The Rakuten American Express Card offers a $200 welcome bonus after you spend $2,000 in the first 90 days, and you have to apply by November 13, 2026. The card has no annual fee, and the standard offer is $100 after $1,000. If your Rakuten account pays out in Amex Membership Rewards points or Bilt points at Silver status or higher, the $200 arrives as 20,000 points.
Frequent Miler spotted the increase on November 12. We checked the offer and the terms on Rakuten’s own pages.
The deal
- Card: Rakuten American Express Card, issued by First Electronic Bank and run by Imprint
- Offer: $200 bonus after $2,000 in purchases in the first 90 days, up from the usual $100 after $1,000
- Deadline: Rakuten’s card page says the offer “Ends 11/13”
- Annual fee: $0
- Earning: an extra 4% on Rakuten purchases on the first $10,000 a year, 10% on Rakuten Dining, 2% on groceries and restaurants, 1% on everything else
- Credit check: Rakuten’s card page says you can “See if you’re approved with no credit score impact”
Key terms
- The 4% cap: the extra 4% applies to the first $10,000 of Rakuten purchases each calendar year, then drops to 1%, per Rakuten’s card rewards page. Rakuten Dining doesn’t count toward the $10,000.
- Purchases that earn only 1%: Coupons Only stores, Buy Now Pay Later purchases and most travel, except bookings direct with airlines and prepaid travel.
- Payout dates: Rakuten pays confirmed rewards four times a year, on February 15, May 15, August 15 and November 15.
- Bilt conversion: Bilt’s Rakuten help page says Silver, Gold and Platinum members get 100 Bilt points per $1, and Blue members get 50 Bilt points per $1.
- Membership Rewards conversion: Rakuten’s Membership Rewards FAQ converts 10% cash back to 10X points, so $1 becomes 100 points. You need an Amex card that earns Membership Rewards to pick this option.
- Full terms: Rakuten’s card rewards program terms and cardholder bonus terms cover the details.
What the $200 is worth in points
Your Rakuten payment setting decides the value. The $2,000 of spending earns at least 1% back, so the bonus and the base earning add up to at least $220 in Rakuten cash back.
| Rakuten payout | What $220 becomes | Value |
|---|---|---|
| Cash (PayPal or check) | $220 | $220 |
| Amex Membership Rewards | 22,000 points | about $440 at 2.0 cents per point |
| Bilt points, Silver status or higher | 22,000 points | about $484 at 2.2 cents per point |
| Bilt points, Blue status | 11,000 points | about $242 at 2.2 cents per point |
The cents-per-point figures come from our points valuations. They assume you transfer the points to an airline or hotel transfer partner. Bilt Blue members do better taking cash, since 11,000 points at 2.2 cents per point is barely more than $220.
Rakuten won’t let you switch directly between Bilt and Membership Rewards. Bilt’s help page says to move to PayPal or a check first, then pick the other points program.
Our take
Apply by November 13 if you already shop through Rakuten and hold an Amex card that earns Membership Rewards points. A $2,000 spend for 22,000 points is a good return on a card with no annual fee. After that, the extra 4% on Rakuten purchases is worth up to $400 a year, or 40,000 points, on the full $10,000.
Compare that with Amex’s own cards. The Amex Business Gold offers up to 200,000 points, but it needs $15,000 of spending and costs $375 a year. The Rakuten card is a small bonus with a small spending requirement.
Skip it if you rarely shop through Rakuten. Outside Rakuten, the card earns 2% on groceries and restaurants and 1% on everything else, and a flat 2% cash back card beats that on most spending. Skip it too if you’re close to a limit on new cards, because this card is a full credit card application. Our best travel credit cards guide covers cards with bigger bonuses if you only have room for one.
Frequent Miler notes the $200 offer has come and gone several times, usually for a day or so. If you miss November 13, the $100 offer stays, and the $200 offer will probably come back.
FAQ
How much do I need to spend for the Rakuten Amex $200 bonus?
You need $2,000 in purchases in the first 90 days after you open the card. The standard $100 offer needs $1,000 in the same 90 days.
Does the Rakuten Amex card have an annual fee?
No. The card has no annual fee.
Can I get the bonus as Amex Membership Rewards points?
Yes, if you hold an Amex card that earns Membership Rewards and set your Rakuten payout to Membership Rewards. Rakuten converts $1 to 100 points, so $200 becomes 20,000 points.
How many Bilt points is the $200 bonus?
It’s 20,000 Bilt points at Silver status or higher, and 10,000 Bilt points at Blue status. Bilt pays 100 points per $1 at Silver and above and 50 points per $1 at Blue.
When does the $200 offer end?
Rakuten’s card page says it ends November 13, 2026. Earlier $200 offers lasted about a day each before the bonus went back to $100.
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