Every so often, Rakuten offers 90% or 90x Membership Rewards when buying a LifeLock subscription. Today is one of those days. (H/T: Doctor of Credit). Note though that we did see the rate hit 100% / 100x on Black Friday last year, so if you’re a gambler you may want to hold out.
- Earn 90% cashback or 90x Membership Rewards when purchasing a LifeLock subscription after clicking through from the Rakuten shopping portal.
- Earn $20 back as a statement credit on LifeLock purchases with a targeted Chase Offer.
- Cash back is not available on free trials and automatic renewals.
- Cash Back is not available when using coupons/promotional codes not found on Rakuten.
- Cancelling a subscription within 60 days of sign up will void Cash Back.
- Chase Offer
- Expiry date unknown.
- Must spend $89.99 or more.
- Offer valid one time only.
- Payment must be made directly with the merchant.
- Offer not valid on third-party delivery services.
- Payment must be made on or before offer expiration date.
The Rakuten deal alone is a good deal even if you have no desire whatsoever to actually use the LifeLock membership. It’s basically a way of buying Membership Rewards for 1.11cpp which means that most people will come out ahead when redeeming those points.
Even cashing out the Membership Rewards for 1.25cpp via a Schwab Platinum card means you’ll come out ahead, but there’s even more value to be had with transfer partners. Update: Points can now only be cashed out for 1.1c per point, but they can still be worth far more when transferred to partners.
We haven’t seen it recently, but if you’re targeted for the LifeLock Chase Offer, the deal gets even better. The cheapest annual subscription is $99.99. If your Rakuten account is set up to earn Membership Rewards, you’ll earn 9,000 of them. Your net cost will be $79.99 due to the $20 statement credit from the Chase Offer, so that’s like buying Membership Rewards for 0.89cpp. If you cash out via a Schwab Platinum card, you’ll make a profit of $19.01 which isn’t a shabby return for a few minutes of work.
At the other end of the spectrum, it looks like the most expensive plan is $491.88. At 90x, that should earn 44,269.2 Membership Rewards points. If you were to pay with a Blue Business Plus card that has bandwidth left at 2x and on which you’ve also triggered the +4x referral bonus, you would stand to potentially earn a total of more than 47,000 Membership Rewards points between Rakuten and your card (keep in mind that Rakuten only pays out once per quarter). That’s just over a penny per point. There is some risk there as you’d be out a not-insignificant chunk of change if it didn’t track properly for some reason.
The terms of the Rakuten cashback state that you need to maintain the membership for at least 60 days. If you cancel after that, I don’t know if you receive a pro-rated refund. If you do, the deal becomes significantly more profitable.