Rakuten Amex overview
The Rakuten American Express® card can earn powerful Membership Rewards points or cash back, allowing you to flex it to your wallet and strategy. When paired with Rakuten’s shopping portal, this card can earn an exceptional amount of rewards per dollar spent. It’s powerful in the right hands, but it may not be the best option for those who aren’t invested in Membership Rewards. Card rating*: ⭐⭐⭐½
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Digging into the details of the Rakuten American Express left me more excited about it than I’ve felt about most recent card launches. At first glance, it doesn’t seem like a card that would fit my strategy, as I typically go for transferable rewards cards.
The Rakuten Amex is marketed as a cash-back card, but cardholders with a Membership Rewards-earning card can opt to earn those points instead. I’m a cardmember of both the American Express Platinum Card® and the American Express® Gold Card, and I already earn Membership Rewards points through Rakuten’s shopping portal.
That makes this card seem like a tailor-made fit for my wallet. Other Membership Rewards cardmembers should pay an equal amount of attention to the Rakuten Amex since it could potentially earn numerous bonus points for their travels.
Because this card has no annual fee, you should have a good chance of approval with a credit score of 670 or higher.
Let’s dig deeper into what makes the Rakuten Amex so intriguing.
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.
Rakuten Amex pros and cons
ProsCons
- Potential to earn Membership Rewards points
- No annual fee
- Solid bonus categories
- Rewards aren’t valuable unless you’re earning Membership Rewards points
- Having an open Membership Rewards-earning card is necessary to earn Membership Rewards points
- Not issued by a major bank
Rakuten Amex welcome offer
New Rakuten Amex cardholders can earn a bonus of $100 cash back after spending $1,000 in the first 90 days of account opening.
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THE POINTS GUY
Most no-annual-fee cards have no or poor welcome offers. The Rakuten Amex’s welcome bonus isn’t extraordinary, but it’s solid. You’ll only have to spend around $333 each month to earn this welcome bonus, which should be feasible for the majority of cardholders.
First Electronic Bank is the issuing partner for this card. It’s managed by Imprint, which handles processing all applications.
Since this card isn’t formally issued by Amex, it won’t be subject to the same application rules that Amex uses for its cards. That means you may be able to earn more than one Rakuten Amex welcome bonus in a lifetime, and it likely won’t count against Amex’s limit of five credit cards.
Rakuten Amex benefits
This card’s main appeal lies in its earning rates, but it offers some additional benefits. No-annual-fee cards typically have limited perks, so I’ll take whatever I can get if it goes beyond credit score monitoring and fraud protection.
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As a cardholder, you’ll have access to:
- Amex Offers: Amex Offers give you bonus rewards for shopping at select merchants. I already have access to this through my two Amex cards, but I’m happy to receive this perk on the Rakuten Amex since Amex Offers typically differ from card to card.
- Amex Experiences: Cardholders can access exclusive experiences at a range of events, including concerts, sporting events and theatrical productions.
- Retail protection: You’ll be protected if your purchase is damaged or stolen within 90 days of purchase.
- Extended warranty protection: This coverage doubles the manufacturer’s existing warranty, up to 12 months.
The Rakuten Amex shines the most when used for shopping, so retail protection and extended warranty coverage are great benefits to have.
Earning rewards with the Rakuten Amex
This is the part where it really gets interesting. Here are the Rakuten Amex’s base earning rates:
- 10% cash back (or 10 points per dollar spent) at Rakuten Dining partners
- 4% cash back (or 4 points per dollar spent) on Rakuten shopping portal purchases (on up to $7,000 of spending each year, then 1% back or 1 point per dollar spent)
- 2% cash back (or 2 points per dollar spent) at grocery stores and other restaurants
- 1% cash back (or 1 point per dollar spent) on everything else
Remember, you’ll need a Membership Rewards-earning card to earn points. The Amex Platinum and the Amex Gold are great options.
Or, you could opt for The Blue Business® Plus Credit Card from American Express if you want to earn points for no annual fee (see rates and fees).
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The rewards earned on your Rakuten Amex can stack with what you earn through Rakuten’s shopping portal.
Rakuten offers some incredible bonuses, sometimes as high as 20% cash back (or 20 points per dollar spent). That means certain purchases made with your Rakuten Amex through Rakuten’s portal could earn as much as 24% cash back (or 24 points per dollar spent).
We only see earning rates as high as 24 points per dollar spent with hotel cards, and the points they earn aren’t nearly as valuable as Membership Rewards points. According to TPG’s October 2025 valuations, Membership Rewards points are worth 2 cents per point.
Thanks to Amex’s once-per-lifetime rule for earning welcome bonuses, earning Membership Rewards points can be challenging after you’ve checked off all available welcome offers. The Rakuten Amex can be a fantastic solution to that problem.
I don’t recommend using this card for grocery stores or dining (except at Rakuten Dining partners) since you can get better rates with other cards. But I can’t think of a downside to using this card when shopping through Rakuten, unless you expect to spend beyond $7,000 in a year on the portal.
Related: How I earned almost 30,000 Amex Membership Rewards points with help from Rakuten
Redeeming and transferring rewards with the Rakuten Amex
How you can redeem your rewards depends on how you choose to receive them. If you opt to earn cash back, you can redeem your rewards for a gift card at any time or receive quarterly payouts as a check or to your PayPal account.
If you choose to earn Membership Rewards points instead, your points will automatically be transferred to your Membership Rewards account once every three months, provided you have at least 501 confirmed points in your account.
While those restrictions are a little frustrating, I can’t complain too much, given that the Rakuten Amex has no annual fee and the Rakuten shopping portal is free to use.
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Membership Rewards points can be redeemed in a variety of ways, including for statement credits, gift cards, cash back and at Amazon checkout. They can also be transferred to Amex’s 20 airline and hotel partners, which will give you the most value.
When transferring your points, TPG estimates you’ll receive 2 cents per point in value. Since my preferred hotel brand, Hyatt, isn’t a Membership Rewards transfer partner, I usually use my points for flights. For example, I transferred just over 17,000 points to Air Canada last year to visit Vancouver, British Columbia, for Christmas from the Pacific Northwest.
Related: Amex Membership Rewards transfer partners: Redeem your points with airlines and hotels
Which cards compete with the Rakuten Amex?
If you don’t think the Rakuten Amex makes sense for your wallet, consider one of these cards instead:
- If you want a no-annual-fee card issued by Amex: The Blue Business Plus has no annual fee but still earns Membership Rewards points. Its earning rates aren’t as potentially lucrative as the Rakuten Amex, but their simplicity may be more attractive to certain people. To learn more, check out our full review of the Blue Business Plus.
- If you want a better card for U.S. supermarkets and restaurants: The Amex Gold earns 4 points per dollar spent at U.S. supermarkets* and restaurants worldwide**. While it has a $325 annual fee (see rates and fees), it offers several statement credits to offset that cost. To learn more, check out our full review of the Amex Gold.
- If you’d rather earn Ultimate Rewards points instead: We often recommend the Chase Sapphire Preferred® Card (see rates and fees) for its well-rounded bonus categories and access to Chase’s 13 transfer partners. This card allows me to book hotel stays with Hyatt, arguably the most valuable hotel loyalty program. To learn more, check out our full review of the Sapphire Preferred.
For additional options, check out our picks for the best cards for online shopping and dining.
*For U.S. supermarket purchases, you’ll earn 4 points per dollar on up to $25,000 in spending each calendar year, then 1 point per dollar.
**For worldwide restaurants, you’ll earn 4 points per dollar on up to $50,000 in spending each calendar year, then 1 point per dollar.
Related: Chase Sapphire Preferred vs. Amex Gold: Which mid-tier favorite is right for you?
Is the Rakuten Amex worth it?
If you’re invested in the Membership Rewards program, I recommend the Rakuten Amex.
If you’re interested in this card for the cash back, it can be a valuable option, but I suggest comparing it against other cash-back cards before committing. Since this card requires ownership of a Membership Rewards-earning card to earn those points, this card won’t be a good fit for a beginner who has yet to enter Amex’s ecosystem.
Bottom line
I’m trying to get my 5/24 status in a good spot; otherwise, I’d apply right now for the Rakuten Amex. It’s a great option for Membership Rewards enthusiasts since it can earn a pile of points per dollar spent when paired with the right Rakuten offer.
The $7,000 spending cap on bonus-earning in the Rakuten portal may frustrate high spenders, but I don’t think it’s a huge detriment, considering this is a no-annual-fee card. I’m eager to eventually apply for this card and see how it can boost my rewards.
Related: Earn points, miles or cash back: How to maximize online shopping portals for your purchases
For rates and fees of the Blue Business Plus, please click here.
For rates and fees of the Amex Gold, please click here.
