topic Re: Rakuten Visa Shutting down in Sep. in Credit Cards

Rakuten Visa To Be Replaced with 2% Synch Premier WMC

odd_dog — Tue, 16 Aug 2022 22:39:05 GMT

When did this happen and will it disappear altogether?

Re: Rakuten Visa no longer available to new apps??

gdale6 — Tue, 26 Jul 2022 22:37:15 GMT

Its still on the Rakuten main page. I suspect an internal problem with Synch or an imminent transfer to another lender, the reach of this card is large I dont see it going away unless Rakuten is BK.

Re: Rakuten Visa no longer available to new apps??

simplynoir — Tue, 26 Jul 2022 22:52:12 GMT

More info here as well. Hoping DoC will get confirmation one way or another if this is permanent or not

https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/

Re: Rakuten Visa no longer available to new apps??

odd_dog — Tue, 26 Jul 2022 23:14:34 GMT

@gdale6 wrote:
Its still on the Rakuten main page. I suspect an internal problem with Synch or an imminent transfer to another lender, the reach of this card is large I dont see it going away unless Rakuten is BK.

I SO hope you are right......I make more MR on this card then all my AMEXes put together.....LOL

Re: Rakuten Visa no longer available to new apps??

K-in-Boston — Wed, 27 Jul 2022 00:59:58 GMT

I definitely hope there's no plan to discontinue it. While I don't earn anywhere near as many MRs from the card as from other sources (charge cards and the Rakuten portal itself, where I've earned nearly 400k MRs since signing up for eBates a few years ago when they launched the MRs-instead-of-cash option), this has been a fantastic 3X earner (roughly 6%) for online shopping as well as it being nice to be able to earn MRs on a Visa Signature card (not even issued by Amex) when Amex isn't an option.

Re: Rakuten Visa no longer available to new apps??

GatorGuy — Wed, 27 Jul 2022 02:43:20 GMT

Wife finally pulled the trigger on this in May so A) good timing B) hope it isn't going anywhere. 😎😭

Re: Rakuten Visa no longer available to new apps??

TheFIGuy — Wed, 27 Jul 2022 09:16:40 GMT

I'm unfortunately the bearer of bad news. I chatted with two different reps online tonight and they both corroborated the below:

No longer accepting new applications (duh we saw this online)
Current cardholders "Last date that we can make purchases will be 09/17/22 and all accounts will be closed shortly after".
Current cardholders are NOT being transferred to another financial institution.
The credit program will be discontinued and cardholders will not be transferred as that's not an option

Both apologized and thanked me for being a member for so long. 'Twas a good run folks!!!

@K-in-Boston I know you particularly liked this card, my deepest condolences lol.

Re: Rakuten Visa no longer available to new apps??

TheFIGuy — Wed, 27 Jul 2022 09:27:02 GMT

@simplynoir wrote:
More info here as well. Hoping DoC will get confirmation one way or another if this is permanent or not

https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/

See my post above/below, I'm sure others can chat support and ask for "trust but verification" but the two different reps I spoke to both put me on a 2-3 min chat hold and came back with exactly the same message.

Re: Rakuten Visa no longer available to new apps??

Wavester64 — Wed, 27 Jul 2022 21:48:11 GMT

@simplynoir wrote:
More info here as well. Hoping DoC will get confirmation one way or another if this is permanent or not

https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/

Very surprised to see this.

Re: Rakuten Visa no longer available to new apps??

K-in-Boston — Wed, 27 Jul 2022 23:03:11 GMT

Another commenter there pasted a cached Bing entry from the Rakuten side that appears to have a FAQ, and mentions emails going out today and letters next week:

"You received an email from Synchrony Bank on 7/27/22, and will receive a letter in the mail the week of 8/1/22 with full details about the end of the Credit Card Program."

Mine just turned 2 last month. It was a good ride while it lasted. Hopefully they'll find another partner and introduce an equivalent or better card soon. I guess the silver lining on this one might be since it has been subject to notoriously difficult underwriting for "credit enthusiasts," the impact of losing the credit line may not have the same negative consequences as other Synchrony closings in the past for as many cardholders.

Re: Rakuten Visa no longer available to new apps??

Mero_mero — Wed, 27 Jul 2022 23:43:52 GMT

My card literally arrived, today. That's amazing that it will be closed in a few months. This is funny, but I had the card a few years ago with a 10k limit and reapplied/approved on 7/15/22 with a $1k limit. No s&^%, the quality of the card received today looks like it has hand painted numbers. It's sloppy compared to my old card. Lol. I'm thinking of migrating from the MR system, so no loss, but I feel for those that used it to stack MR points.

Re: Rakuten Visa no longer available to new apps??

gdale6 — Thu, 28 Jul 2022 00:42:36 GMT

Interesting that they are canceling the program..

Re: Rakuten Visa no longer available to new apps??

UncleB — Thu, 28 Jul 2022 10:37:06 GMT

I really hate to hear this news.

Just a few months back I was on the fence on if I should go for the Venmo Visa or the Rakuten Visa. I ended up getting the Venmo Visa, but I admit I had some minor regrets for not choosing Rakuten (I knew better than to push my luck by going for both).

That said, I guess in my case it worked out OK, but I know how lucrative this card was for many others. It's a shame it's going away.

Re: Rakuten Visa no longer available to new apps??

KK44 — Thu, 28 Jul 2022 15:09:38 GMT

So how does this show on the credit report after they close the card, is it "account closed by credit grantor" in which case is it better to pre-emptively close the card once the letter is received to avoid that language and instead get "account cloed by consumer" ?

Re: Rakuten Visa no longer available to new apps??

gdale6 — Fri, 29 Jul 2022 14:06:14 GMT

@KK44 wrote:
So how does this show on the credit report after they close the card, is it "account closed by credit grantor" in which case is it better to pre-emptively close the card once the letter is received to avoid that language and instead get "account cloed by consumer" ?

If they close it then it will be closed by grantor. Doesnt matter if closed by grantor or you if it closes in current condition. If you dont like the closed by grantor, then I suggest you close it a week prior to the final day they say it will closed by them.

Rakuten Cash Back Visa Closing

fladowntown11 — Thu, 28 Jul 2022 21:53:59 GMT

Synchrony just send me an email that this is closing and being discontiued on Sept 17 2022

Important notice regarding your Rakuten Cash Back Visa® Credit Card

Thank you for being a valued Rakuten Cash Back Visa Credit Card customer. We appreciate your loyalty and support, and we hope that your customer experience has been a positive one.

Recently Synchrony and Rakuten have made the mutual decision to end the Rakuten Cash Back Visa Credit Card program. That means that starting on September 18, 2022, you will no longer be able to use your Rakuten Cash Back Visa Credit Card.

Here’s what that means for you:

•

You will continue to earn your cash back rewards on purchases made on the card through September 17, 2022, provided your account is open and in good standing at the time the purchase is made.

Rakuten Visa being discontinued

Andypanda — Thu, 28 Jul 2022 21:53:59 GMT

https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/

Re: Rakuten Visa being discontinued

Anonymous — Thu, 28 Jul 2022 22:07:27 GMT

@Andypanda wrote:
https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/

Or even more locally

Rakuten Visa Shutting down in Sep. - myFICO® Forums - 6570448

Re: Rakuten Visa being discontinued

OmarGB9 — Thu, 28 Jul 2022 22:09:03 GMT

@Anonymous wrote:
@Andypanda wrote:
https://www.doctorofcredit.com/rakuten-visa-card-no-longer-accepting-applications/
Or even more locally

Rakuten Visa Shutting down in Sep. - myFICO® Forums - 6570448

Yup, we have a topic on it already.

Re: Rakuten Visa no longer available to new apps??

KK44 — Thu, 28 Jul 2022 22:12:16 GMT

Thanks for the explanation.

The next question to prepare for the end, does Syncrony let you move credit lines around. Is it likely or not that calling them would allow for a move of the credit line from the Rakuten card to another sync card like the PayPal MC or eBay card to combine the lines?