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One of the best ways to earn a lot of points and miles is by taking advantage of stackable earning opportunities. A great example of this is using shopping portals. By going through a portal when making online purchases, you can earn rewards on top of the points or miles from the credit card you use.
One of our favorite shopping portals is Rakuten, thanks to its wide selection of stores, high cash back multipliers, and the ability to earn valuable Amex Membership Rewards instead of cash back. And now, Rakuten is launching a brand-new credit card: the Rakuten American Express® Card.
Here’s everything you need to know about the card — including its unique Membership Rewards earning structure — to help you decide if it’s worth applying for.
Rakuten American Express® Card Overview
The new Rakuten credit card has a unique setup. It's “powered by Imprint” and issued by First Electronic Bank through American Express’ Agile Partner Platform. That means it runs on the Amex network but is backed by a separate bank.
The card charges no annual fee and offers the following earning rates:
- An additional 4% cash back on all Rakuten shopping portal and in-store purchases — on top of what you already earn through participating stores. This applies to up to $7,000 in purchases per calendar year.
- An additional 5% cash back (meaning up to a total of 10%) when dining at over 22,000 Rakuten partner restaurants.
- 2% cash back at grocery stores and other restaurants.
- 1% cash back on all other purchases.
In addition, the card currently offers a very modest welcome offer. Get a $25 bonus when you spend $500 in the first 90 days on your Rakuten Card.
Related: Best Credit Cards for Online Shopping
Additional benefits
There’s more to the Rakuten Card than just its earning rates and welcome bonus. Even though it’s a no-annual-fee product, it comes with a handful of additional benefits, many of which could be especially useful for frequent online shoppers.
- Access to Amex Offers: Activate targeted Amex Offers to save money or earn additional rewards on eligible purchases.
- Retail Protection: Eligible items are covered if damaged or stolen within 90 days of purchase, up to $1,000 per item and $50,000 per account per year.
- Extended Warranty: Extends the original manufacturer’s warranty by up to 12 months, with coverage up to $10,000 per item.
- Access to Amex Experiences: Get exclusive access to ticket pre-sales, special events, and Card Member-only experiences.
Earn Amex Membership Rewards Instead of Cash Back
What makes the Rakuten Card — and Rakuten in general — especially intriguing is its partnership with Amex. If you have a Membership Rewards earning card, you can opt to earn Amex points instead of cash back, at a rate of one Membership Rewards point per 1% cash back. That means these earning rates translate to 4X points at Rakuten, 10X at Rakuten Dining, and 2X at grocery stores and other restaurants.
Since AwardWallet users redeem Amex points at an average of 1.97¢ each, this option is often more rewarding than simply earning 1% back.
For example, if you took advantage of a high offer like 22% back on Viator purchases, a $100 tour would earn you 2,200 Membership Rewards points through the portal and another 400 points with the Rakuten Card — assuming you haven't already hit the $7,000 annual spending cap.
If you were to max out the $7,000 annual spend cap on Rakuten purchases, you’d earn an additional 28,000 Membership Rewards points from the card alone, not counting points from other bonus categories.
But the caveat here is that Rakuten pays out rewards on a quarterly basis, and nothing in the card’s fine print suggests that this would be any different. So, if you’re thinking about applying, keep in mind that it could take a while to receive the rewards you earn on your purchases.
How the Rakuten Amex Card Stacks Up
The small welcome offer and the spending cap on the Rakuten Amex limit its value. It’s also worth noting that using the Rakuten Card means giving up the opportunity to use a different, potentially more rewarding card.
For example, the no annual fee The Blue Business® Plus Credit Card from American Express (Rates & Fees) earns 2X Membership Rewards on all purchases (on the first $50,000 in purchases per year, 1X thereafter) — so using the Rakuten Card would only net you an incremental 2X on portal purchases.
- Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.49% - 27.49%, based on your creditworthiness and other factors at account opening. APR will not exceed 29.99%
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
- You've got the power to spend beyond your credit limit* with Expanded Buying Power. *The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply.
- Rates & Fees
- Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
Similarly, the American Express® Gold Card (Rates & Fees) earns 4X at restaurants and U.S. supermarkets, so it outpaces the Rakuten Card in those categories, though it does come with a $325 annual fee.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount - all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That's up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- Rates & Fees
- 4X Membership Rewards® Points at restaurants worldwide, plus takeout and delivery in the U.S. (on up to $50,000 per year in purchases, then 1X)
- 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X)
- 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com
- 2X Membership Rewards® points on prepaid hotels and other eligible travel booked on amextravel.com
- 1X on other eligible purchases
Our Take
The Rakuten Card may not have broad appeal, but as a simple way to earn cash back on popular categories like online shopping and groceries, it’s worth a look. The option to earn Amex Membership Rewards instead of cash back makes it even more compelling.
Since the Rakuten Card would take up a 5/24 slot, it’s not our recommendation for those just getting started with points and miles. But for those who can’t get approved for other Amex Membership Rewards cards, or are looking for an easy way to boost their earnings, the rewards structure on offer here is worth a second look.
For rates and fees of the cards mentioned in this post, please visit the following links: The Blue Business® Plus Credit Card from American Express (Rates & Fees), and American Express® Gold Card (Rates & Fees)
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