.
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Rakuten previously offered another card, the Rakuten Cash Back Visa credit card, which also allowed cardholders to combine cash back earned with the card and rewards earned with Rakuten. That card was issued by Synchrony and stopped accepting applications in 2022.
2. Earn cash back on top of cash back
Whenever you shop through a merchant’s site via Rakuten’s website, app, or browser extension, you’ll earn cash back on your purchases, regardless of the card you use. You can also utilize Rakuten in stores by linking your card to your account and adding an offer to your card before making a qualifying purchase.
However, the Rakuten credit card can boost those earnings. It provides:
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An extra 4% cash back on top of what you’d earn on a purchase through Rakuten, up to $7,000 of spending per calendar year (1% back after that).
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An additional 5% cash back on top of the 5% cash back you’d earn at Rakuten restaurant partners. Utilize this benefit by linking your credit card to your account, locating eligible restaurants on the Rakuten app, and using your linked card to pay at the restaurant.
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2% cash back on groceries and dining.
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1% cash back on all other purchases.
New cardholders may be eligible for a welcome bonus (at the time of this writing): Receive a $25 bonus when you spend $500 in the first 90 days.
The Rakuten card’s cash back rate on Rakuten-specific purchases is hard to beat, with thousands of U.S. partner merchants listed on its platform — though not all merchants are included. If you do a lot of online shopping and don’t always purchase from major retailers, the $0-annual-fee Blue Cash Everyday® Card from American Express might offer more coverage. It provides, among other benefits, 3% back on U.S. online retail purchases up to $6,000 spent per year. Terms apply; see rates and fees.
Additionally, unlike the Rakuten AmEx, it offers a 0% intro APR for 15 months on purchases and balance transfers, followed by an ongoing APR of 19.99%-28.99% Variable APR. This can help you finance a big online purchase.
3. You can opt for AmEx Membership Rewards instead
If you have another card that earns American Express Membership Rewards points, you have the option to receive your rewards with the Rakuten card in the form of Membership Rewards points instead of cash back. You must first link your Rakuten and Membership Rewards accounts. Then, every $1 you would have earned in cash back will earn you 100 points instead.
This makes the Rakuten American Express the only $0-annual-fee card currently available that can earn you Membership Rewards points. However, since you need an existing AmEx card to qualify for this option, you may be paying an annual fee on that other card.
4. Rewards are paid out quarterly
Rakuten distributes earned rewards quarterly on Feb. 15, May 15, Aug. 15, and Nov. 15. You must earn a minimum of $5.01 to receive payment that quarter. If you don’t, your rewards will stay in your account until a future payment date when you’ve met the minimum.
Even if you earn rewards in the form of AmEx Membership Rewards points, you’ll still adhere to the same quarterly payment schedule.
5. The card is part of the AmEx payment network
While the Rakuten American Express Card isn’t issued by American Express, it operates on the AmEx payment network. (This means that AmEx processes payment transactions when you use the card.)
As a result, the card offers various additional benefits, such as AmEx Offers for discounts at participating merchants, event ticket presales, and event venue perks with AmEx Experiences, as well as purchase protection and extended warranties.
It’s important to note that American Express cards may not be as widely accepted internationally compared to Visa or Mastercard. For international