The card comes with no annual fee and offers various earning rates: 10 points per dollar at Rakuten restaurant partners, 4 points on top of what you earn with Rakuten, 2 points on groceries and restaurants, and 1 point on all other purchases. Additionally, users receive $25 back after spending $500 within the first 90 days.

Other benefits include access to Amex Offers, retail protection covering items stolen or damaged within 90 days of purchase, and extended warranty protection extending eligible warranties by up to 12 months.

Despite its name, the Rakuten Amex is not issued by American Express but by First Electronic Bank under an American Express license. This means customers should contact First Electronic Bank for any issues related to their cards.

"This is an exciting new initiative from Rakuten," according to sources familiar with the product. Transferable rewards currencies like Membership Rewards are valuable; hence opportunities to earn more are appreciated by users already invested in using Rakuten.

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