According to a doc, this card will be replaced by the Synchrony Premier card, which offers 2% cash back on all purchases plus a $100 bonus. It is still unclear whether this counts as opening a new card, since both cards are issued under Synchrony. But according to the letter,
Rakuten previously launched its own credit card, which earned an extra 3% cash back. Unfortunately, this card is no longer open to new applications.
According to the FAQ published by Rakuten, existing cardholders can still continue using the card. They received an email on July 27 and will receive a physical letter during the week of August 1 notifying them that the card program is being closed. On September 17, this card will officially be forcibly shut down.
Why is the credit card program being discontinued?Synchrony and Rakuten have mutually agreed to end the Rakuten Cash Back Visa® Credit Card program.
What can I expect from Rakuten?
As a Rakuten member, you’ll continue to earn Cash Back when you shop with the Rakuten app, browser extension and on Rakuten.com. We’re working on exciting new ways for you to earn even more Cash Back in the future, so keep an eye on your email for upcoming Rakuten Cash Back promotions and new programs just for you!
What communication can I expect from Synchrony Bank?
You received an email from Synchrony Bank on 7/27/22, and will receive a letter in the mail the week of 8/1/22 with full details about the end of the Credit Card Program. You received an email from Synchrony Bank on 7/27/22, and will receive a letter in the mail the week of 8/1/22 with full details about the end of the Credit Card Program.
What action do I need to take?
You don’t need to do anything. You can continue to make purchases and earn Cash Back with your Rakuten Cash Back Visa Credit Card through September 17, 2022. More information will be provided from Synchrony Bank about your card in the coming weeks.
What will happen to my Cash Back?
If you made eligible purchases using your Rakuten Cash Back Visa Credit Card, any earned Cash Back will be added to your Rakuten account and sent as part of your next Cash Back payment. For more information about your Cash Back, log in to your account at Rakuten.com.
Can I still earn Cash Back?
Of course! As a Rakuten member, you’ll continue to earn Cash Back when you make qualifying purchases via the Rakuten app, browser extension or on Rakuten.com, even after the Rakuten Cash Back Visa Credit Card program has ended.
Who do I contact if I have questions regarding my Rakuten Cash Back Visa® account?
For questions, you can contact Synchrony Bank at 1-855-697-4555.
Looking back, this card was actually pretty amazing. As long as a merchant was available through a cashback portal, you could earn an extra 3% back. It was especially useful for places where the base cashback rate was low but spending could be very high, such as Walmart, Target, and Best Buy.
The main features of this card were:
- Use the Rakuten credit card to shop through the Rakuten cashback portal and earn an extra 3% cash back
- If your Rakuten account earns Membership Rewards, you could earn an extra 3x MR
For example, if Saks was offering 10% cash back on Rakuten, using the co-branded credit card for the purchase would get you 10% + 3% cash back. If your account was set to earn MR, then you could get 10x + 3x = 13x MR, which was very powerful.