Rakuten Visa Card Is Gone, Current Cardholders Have till 9/17
Update (Aug. 16, 2022) – Rakuten Visa cards will be converted to Synchrony Premier World Mastercard which has no annual fee and earns 2% on all purchases. Your replacement card will arrive mid-September.
There’s also a $100 cash bonus if you activate your card by 11/4/22, and make $1,000 in net purchases (less credits, returns and adjustments) within the first three months of account opening. A $100 statement credit will be applied to your account within three billing cycles. Limit one offer per account.
Update (Jul. 29, 2022) – A Rakuten representative reached with an official statement about the Rakuten Card program, which confirms the end date. Here’s the statement:
Synchrony and Rakuten have made the mutual decision to end the Rakuten Cash Back Visa Credit Card program on September 17, 2022. We are proud of the value we created for Rakuten and our cardholders during the last nine years since we started the program together. Eligible cardholders will be offered the Synchrony Mastercard that can be used anywhere Mastercard is accepted.
They didn’t clarify if current cardholders will be automatically transferred over to the Synchrony Mastercard. Synchrony will be sharing a letter to cardholders in a the coming weeks with full details about the end of the program.
The Rakuten Cash Back Visa credit card is a good product for those who use the Rakuten shopping portal. You can earn an extra 3% Cash Back on qualifying purchases made through Rakuten.com, In-Store Cash Back offers, Rakuten Hotels and Rakuten travel.
But there’s bad new for those who were planning to apply, and even those who currently have the card. When you go to the application page now, you will see the following message:
Thank you for your interest. We are no longer accepting applications for the Rakuten Cash Back Visa® Credit Card.
There’s also bad news for those who currently have the Rakuten Cash Back Visa. Two separate reps have provided the fowling details:
- Last date that current cardholders can make purchases will be 09/17/22 and all accounts will be closed shortly after.
- Current cardholders are NOT being transferred to another financial institution.
- The credit program will be discontinued and cardholders will not be transferred as that’s not an option