Back just about a year ago, Rakuten and American Express had created an unlikely partnership. They teamed up to allow Rakuten users to convert their earned cashback into Membership Reward points. Because of the 1:1 conversion, it really opens up the possibility to earn a ton of points very quickly. Of course, this is fantastic because if you use the Membership Reward points for traveling, you could easily get up to 2 cents per point.
While this partnership was active for a really long time, there was one slight oversight that only has been recently addressed.
If you currently had an Ebates/Rakuten credit card linked to the account, you had a slight problem. In order to earn the membership reward points, you would have to close the card, re-open the card, and then link that card to an account that would be able to convert the cashback into the Membership reward points. There was no way around this until now:
You no longer have to close the card at all, you can switch to earning Membership Reward points directly inside of the account. After logging in, you can find the option here:
Account Settings, Switch to Membership Reward Points
Unfortunately, if you had already earned cash back, they will not be converted to Membership Reward points, they will instead be paid out as cashback via PayPal.
When I first heard of this partnership, I really thought it would be a limited time offer sort of partnership. It’s interesting to see that a year later not only is it still going strong, but it’s getting more and more accessible. I don’t think enough people really consider how valuable this partnership can truly be when they consider American Express cards.
Do you have any experience using Rakuten? How much value have you gotten? Let us know in the comment section down below!