It’s dead, Jim. The Rakuten Visa is no longer available for new applicants and if reports are to be believed, it sounds like all currently-active accounts may be closed out in September. That will be disappointing for those who have enjoyed essentially earning 3x Membership Rewards points for online purchases through the Rakuten portal and at Rakuten in-store merchants.
The Rakuten Cashback Visa has been kind of a niche tool in the bag for many people. This card earns 3% back on purchases made by clicking through the Rakuten portal. Those who choose to earn Membership Rewards points through Rakuten instead of cash back have therefore had the ability to earn 3x Membership Rewards points using a Visa card, which is kind of fun. Note that it’s not necessarily incredible as the Blue Business Plus offers 2x on all purchases on up to $50,000 per year in purchases (then 1x), so the Rakuten Visa is only offering 1 more point per dollar (though of course without the annual cap).
Doctor of Credit reported that the Rakuten Visa was no longer available for new applicants yesterday. Today, Danny the Deal Guru is reporting at least two reps saying that the last day for current cardholders to make purchases will be 9/17 and that all existing accounts will close down shortly thereafter (apparently the accounts are not being bought out by another bank). That will surely be a bummer for those who have enjoyed using this card, though it’s worth noting that we haven’t yet seen any official word on closures.
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Hey team! Just received an e-mail with the following subject line:
It’s Coming! Your new Synchrony Premier World Mastercard is replacing your Rakuten Cash Back Visa Credit Card.
So it looks Synchrony is in fact transitioning people to a new product. Appears to be a run of the mill no fee, 2% cash back everywhere card (no mention of any purchase or travel protections / insurance.)
They finally decided to convert the card. But considering they’re converting Visa to MC, it’s likely to negatively affect 5/24. Time to proactively close?
Your replacement card will arrive mid-September. Simply activate your Synchrony Premier World Mastercard® when it arrives and look forward to automatically earning 2% cash back.
If you love getting rewards, you’re going to love this news: Your Rakuten Cash Back Visa® Credit Card is being replaced by the Synchrony Premier World Mastercard.
Get ready to earn 2% cash back on all your purchases with no annual fee* anywhere Mastercard is accepted. Plus, you can earn a $100 cash bonus!
Be on the lookout for your Synchrony Premier card coming in the mail soon. We can’t wait for you to start enjoying your 2% cash back on every purchase. Happy earning!
Why do you think it would affect 5/24? I’d expect the open date to stay the same on your credit report
Got official word today that my account is being closed out in Sept. But then got another email a few hours later saying that “new” ways of earning through Rakuten would be announced soon. So, stay tuned I guess?
I got the email about the card being discontinued but didn’t get anything say that “new” ways of earnings being announced. What was the subject line of that email?
The subject line was “Important information about your Rakuten Cash Back Visa® Card” and the relevant part of the email said “Thank you so much for being a Rakuten member. Stay tuned—we’ll be announcing exciting new programs and new ways to bring you more Cash Back soon. We look forward to continuing to serve you.”
… which has me wondering if there is any news about a new Radisson Rewards CC provider in the wings?
Oh, the days of clicking through rakuten to buy gift cards or pay mortgages, then use the card……brings fond memories to my heart.
Nick, what is your take on proactively closing it versus letting them close it? Any difference?
Another one bites the dust!
I will be left with only one MR earning card – BBP.
Waiting for Rakuten Amex, but I have all my Amex slots already used. Maybe P2 will be able to pick it up.
Nick, it’s actually worse than that.
I vote for a Rakuten co-branded Amex card.
Nick, you’re busting out blogs like a man making silver dollar pancakes. Greg on vacation?
I do what I can. Yes, he has been, but no fear — he flew back today :-).
Nick Reyes is the hardest working man in all of blogosphere entertainment!