Rakuten just launched a brand-new credit card, and for those deep in the cash back or Membership Rewards ecosystem, this might be worth a closer look.
Introducing the Rakuten American Express® Card, issued by First Electronic Bank and powered by the fintech Imprint. This no-annual-fee card brings back Rakuten’s card program after a long hiatus and offers some interesting perks, especially for frequent Rakuten users.
🔍 Quick Highlights
- 💳 No annual fee
- 🎁 $25 signup bonus after spending $500 within the first 90 days
- 🌍 No foreign transaction fees
- 🛍 Extra cashback on Rakuten shopping and Rakuten Dining
- 🛒 Cashback also on groceries, restaurants, and everyday spend
💰 Rakuten American Express® Card Earning Structure
The card’s headline feature is stackable cash back on top of your Rakuten portal earnings — perfect for cashback maximizers and travel hackers alike.
🛍 Rakuten Purchases – Extra 4% Cash Back
- Earn an additional 4% cash back on top of what you already earn via Rakuten’s shopping portal.
- Applies to both online and in-store purchases from over 3,500 partner stores.
- Capped at $7,000 in credit card spend per calendar year (afterward, it earns 1%).
🍽 Rakuten Dining – Total of 10% Cash Back
- Earn an additional 5% back on Rakuten Dining purchases.
- Rakuten Dining already offers 5%, so you’re looking at a total 10% cashback at over 22,000 partner restaurants.
🛒 Everyday Spending
- 2% cash back at grocery stores and restaurants.
- 1% back on all other purchases.
🧠 Our Take: Who Is This Card For?
This card is niche but potentially valuable for the right user.
✅ Pros:
- 4% back on Rakuten purchases can be powerful — especially if you’re already stacking portal bonuses or leveraging cash back from the Rakuten browser extension.
- The 10% back on Rakuten Dining is appealing if you dine out often and can find quality restaurants in your area.
- No annual fee and no foreign transaction fees make this a low-risk addition to your wallet.
❌ Cons:
- The $7,000 annual cap on the 4% Rakuten bonus is limiting for high spenders.
- Rakuten Dining’s usefulness varies — coverage and quality depend on your location.
- Initial confusion over Membership Rewards point conversion. Rakuten clarified that points earned via the credit card are eligible to convert to Membership Rewards — a major plus for points enthusiasts.
✈️ Membership Rewards or Cashback?
One of the biggest draws of using Rakuten is its ability to convert cash back into American Express Membership Rewards points, which many in the points community value at 1.5–2 cents per point (or more). While Rakuten originally stated that cashback from this card wouldn’t be eligible for conversion, they’ve now confirmed that card earnings do qualify for point conversion.
This means you could potentially turn your Rakuten spend into valuable travel rewards.
🔄 Example: Spend $1,000 on Rakuten-eligible purchases = 4,000 Membership Rewards points (plus any portal bonuses).
🧾 Final Thoughts
The Rakuten American Express® Card isn’t a game-changer for everyone, but it can be a sleeper hit for:
- Regular Rakuten shoppers who love stacking deals.
- Foodies who can take advantage of the 10% Rakuten Dining offer.
- Membership Rewards collectors looking for another low-effort earning stream.
If you’re already deep in the Rakuten ecosystem, this card adds an easy layer of additional cash back or points. Just keep that $7,000 cap in mind.
🔗 Apply Now
Click here to learn more and apply for the Rakuten American Express® Card →