Introduction: Rakuten American Express Card Review
The Rakuten American Express® Card is a no-annual-fee credit card that rewards loyal Rakuten members with elevated cash back and the option to convert those rewards into American Express Membership Rewards® points. This flexibility makes it appealing both for everyday spenders and for travelers who value Amex points.
In this review, we’ll cover the card’s welcome bonus, benefits, earning structure, redemption options, and fees—plus compare it to top competitors like the Wells Fargo Active Cash® Card and Chase Freedom Flex® Credit Card.
Welcome Bonus
The Rakuten Amex Card offers a $25 welcome bonus when you spend $500 in the first 90 days. While better than nothing, this bonus is modest compared to cards like the Chase Freedom Flex or Wells Fargo Active Cash, which offer $200 bonuses for the same spending threshold.
Benefits and Perks
As an American Express product, the Rakuten Amex comes with several perks beyond cash back:
- Amex Offers: Targeted discounts and bonus cash back on eligible purchases.
- Purchase Protection*
- Extended Warranty*
- Exclusive Amex Experiences
*Eligibility varies by card. Terms and conditions apply.
How to Earn Rewards
The Rakuten American Express Card has a tiered earning system:
- 4% cash back on Rakuten purchases (on up to $7,000/year, then 1%)
- 5% cash back on Rakuten Dining (stackable with 5% dining rewards through Rakuten Dining program)
- 2% cash back on groceries and everyday dining
- 1% cash back on all other purchases
👉 You must be a Rakuten member (free to join) to apply.
How to Redeem Rewards
Cash back is distributed quarterly on these dates: Feb 15, May 15, Aug 15, Nov 15. You must have at least $5.01 in confirmed earnings to get paid.
Redemption options include:
- PayPal transfer
- Paper check
- Gift cards (via the Rakuten app)
- Convert to Membership Rewards® points (if you hold another eligible Amex card) — at a rate of $1 = 100 Amex points
This makes the card especially valuable if you’re an Amex points collector.
Fees and Rates
- Annual Fee: $0
- Foreign Transaction Fees: None
- Late/Returned Payment Fee: Up to $35
- Variable APR: Higher than average — so carrying a balance can cancel out your rewards.
Rakuten Amex vs. Competitors
Rakuten Amex vs. Wells Fargo Active Cash®
- Active Cash: Flat 2% cash back on all purchases
- Welcome Bonus: $200 after $500 spend (better than Rakuten’s $25)
- Extra Perk: Intro APR offer on purchases & balance transfers
- Advantage: Rewards are available immediately, not quarterly
Rakuten Amex vs. Chase Freedom Flex®
- Freedom Flex: 5% cash back on rotating categories (up to $1,500/quarter, activation required)
- Other Rewards: 3% back on dining & drugstores, plus 1% on everything else
- Welcome Bonus: $200 after $500 spend
- Advantage: Flexible redemption options including travel through Chase Travel℠
Is the Rakuten American Express Card Worth It?
The Rakuten Amex Card is best for:
- Rakuten loyalists who already shop and dine through the platform
- Amex points fans who want to turn cash back into Membership Rewards® points
- Everyday spenders who prioritize dining and groceries
However, drawbacks include:
- A low welcome bonus compared to competitors
- Quarterly payout delays
- Just 1% cash back on non-bonus purchases. Amex Platinum Benefits
- A high APR, making it less attractive if you carry balances
If you’re already a Rakuten member, this card could be an easy way to maximize rewards. But if you want simplicity or a larger bonus, the Wells Fargo Active Cash or Chase Freedom Flex might be better options.
Frequently Asked Questions (FAQ)
Q1. Is the Rakuten American Express Card free?
Yes. The card has no annual fee and no foreign transaction fees.
Q2. How much cash back can I earn with the Rakuten Amex?
You can earn up to 5% cash back on Rakuten Dining, 4% on Rakuten purchases, 2% on groceries & dining, and 1% everywhere else.
Q3. Can I turn Rakuten cash back into Amex Membership Rewards® points?
Yes, if you hold another Amex card that earns Membership Rewards®. The conversion rate is $1 cash back = 100 Amex points.
Q4. When will I get my Rakuten rewards?
Rewards are paid quarterly—on Feb 15, May 15, Aug 15, and Nov 15.
Q5. Who should get the Rakuten American Express Card?
It’s a great fit for Rakuten members and Amex points enthusiasts who want to stack rewards, but less ideal for those seeking immediate cash back or big welcome bonuses.
