Rakuten to Amex Membership Rewards: earn points instead of cash back

Rakuten pays its shopping rewards as cash back by default. If you have an eligible US Membership Rewards card, you can have Rakuten pay you in Amex points instead, at the same rate: every 1% of cash back becomes 1 Membership Rewards point per dollar. Rakuten's own example is "10% Cash Back = 10X Membership Rewards points."

That means one cent of cash back becomes one Amex point. Whether that's a good swap depends entirely on what an Amex point is worth to you.

How to switch

1. In your Rakuten account, open Account Settings.
2. Under How You Get Paid, choose Membership Rewards points.
3. Connect your Membership Rewards account by signing in to Amex.

Any cash back that has already confirmed when you switch is converted to points at the next transfer date, according to Rakuten.

Which cards qualify

The card has to be enrolled in the US Membership Rewards program and can't be cancelled or past due. Rakuten names the Gold Card, the Green Card and the Platinum Card as eligible examples and links to a full list. Corporate cards and the Rakuten American Express Card are excluded.

When the points arrive

Rakuten doesn't send points as you earn them. It moves confirmed points to Amex four times a year:

You need more than 500 confirmed points on the transfer date. A balance of 500 or fewer rolls over to the next one.

Confirmation takes a while. Rakuten lists 3 to 14 weeks for online and in-store purchases, 3 to 5 days for dining, and 6 to 17 weeks for travel. A purchase made in late October won't be in the November 15 transfer unless it has confirmed by then.

Points or cash: the math

Because 1 cent of cash back equals 1 point, the decision comes down to one comparison:

• If you'll use the points at more than 1 cent each, take points.
• If you'll use them at 1 cent or less, take cash.

The 1-cent line isn't arbitrary. Flights booked through Amex Travel with points on the personal Platinum Card are worth 1 cent per point, per The Points Guy's guide updated in August 2026. Taking Rakuten points and then booking that way gets you the same value as cash back, with a delay of up to three months. Prepaid hotels through Amex Travel are worth about 0.7 cents per point by the same source, so using Rakuten points that way is worse than taking the cash.

Points win when you transfer them to an airline or hotel partner for an award worth more than 1 cent per Amex point. For example, a $400 purchase at 6% back is $24 in cash or 2,400 Amex points. If those points end up in an award worth 1.5 cents each, they're worth $36. If they end up worth 0.7 cents each, they're worth $16.80. The transfer partner guide shows how to work out what a specific award is worth per Amex point.

Two catches

Some offers aren't available with points. Rakuten says certain offers from US credit card issuers may not be available to members who choose Membership Rewards points instead of cash back.

Your setting covers all of your earnings. You choose points or cash for the account, not per purchase. If you mostly shop for things where you'd rather have the cash, the switch costs you flexibility.

New member bonus

Rakuten's Amex page, checked October 25, 2026, offers new members a 5,000-point welcome bonus after spending at least $25 on eligible purchases within 90 days. Bonus terms change often, so check the current offer on Rakuten before you sign up.

The short version

• Switch only if you have an eligible Membership Rewards card and a real plan to transfer points at better than 1 cent each.
• Points move quarterly, on February 15, May 15, August 15 and November 15, after purchases confirm.
• Don't buy something just because the rate is high. A 10% return on a purchase you didn't need is still a loss.