Rakuten Amex Card Bonus Jumps to $200 — But Act Fast

If you've been eyeing the Rakuten American Express card, now's the time to jump. The welcome bonus just hit $200 — a significant bump from the usual $100 — but history suggests this window won't stay open long. Here's what you need to know before you apply.

Why This Bonus Is a Big Deal

When the Rakuten American Express card first launched, the sign-up offer was a paltry $50. It quickly doubled to $100, and now it's doubled again to $200 — matching the best we've seen on this card. But here's the catch: these elevated bonuses are fleeting. In the past, they've lasted only a day or two before dropping back down. This time, it's scheduled to run through August 25, 2026, but don't count on that being set in stone. If you're interested, don't procrastinate.

The $200 bonus is solid on its own, but if you're a savvy points collector, it can be worth even more. Depending on how you've set your Rakuten account, that $200 can convert into 20,000 Amex Membership Rewards points or 20,000 Bilt points (if you have Bilt elite status). That's a decent haul, though not as generous as some other Amex welcome offers. Still, if you're planning to use the card for its 4x earning on Rakuten purchases, this bonus is a nice cherry on top.

The Fine Print That Matters

Before you get too excited, let's talk about the earning structure. The 4x rate on Rakuten purchases is generous, but it's capped at $10,000 in spending per calendar year. After that, you'll earn just 1x on those purchases. The 2x on groceries and restaurants is a nice everyday earner, but it's not the card's main draw.

Also, note that the 4x rate applies only to purchases made through Rakuten — not all purchases everywhere. So if you're not a regular Rakuten shopper, this card might not be your best bet. But if you already use Rakuten for cash back, this card can supercharge your rewards.

How to Make the Most of the Bonus

To hit the $2,000 spend requirement in 90 days, you can use the card for everyday expenses like groceries, dining, and bills. If you're planning a big purchase, that can help too. Just be sure to pay your balance in full each month to avoid interest charges that could eat into your bonus.

If you're into points, consider setting your Rakuten earnings preference to Amex Membership Rewards or Bilt points before you apply. That way, your $200 bonus becomes 20,000 points (assuming you have Bilt status). If you don't have Bilt status, you'll get 10,000 Bilt points instead — still not bad, but worth knowing.

One more thing: this card has no annual fee and no foreign transaction fees, making it a decent travel companion. But the real value is in the Rakuten integration, so think about how often you shop through Rakuten before committing.

Bottom Line

• The $200 welcome bonus is the highest ever offered on this card, but it may not last long.
• You can convert the bonus to 20,000 Amex Membership Rewards or Bilt points (with Bilt status).
• The 4x earning on Rakuten purchases is capped at $10,000 per year, so plan your spending accordingly.
• No annual fee and no foreign transaction fees make this a low-cost card to hold.

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