Earning rewards: How Rakuten boosts your Amex membership rewards

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Earning rewards: How Rakuten boosts your Amex membership rewards

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Chris Nelson Associate credit cards writer | The Points Guy

By Sky Industry News

Nov 22, 2024

One way to earn extra rewards is through online shopping portals like Rakuten. By starting at Rakuten instead of a specific merchant's website, shoppers can increase their rewards. New members can receive a $10 welcome bonus by joining and making qualifying purchases totaling at least $30 within 90 days. Alternatively, joining with a friend's referral link can result in both parties receiving a $40 bonus.

Rakuten offers the option to earn either cash back or American Express Membership Rewards points. When set to Amex points, users earn 1 point per dollar spent on purchases that typically earn 1% cash back. According to TPG's November 2024 valuations, Amex points are valued at 2 cents each, potentially doubling returns for users who switch to this option.

To start earning Amex points with Rakuten, visit rakuten.com and create an account. Once enrolled, rewards can be earned by beginning shopping on the Rakuten site or app. The easiest method might be installing Rakuten's browser extension, which checks online merchants for eligible cash back opportunities.

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Initially, new users will have their preference set to cash back but can switch to Amex points once their account is created. This requires selecting "Account Settings" and choosing the "How you're getting paid" section where options are available.

Choosing "Membership Rewards Points" redirects users to the American Express page for account syncing. It's important to note that this switch is one-time; switching back removes the option for earning Membership Rewards points from account settings.

Rewards are distributed quarterly, about six weeks after each quarter ends. To participate, users must have an American Express card that earns Membership Rewards points. Some recommended cards include The Platinum Card® from American Express and the American Express® Gold Card.

Rakuten provides an easy way for users to earn while shopping online. While many prefer cash back, opting for Amex Membership Rewards points could offer greater value due to transfer possibilities with Amex's travel partners.