Rakuten Shopping Portal
We’ve come full circle. Several years ago, which somehow feels just like yesterday, shoppers could start earning Amex Membership Rewards rather than cash back from then-Ebates/now-Rakuten. But times are changing, and it might make sense for some points and travel hobbyists to switch back to the plain, old cash back-earning version of the Rakuten shopping portal. So why are my wife and I switching, and how exactly do individuals make this change?
Why To Switch Rakuten Shopping Portal Earning
Since the beginning, Membership Rewards earners picked up 1 point for each 1% cash back everyone else earned. Amex Schwab Platinum cardholders could combine this earning option to pick up 25% more value than normal Rakuten cash back members. Via the Schwab Platinum’s Invest with Rewards benefit, cardholders cashed out at 1.25 cents per point, with Rakuten normies getting 1%. That became slightly less lucrative with Amex’s summer 2021 devaluation of the Invest with Rewards benefit to 1.1 cents per point. And it got worse several months back, where Invest with Rewards cashout is now at 0.8 cents per point beyond the annual one million point redemption threshold. Consequently, high earners can now do better with the traditional Rakuten cash back option (or another portal).
And given the currently-volatile state of certain hobby aspects, some might now feel safer earning cash back versus Membership Rewards points with Rakuten, anyway. Meanwhile, some may feel moving to or maintaining a Membership Rewards-earning account is optimal.
How To Switch Your Rakuten Shopping Portal Rewards Option
Changing your rewards option with Rakuten is easier than I remembered. Or perhaps it’s improved since I did so several years ago. Here’s how you can easily change it:
- Log in, or create a new account if you don’t already have one, at Rakuten.
- Under your username in the top right corner, click Account Settings.
- In the middle of the following page, see the How You’re Getting Paid section and the current status. Select your preferred option (my wife picked to change from Membership Rewards to cash back via a Big Fat Check).
- An Are You Sure? pop-up box appears. Double-check your selection and click Continue.
- Add your mailing address for Rakuten to send your Big Fat Check. Check the I’m Not a Robot box if one appears. Click Add Address.
- Verify your account (if necessary) by typing the six-digit code Rakuten sends via email and clicking Verify Account.
- Your updated rewards method immediately displays. A Big Fat Check earner sees the associated mailing address under the selection. All done!
One must be mindful on their switching decision, including the timing. Before committing at the Are You Sure pop-up box, Rakuten informed:
Once you switch to Cash Back, any points earned before switching to Cash Back will be converted to Cash Back and sent via check on the next payment date.
Conclusion
My wife recently closed her Amex Schwab Platinum account, so for that and other reasons, her decision to switch to Rakuten cash back rewards was easy. I still hold my Schwab Platinum account and haven’t yet hit the one million Membership Rewards cashout threshold this year, so I’m standing pat with Amex points with Rakuten. But that’ll quickly change upon the next annual fee hitting, as I’m highly likely to close my Schwab Platinum, too.
Will my wife ever return to the Membership Rewards option with Rakuten? As things stand now and for the foreseeable future, that answer is clearly no. But I’d love Amex to make that a dilemma again, as they’ve periodically surprised us before. But we’re making the wisest decision for how things are now. We encourage you to do the same in your situation – whether you pick MR’s or cash back!
What’s your currently-preferred Rakuten rewards option and why?
