Rakuten Amex Overview
The Rakuten American Express® Card can earn powerful Membership Rewards points or cash back, allowing you to tailor it to your wallet and strategy. When combined with Rakuten’s shopping portal, this card can earn an exceptional amount of rewards for every dollar spent. It’s powerful in the right hands, but it may not be the best option for those who don’t invest in Membership Rewards. Card Rating*: ⭐⭐⭐½
*Card rating It is based on the opinion of TPG editors and is not influenced by the card issuer.
Digging into the details of Rakuten American Express left me more excited than most recent card launches. At first glance, it doesn’t seem like a card that fits my strategy, as I usually prefer transferable rewards cards.
The Rakuten Amex is marketed as a cash back card, but cardholders with a Membership Rewards Card you can choose to earn those points instead. I am a cardholder of both American Express Platinum® Card and the American Express® Gold Cardand I already earn Membership Rewards points through Rakuten Shopping Portal.
That makes this card feel tailor-made for my wallet. Other Membership Rewards cardholders should pay the same attention to the Rakuten Amex, as you could earn numerous bonus points for your 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 delve into what makes Rakuten Amex so intriguing.
Rakuten American Express card information has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Pros and cons of Rakuten Amex
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Rakuten Amex Welcome Offer
New Rakuten Amex cardholders can earn a $100 cash back bonus after spending $1,000 in the first 90 days of account opening.
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Most no-annual-fee cards have poor or no welcome offers. The Rakuten Amex welcome bonus is not extraordinary, but it is solid. You will only have to spend about $333 each month to gain this welcome bonus, which should be doable for most cardholders.
First Electronic Bank is the issuing partner of this card. It is managed by Imprint, which is responsible for processing all requests.
Since this card is not formally issued by Amex, it will not 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 your lifetime, and it probably won’t count toward Amex’s five credit card limit.
Rakuten Amex Benefits
The main appeal of this card lies in its win rates, but it offers some additional benefits. No annual fee cards typically have limited benefits, so I’ll take whatever I can get if it goes beyond credit score monitoring and fraud protection.
As a cardholder, you will have access to:
- Amex Offers: Amex Offers gives you extra rewards for shopping at select merchants. I already have access to this through both of my Amex cards, but I’m happy to receive this benefit on Rakuten Amex, as Amex offers generally differ from card to card.
- Amex Experiences: Cardholders can access exclusive experiences at a variety of events, including concerts, sporting events, and theater productions.
- Retail protection: You will be protected if your purchase is damaged or stolen within 90 days of purchase.
- Extended warranty protection: This coverage doubles the existing manufacturer’s warranty, up to 12 months.
Rakuten Amex shines brightest when used for shopping, so retail protection and extended warranty coverage are big benefits.
Earn rewards with Rakuten Amex
This is the part where it really gets interesting. These are 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 purchases on the Rakuten shopping portal (up to $7,000 spent each year, then 1% cash 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 card to earn points. He Amex Platinum and the American Gold are great options.
Or, you could choose to The Blue Business® Plus Credit Card from American Express if you want to earn points with no annual fee (see rates and fees).
Rewards earned on your Rakuten Amex can be stacked with what you earn through the Rakuten shopping portal.
Rakuten offers incredible bonuses, sometimes up to 20% cash back (or 20 points per dollar spent). That means certain purchases made with your Rakuten Amex through the Rakuten portal could earn up to 24% cash back (or 24 points per dollar spent).
We only see earning rates of up to 24 points per dollar spent with hotel cards, and the points they earn are not as valuable as Membership Rewards points. According to TPG from October 2025 ratingsMembership Rewards points are worth 2 cents per point.
Thanks to Amex once a lifetime rule For welcome bonuses, earning Membership Rewards points can be a challenge after you’ve checked off all the available welcome offers. Rakuten Amex can be a fantastic solution to that problem.
I do not recommend using this card for grocery stores or dine (except at Rakuten Dining partners) since you can get better rates with other cards. But I can’t think of any disadvantages to using this card when shopping through Rakuten, unless you expect to spend more than $7,000 in a year on the portal.
Related: How I Earned Almost 30,000 Amex Membership Rewards Points with the Help of 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 win cash backYou can redeem your rewards for a gift card at any time or receive quarterly payments in the form of a check or into your PayPal account.
If you choose to earn Membership Rewards points, your points will automatically be transferred to your Membership Rewards account once every three months, as long as you have at least 501 points confirmed in your account.
While those restrictions are a little frustrating, I can’t complain too much, given that Rakuten Amex 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 statement creditsgift cards, cash back and at Amazon checkout. They can also be transferred to Amex’s 20 airline and hotel partners who will provide you with the greatest value.
By transferring your points, TPG estimates that you will receive 2 cents per point in value. Since my preferred hotel brand, Hyatt, is not a Membership Rewards transfer partner, I typically use my points for flights. For example, last year I transferred just over 17,000 points to Air Canada to visit Vancouver, British Columbia, for Christmas from the Pacific Northwest.
Related: Amex Membership Rewards Transfer Partners: Redeem Your Points With Airlines and Hotels
What cards compete with Rakuten Amex?
If you don’t think Rakuten Amex makes sense for your wallet, consider one of these cards:
- If you want a no annual fee card issued by Amex: The Blue Business Plus There is no annual fee but you still earn Membership Rewards points. Their earning rates are not potentially as lucrative as Rakuten Amex, but their simplicity may be more attractive to certain people. For more information, see our full review of the Blue Business Plus.
- If you want a better card for US supermarkets and restaurants.: He American Gold Earn 4 points for every dollar spent at U.S. supermarkets* and restaurants worldwide**. Although it has an annual fee of $325 (see rates and fees), offers several statement credits to offset that cost. For more information, see our full review of the Amex Gold.
- If you prefer to earn Ultimate Rewards points: We often recommend the Chase Sapphire Preferred® Card (see rates and fees) for its full bonus tiers and access to all 13 Chase transfer partners. This card allows me to book hotel stays with Hyatt, arguably the most valuable hotel loyalty program. For more information, see our full review of Sapphire Preferred.
For additional options, check out our picks for the best cards for online shopping and meal.
*For purchases at US supermarkets, you’ll earn 4 points per dollar on spending up to $25,000 each calendar year, then 1 point per dollar.
**For restaurants worldwide, you’ll earn 4 points per dollar on spending up to $50,000 each calendar year, then 1 point per dollar.
Related: Chase Sapphire Preferred vs. Amex Gold: Which Mid-Tier Preferred is Right for You?
Is the Rakuten Amex worth it?
If you have invested in the Membership Rewards program, I recommend Rakuten Amex.
If you are interested in this card for cash back, it may be a valuable option, but I suggest you compare it to others. refund cards before committing. Since this card requires ownership of a card that earns Membership Rewards to earn those points, this card will not be suitable for a beginner who has not yet entered the Amex ecosystem.
In a nutshell
I’m trying to get my 5/24 status in a good place; otherwise, I would apply for Rakuten Amex right now. It’s a great option for Membership Rewards enthusiasts, as you can earn a lot of points per dollar spent when paired with the right Rakuten offer.
The $7,000 spending limit to earn bonuses on 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 looking forward to applying for this card and seeing how it can increase my rewards.
Related: Earn points, miles or cash back: How to make the most of online shopping portals for your purchases
For Blue Business Plus rates and fees, click here.
For Amex Gold rates and fees, click here.
