Rakuten Amex Review: Great for Membership Rewards fans

Rakuten American Express Overview

Earn powerful Membership Rewards points or cash back with the Rakuten American Express Card, giving you the flexibility to use it according to your wallet and strategy. When used in conjunction with the Rakuten Shopping Portal, this card offers generous rewards for every dollar spent. It’s powerful in the right hands, but for those who aren’t invested in membership rewards, it may not be the best option. Card Rating*: ⭐⭐⭐½

*Card ratings are based on the opinions of TPG editors and are not influenced by card issuers.

Digging into the details of the Rakuten American Express card has me more excited about it than I am about recent credit card launches. At first glance, it doesn’t seem like it would fit into my strategy, as I usually opt for transferable rewards cards.

The Rakuten American Express Card is marketed as a cash back card, but cardholders with a Membership Rewards card can choose to earn those points. I am a cardholder of both companies American Express Platinum Card® and American Express® Gold Cardand I have earned membership reward points through Rakuten’s shopping portal.

This makes the card look like it was tailor-made for my wallet. Other Membership Rewards card members should give the Rakuten American Express card the same attention because of its potential to earn tons of rewards points for their travels.

Since this card has no annual fee, you should have a good chance of getting approved with a credit score of 670 or higher.

Let’s take a closer look at what makes the Rakuten American Express card so appealing.

Rakuten American Express card information is independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Rakuten American Express Card Pros and Cons

Rakuten American Express Welcome Offer

New Rakuten Amex cardholders will receive a $100 cash back bonus when they spend $1,000 in purchases within 90 days of account opening.

Most no-annual-fee cards come with little or no welcome benefits. The Rakuten American Express Card’s welcome bonus isn’t anything special, but it’s generous. You only need to spend about $333 per month to get this welcome bonus, which should be within reach for most cardholders.

First Electronic Bank is the issuing partner of the card. It is managed by Imprint, which handles all applications.

Because this card is not officially issued by American Express, it is not subject to the same application rules that American Express cards use. This means you may be able to earn more than one Rakuten American Express welcome bonus in your lifetime, and it may not count toward your five-card American Express credit card limit.

Rakuten American Express Card Benefits

The main appeal of this card is its earning rate, but it also offers some additional benefits. No-annual-fee cards usually have limited benefits, so if it goes beyond credit score monitoring and fraud protection, I’d do what I can.

As a cardholder you will have the right to:

• American Express Offers: American Express offers give you extra rewards when you shop at select merchants. I’ve been able to get this offer with two of my American Express cards, but I’m excited to get it on the Rakuten American Express since Amex offers often vary by card.
• American Express Experience: Cardholders receive exclusive experiences at a range of events, including concerts, sporting events and theatrical productions.
• retail protection: You are protected if your purchase is damaged or stolen within 90 days of purchase.
• Extended warranty protection: This warranty covers twice the manufacturer’s existing warranty, up to 12 months.

The Rakuten American Express card shines brightest when shopping, so retail protection and extended warranty coverage are big benefits.

Earn rewards with Rakuten Amex

This is the really interesting part. Here are the base yields for the Rakuten American Express Card:

• 10% cash back (or 10 points per $1 spent) with Rakuten Dining partners
• Earn 4% cash back (or 4 points per USD 1 spent) when shopping on the Rakuten Shopping Portal (1% or 1 point back per USD 1 spent when spending up to USD 7,000 per year)
• 2% cash back at grocery stores and other restaurants (or 2 points per $1 spent)
• Earn 1% cash back (or 1 point per $1 spent) on all other purchases

Remember, you need a Membership Rewards earning card to earn points. this American Express Platinum Card and American Express Gold Card All are good choices.

Alternatively, you can choose American Express Blue Business® Plus Credit Card If you want to earn points with no annual fee (see rates and fees).

Rewards earned through Rakuten Amex can be stacked with rewards earned through the Rakuten Shopping Portal.

Rakuten offers some incredible bonuses, sometimes up to 20% cash back (or 20 points per $1 spent). This means you can earn up to 24% cash back (or 24 points per $1 spent) on certain purchases made with Rakuten Amex through the Rakuten portal.

We’ve only seen hotel cards earn up to 24 points per dollar spent, and the points they earn are nowhere near as valuable as Membership Rewards points. Membership Rewards points are worth 2 cents each, according to TPG’s October 2025 valuation.

Because of American Express’s once-in-a-lifetime rule for earning welcome bonuses, earning Membership Rewards points can be difficult after you’ve checked out all the available welcome offers. The Rakuten American Express card is a great solution to this problem.

I don’t recommend using this card to go to grocery stores or restaurants (except for Rakuten dining partners) as you can get better prices with other cards. But I can’t think of any downside to using this card when shopping with Rakuten, unless you expect to spend more than $7,000 a year on the portal.

Related: How I Earned Nearly 30,000 Amex Membership Rewards Points with Help from Rakuten

Redeem and transfer rewards with Rakuten Amex

How you redeem your rewards depends on how you choose to receive them. If you choose to earn cash back, you can redeem your rewards for gift cards at any time, or receive quarterly payments in the form of a check or deposit into your PayPal account.

If you choose to earn Membership Rewards points, your points will automatically be transferred to your Membership Rewards account every three months, provided you have at least 501 confirmed points in your account.

While these limitations are a bit frustrating, I can’t complain too much since the Rakuten American Express Card has no annual fee and the Rakuten Shopping Portal is free to use.

Membership Rewards points can be redeemed in a variety of ways, including bill points, gift cards, cash back, and Amazon checkout. They’re also transferable to Amex’s 20 airline and hotel partners, which gives you the best value.

When transferring points, TPG estimates you’ll receive a value of 2 cents per point. Since my preferred hotel brand, Hyatt, is not a Membership Rewards transfer partner, I typically use points to purchase flights. For example, I transferred over 17,000 points to Air Canada last year to travel from the Pacific Northwest to Vancouver, BC for Christmas.

RELATED: American Express Membership Rewards Transfer Partners: Redeem Points with Airlines and Hotels

What cards can compete with Rakuten Amex?

If you think the Rakuten Amex isn’t right for your wallet, consider one of the following cards:

• If you want a no-annual-fee card from American Express: blue business plus There is no annual fee, but you can still earn Membership Rewards points. It’s not as profitable as the Rakuten American Express card, but its simplicity may be more attractive to some. To learn more, check out our full review of Blue Business Plus.
• If you want a better US supermarket and restaurant card: this American Express Gold Card Earn 4 points for every $1 spent at U.S. supermarkets* and restaurants worldwide**. While it has an annual fee of $325 (see Rates and Fees), it offers a variety of bill credits to offset that fee. To learn more, check out our full review of the American Express Gold Card.
• If you want to earn Ultimate Rewards points: We often recommend Chase Sapphire Preferred® Card (See Rates & Fees) Comprehensive bonus categories and access to Chase’s 13 transfer partners. This card allows me to book stays at Hyatt hotels, which is arguably the most valuable hotel loyalty program. To learn more, check out our full review of Sapphire Top Picks.

For other options, check out our picks of the best cards for online shopping and dining.

*Earn 4 points per dollar on U.S. supermarket purchases up to $25,000 per calendar year, then 1 point per dollar thereafter.
**Earn 4 points per dollar and 1 point per dollar thereafter at restaurants worldwide when you spend up to $50,000 per calendar year.

Related: Chase Sapphire Preferred vs. Amex Gold: Which midrange is best for you?

Is the Rakuten American Express Card worth buying?

If you invest in a loyalty rewards program, I recommend the Rakuten American Express Card.

If you’re interested in the cash back on this card, it could be a valuable option, but I recommend comparing it to other cash back cards before purchasing. Since this card requires having a Membership Rewards card to earn these points, this card is not suitable for beginners who are not yet into the American Express ecosystem.

bottom line

I’m trying to get my 5/24 status in a good spot; otherwise, I’ll apply for the Rakuten American Express card now. This is a great option for loyalty rewards fans because when paired with the right Rakuten offers, you can earn tons of points per dollar spent.

The $7,000 cap on bonus payouts in Rakuten Portal may frustrate high spenders, but considering this is a no-annual-fee card, I don’t think it’s a huge detriment. I’m eager to finally apply for this card and see how it increases my rewards.

Related: Earn Points, Miles or Cash Back: How to Make the Most of Your Online Shopping Portal Purchases

For Blue Business Plus rates and fees, please click here.
For American Express Gold Card rates and fees, click here.