Synchrony Confirms Demise of Rakuten Visa Card
Two days ago we wrote about the Rakuten Cash Back Visa Credit Card, highlighting the fact that you can no longer apply for it. There was also some information that current cardholders would be affected.
Now we have official confirmation from Synchrony, the issuer of the card. In a statement sent to us, they said the following:
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.
For now, there’s still no clarification about whether cardholders will be automatically transferred over to the Synchrony Mastercard. We were told that Synchrony will send a letter to current cardholders in the week of 8/1/22 with full details about the end of the Credit Card Program.
For now, you don’t need to do anything. You can continue to make purchases and earn Cash Back or Membership Rewards points with your Rakuten Visa Credit Card through September 17, 2022.
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I received the letter of the transition & that is exactly what happened! They closed my Rakuten Cash back credit card and transferred that balance to the new Syncrony credit card! No explanation, apology and/or incentive or anything! That is a breach of our contract! When I opened the Rakuten credit card, it was not with Synchrony bank! The APR is ridiculous!
Not sure where you got your info. ALL Rakuten Visa will be closed. No conversations. No transitions.
I called to see if they would move my credit line from that card, to my Amazon synchrony card. They said no. Once the contract with Rakuten is done, it’s a closed account.