Rakuten, the popular cash-back website, is introducing a new credit card exclusively for its members. The Rakuten American Express Card comes with no annual fee and offers an extra 4% cash back on top of the rewards earned through Rakuten, whether shopping online or in person.
The card is managed by financial technology company Imprint, issued by First Electronic Bank, and operates on the American Express network. This allows cardholders to access benefits like Amex Offers, which provide additional rewards and discounts at selected merchants.
To acquire the Rakuten American Express Card, individuals must be Rakuten members. Membership is free but requires setting up an account.
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Previously, Rakuten offered the Rakuten Cash Back Visa credit card, which allowed users to combine cash back from the card with rewards from Rakuten. However, this card ceased accepting applications in 2022 as it was issued by Synchrony.
The Rakuten American Express Card: Details
Welcome bonus: Receive $25 cash back after spending $500 within the first 90 days of opening the account.
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4% cash back on Rakuten online or in-person purchases, up to $7,000 per calendar year (1% thereafter). This is in addition to the rewards earned through Rakuten’s platform.
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5% cash back when dining at a Rakuten partner restaurant. This is in addition to the 5% offered by Rakuten dining, totaling 10% with the card.
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2% cash back on groceries and non-Rakuten dining.
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1% cash back on all other non-Rakuten purchases.
Note: While Rakuten allows users to convert rewards into points in the American Express Membership Rewards system, this option is only available if users have a separate Membership Rewards-earning AmEx card. Unfortunately, this feature is not applicable to the new Rakuten American Express Card as it does not earn Membership Rewards points.
Who should get this card?
The Rakuten American Express Card is ideal for frequent Rakuten users who can maximize rewards by combining both card and site rewards. However, the 4% cash back limit of $7,000 per year on Rakuten purchases may restrict high spenders.
If you rarely use Rakuten, there are better cash-back cards with higher rewards in various spending categories like dining and groceries. It’s essential to assess your shopping habits and determine if the Rakuten American Express Card aligns with your needs.
This information about the Rakuten American Express Card has been gathered by BW and has not been reviewed or endorsed by the product issuer.