topic Re: New Rakuten Rewards Mastercard - Should I do it? in Credit Cards

New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Thu, 18 Sep 2014 22:00:34 GMT

Has anyone applied for the Rakuten Rewards Mastercard?

You get 3,000 Rakuten points just for signing up.

The interest rate is not bad at 13.99% (lowest offer) and you can use the points as cash.

It is underwritten by the Bank of Omaha and there is a 0% APR for the first 6 months.

Should I jump into the pool or stay out of it?

I wonder if this card uses the "shopping cart trick"?

Thanks in advance.

Re: New Rakuten Rewards Mastercard - Should I do it?

SunriseEarth — Thu, 18 Sep 2014 22:55:09 GMT

@Anonymous wrote:
Has anyone applied for the Rakuten Rewards Mastercard?

You get 3,000 Rakuten points just for signing up.

The interest rate is not bad at 13.99% (lowest offer) and you can use the points as cash.

It is underwritten by the Bank of Omaha and there is a 0% APR for the first 6 months.

Should I jump into the pool or stay out of it?

I wonder if this card uses the "shopping cart trick"?

Thanks in advance.

I'm not at all familiar with Rakuten.com but it's essentially 3% rewards when spending at that site. That might be worth it if you spent a lot at that site

(edited to add emphasis)

Re: New Rakuten Rewards Mastercard - Should I do it?

jsucool76 — Thu, 18 Sep 2014 22:21:00 GMT

Unless you spend exorbitant amounts of money on this website, seems like a bad deal.

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Thu, 18 Sep 2014 22:26:24 GMT

Trap, avoid it (unless you do all your shopping there)!

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Thu, 18 Sep 2014 22:29:23 GMT

Thanks for your feedback.

I was having the same thoughts. The one thing I do like is the low APR. Other than that, it seems like a card to use at their site or as a backup cc.

I wonder if they give decent CL? Hmmmm.

Re: New Rakuten Rewards Mastercard - Should I do it?

jsucool76 — Thu, 18 Sep 2014 23:30:46 GMT

@Anonymous wrote:

Thanks for your feedback.

I was having the same thoughts. The one thing I do like is the low APR. Other than that, it seems like a card to use at their site or as a backup cc.

I wonder if they give decent CL? Hmmmm.

13.99%-19.99% isn't exactly "low" since you don't know what you'll get. And why get that like a backup CC? Get a 2% on everything card. better deal, and you're not forced to use the rewards on one specific website. And it's FNBO, which means manual review for every application.

Re: New Rakuten Rewards Mastercard - Should I do it?

Creditaddict — Thu, 18 Sep 2014 23:34:19 GMT

FNBO does not do any shopping cart trick and they hate 4+ INQ's!

and I now hate them because they declined my secured card application with Overstock.com

Re: New Rakuten Rewards Mastercard - Should I do it?

trumpet-205 — Thu, 18 Sep 2014 23:35:21 GMT

@jsucool76 wrote:
And it's FNBO, which means manual review for every application.

Not every applications. I was instantly approved for Overstock MC with 10+ INQs.

Re: New Rakuten Rewards Mastercard - Should I do it?

Creditaddict — Thu, 18 Sep 2014 23:36:14 GMT

@trumpet-205 wrote:
@jsucool76 wrote:
And it's FNBO, which means manual review for every application.
Not every applications. I was instantly approved for Overstock MC with 10+ INQs.

What what!?

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Thu, 18 Sep 2014 23:36:41 GMT

Good points. Wouldn't it be nice to have NO APR for life!? (just my own personal wish)

How is FNBO with their underwriting? Easy approvals or are they hardcore? What other cards do they underwrite?

Re: New Rakuten Rewards Mastercard - Should I do it?

Creditaddict — Thu, 18 Sep 2014 23:38:30 GMT

@Anonymous wrote:
Good points. Wouldn't it be nice to have NO APR for life!? (just my own personal wish)

How is FNBO with their underwriting? Easy approvals or are they hardcore? What other cards do they underwrite?

they are extremely INQ sensitive.

they offer EX Fico and SP CLI once approved though which is nice.

Re: New Rakuten Rewards Mastercard - Should I do it?

trumpet-205 — Thu, 18 Sep 2014 23:44:02 GMT

@Creditaddict wrote:
What what!?

Exactly what I said, instantly approved for $5,100. Back then they only offered 15.99% APR (not 15.99 to 24.99% they offering right now).

I'm not saying they are okay with high INQ, but they do have instant approval.

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Fri, 19 Sep 2014 00:19:05 GMT

CA, sorry to hear that. btw, I LOVE Overstock.com. Bough a few items from them and have always been happy with their products. So FNBO co-brands their cards? Interesting to see the Overstock and Rakuten are in the same type of business.

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Fri, 19 Sep 2014 00:20:36 GMT

That's a pretty decent CL. Do you still have the Rakuten MC?

Have you asked for a CLI?

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Fri, 19 Sep 2014 01:17:10 GMT

OP, you made up your mind already, so we're not really going to be able to sway you. Just apply.

Re: New Rakuten Rewards Mastercard - Should I do it?

Anonymous — Fri, 19 Sep 2014 01:19:33 GMT

Why did you assume I was going to apply?

I'm not.

Re: New Rakuten Rewards Mastercard - Should I do it?

woodyman100 — Fri, 19 Sep 2014 01:47:00 GMT

FNBO has the chrysler line of cards. I want I want! Way too many inquiries though

Re: New Rakuten Rewards Mastercard - Should I do it?

B335is — Fri, 19 Sep 2014 02:39:12 GMT

@trumpet-205 wrote:
@Creditaddict wrote:
What what!?
Exactly what I said, instantly approved for $5,100. Back then they only offered 15.99% APR (not 15.99 to 24.99% they offering right now).

I'm not saying they are okay with high INQ, but they do have instant approval.

Trumpet is this your first FNBO card? I think only 1% of apps get instant approved. CA is right, they usually manually review apps and they are much worse about approving than Barclays and US Bank with the inquiries.

Re: New Rakuten Rewards Mastercard - Should I do it?

trumpet-205 — Fri, 19 Sep 2014 02:44:58 GMT

@B335is wrote:
Trumpet is this your first FNBO card? I think only 1% of apps get instant approved. CA is right, they usually manually review apps and they are much worse about approving than Barclays and US Bank with the inquiries.

Yep it is my first FNBO card.

Re: New Rakuten Rewards Mastercard - Should I do it?

B335is — Fri, 19 Sep 2014 02:46:10 GMT

@trumpet-205 wrote:
@B335is wrote:
Trumpet is this your first FNBO card? I think only 1% of apps get instant approved. CA is right, they usually manually review apps and they are much worse about approving than Barclays and US Bank with the inquiries.
Yep it is my first FNBO card.

Well my theory is shot then. I'm really wanting to know how they are about approving a 2nd card.