Disclosure: I may earn a referral bonus if you use the links below.
Update: It seems Rakuten is NOT offer $40 as a sign-up bonus, but 10% cash back up to $50 back. This is a change from previous sign-up bonus offers and it was buried on the referral page. Sorry for any confusion.
Rakuten has increased their referral bonus to $40. The person who refers will earn $40 cash back if the new accountholder spends $40 within 30 days. This increased referral bonus offer ends at 11:59pm PT on May 13, 2024.
If you have an Amex Membership Rewards account, you can link it to Rakuten to earn Amex points instead of cash back. This can be a great way to earn additional Membership Rewards and is a big reason why Rakuten is a go-to shopping portal for many in the points community.
If you choose to earn Amex points, the conversion from cash back is 1 cent per point. For example, if you see a cash back rate of 5%, you'll earn 5x Membership Rewards points. It also means the $40 sign-up and referral bonuses are worth 4,000 points.
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