If you earn American Express Membership Rewards points with any of your cards (or want to), pay attention: Rakuten just unveiled a new credit card that allows cardholders to earn a bonus 4 points per dollar spent, on top of any Membership Rewards points you earn through the platform’s special offers.
While this card is marketed as a cash-back card, a Rakuten spokesperson confirmed that those who have opted to earn Membership Rewards points through Rakuten can redeem their cash back for Membership Rewards points.
That’s incredibly welcome news, especially since Amex’s once-per-lifetime welcome bonus rules make it harder to earn Membership Rewards points versus other popular currencies.
Here’s everything you need to know about the no-annual-fee Rakuten American Express® Card.
The information for the Rakuten American Express Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Earn bonus Membership Rewards points
Savvy points and miles enthusiasts will tell you that one of the best ways to earn bonus Membership Rewards points is through Rakuten.
By activating offers, you can earn an extra heap of points on top of any you’re already earning from your card’s earning rates. Most of these bonuses are fairly standard, but we’ve seen some as high as 20 points per dollar spent.
To use this under-the-radar earning strategy, you’ll need to manually opt to receive Membership Rewards points instead of cash back.
This isn’t a free-for-all benefit, either; only those with a Membership Rewards points-earning card are eligible.
As long as you’ve elected to earn Membership Rewards points through Rakuten, the Rakuten American Express card can net you even more points with every purchase. With this card, you’ll earn:
- 10 points per dollar spent (or 10% cash back) on Rakuten restaurant partners
- 4 points per dollar spent (or 4% cash back) on top of what you earn with Rakuten
- 2 points per dollar spent (or 2% cash back) on groceries and restaurants
- 1 point per dollar spent (or 1% cash back) on everything else
On top of this, you’ll earn $25 back (or 250 points) after spending $500 in the first 90 days from account opening.
Since this card has no annual fee, this is an incredible earning structure.
If you luck out with a top-tier offer from Rakuten of 20 points per dollar spent, this card boosts that to a whopping 24 points per dollar spent. That’s unheard of from any other card on the market.
Other Rakuten Amex card benefits
Those earning rates will likely sell most prospective cardholders, but the Rakuten Amex comes with other perks to pay attention to, as well:
- Amex Offers: Cardholders will gain access to Amex Offers. Amex Offers are a way to earn bonus cash back or Membership Rewards points with select merchants. These offers can be stacked with Rakuten for another boost to your points-earning.
- Retail protection: Covers items that are stolen or damaged within 90 days of purchase.
- Extended warranty protection: Eligible warranties can be extended by up to 12 months.
This is a solid set of benefits for a no-annual-fee card. Amex Offers can vary from card to card, so it’ll be interesting to see what offers Rakuten Amex cardholders are targeted with and if they’ll coincide with Rakuten offers.
Is the Rakuten Amex issued by American Express?
Despite having “American Express” in the name, the Rakuten Amex isn’t issued by American Express.
Instead, First Electronic Bank issues the card via a license from American Express.
That means you’ll need to contact First Electronic Bank’s customer service for any issues or questions about your card.
It also likely means you won’t be subject to American Express’ application rules or welcome bonus restrictions. For instance, if you’ve already reached your five-card limit for Amex credit cards, you should still be able to open the Rakuten Amex.
My verdict on the Rakuten Amex
For a no-annual-fee card, the Rakuten Amex seems almost too good to be true. The opportunity to earn heaps of Membership Rewards points is hard to pass up.
I’m always a little hesitant to open cards from smaller issuers, since they seem to be more prone to problems and poor customer service. That said, I’m not against it if the product is worth it.
I’m adding the Rakuten Amex to my credit cards wish list, and I think any Membership Rewards points-earning cardholder should, too. That’s especially true if you’ve already exhausted your Amex welcome bonuses.
Just remember that you’ll need a Membership Rewards points-earning card to earn Membership Rewards points with your Rakuten Amex. Otherwise, you’ll only earn cash back, severely reducing the value of this card.
A couple of great options include the American Express® Gold Card and The Platinum Card® from American Express.
If you’re looking for an option with no annual fee, consider the The Blue Business® Plus Credit Card from American Express (see rates and fees) instead.
Bottom line
This is an exciting new initiative from Rakuten.
Transferable rewards currencies like Membership Rewards points are very valuable, so any chance to earn more points is always welcome. If you’re already invested in using Rakuten to charge up your rewards-earning, this card is a no-brainer.
I plan on applying once my 5/24 status is in a better place, and I recommend that any points and miles enthusiasts consider doing the same.
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For rates and fees of the Amex Blue Business Plus, click here.