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Rakuten Cash Back Visa Signature approved

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K-in-Boston
Credit Mentor

Rakuten Cash Back Visa Signature approved

I do a lot of shopping through Rakuten... and I do mean a lot:

Screen Shot 2020-06-12 at 7.01.52 PM.png

 

It dawned on me yesterday that since I've kind of dived head-first back into Membership Rewards as my primary reward strategy since grabbing the Business Platinum card in January, that it really didn't make sense to not have this card.  I am not interested in cash back, but for purchases at stores where I don't already have higher-earning cards, this is effectively a card that earns 3X Amex Membership Rewards (which for me means a minimum value of 4.62% back) on top of the MRs I am already earning for those purchases.

 

Logged into my Rakuten account and the application was pretty short since they already had most of my info.  The time-consuming part was deciding which of the 4 card designs to get, which is the first question.  I went for the regular purple/indigo one; none of them looked particularly Amexy.

 

Screen Shot 2020-06-12 at 1.19.03 AM copy.png

 

When I read the terms and fees, they list three card products: a Visa Platinum @ 24.99%, a Type I Visa Signature @ 19.99%, and a Type II Visa Signature at 24.99%.  It'll always be paid in full anyway, but after the approval I clicked the link for the rates and fees and it does look like I was approved for the Type I Visa Signature card:

 

Screen Shot 2020-06-12 at 6.45.47 PM.png

 

No idea what my actual starting line is; I'll find out when the card arrives in 7-10 days.  It's issued by Synchrony, so if the line isn't great it should grow easily.  SUB was only the standard $10 on any purchase ($15.40 minimum since it'll be issued as 1000 MRs) but I expect to earn hundreds of extra dollars in Membership Rewards annually over what I currently have in my wallet so it was a pretty obvious fit.  Just strange that the best complement to my Amex Business Platinum, Amex Platinum, and Amex Gold is... a Visa card issued by Synchrony.  Smiley LOL

 

They pulled Experian (as it seems almost everyone does the past few years for me).  I had 2 scoreable inquiries on there (both in the past 3 months) and if they used FICO 8 my score was 805 yesterday, single digit utilization, AAoA around 9 years, no history of derogs, fairly high income bracket.  Even with my stats, I was a little nervous when I clicked the Submit button as I have seen a lot of denials for the card.  Previous Synchrony exposure was $57,000 ($35k Lowe's, $12k Amazon, $10k PayPal Credit); I would expect this to start out as the smallest of my 4 Synchrony accounts, but will be pleasantly surprised if it's higher - a cursory glance shows that $1,000 temporary limit usually translates to $5-12k.

 

Looking forward to receiving my Rakuten Cash Back Membership Rewards Visa Signature card with a new 3x Amex category for online (and occasional in-store) shopping!

 

UPDATE: I got alerts today that the new account was added to EQ and TU.  $6,000 starting line.  While I'd like more, I'm not disappointed - it's Synchrony so I can always ask for SP CLIs and I doubt a month would go by where I use more than 10% of that anyway since a lot of Rakuten portal purchases are still going to be going to other cards for better rewards.

46 REPLIES 46
AllZero
Mega Contributor

Re: Rakuten Cash Back Visa Signature approved

Congratulations on your approval! It'll fit in nice next to your Delta Reserve, color wise.
Message 2 of 47
K-in-Boston
Credit Mentor

Re: Rakuten Cash Back Visa Signature approved


@AllZero wrote:
Congratulations on your approval! It'll fit in nice next to your Delta Reserve, color wise.

Thanks!  LOL I debated sticking it in with my Amex cards, but went with S for Synchrony.

 

Edit: It's also kind of weird that on mobile my four most recent cards are all at the beginning of a row in my signature.

Message 3 of 47
Anonymous
Not applicable

Re: Rakuten Cash Back Visa Signature approved

Congrats, K!

 

Sync cards report fast, I'm sure you will know your limit before you get it lol

Message 4 of 47
AverageJoesCredit
Legendary Contributor

Re: Rakuten Cash Back Visa Signature approved

Nice job KSmiley Happy now give me $10k for writing Rakuten correctlySmiley Wink

Message 5 of 47
K-in-Boston
Credit Mentor

Re: Rakuten Cash Back Visa Signature approved


@Anonymous wrote:

Congrats, K!

 

Sync cards report fast, I'm sure you will know your limit before you get it lol


Thank you.  Oh yeah. I forgot about that part!  It's been a while.

Message 6 of 47
K-in-Boston
Credit Mentor

Re: Rakuten Cash Back Visa Signature approved


@AverageJoesCredit wrote:

Nice job KSmiley Happy now give me $10k for writing Rakuten correctlySmiley Wink


Thanks but no. You cheated off of my paper. 

Message 7 of 47
M_Smart007
Legendary Contributor

Re: Rakuten Cash Back Visa Signature approved

 

@K-in-Boston  ..Congratulations!

 

Message 8 of 47
JeffMO
Regular Contributor

Re: Rakuten Cash Back Visa Signature approved


@K-in-Boston wrote:

I do a lot of shopping through Rakuten... and I do mean a lot:

Screen Shot 2020-06-12 at 7.01.52 PM.png

 

It dawned on me yesterday that since I've kind of dived head-first back into Membership Rewards as my primary reward strategy since grabbing the Business Platinum card in January, that it really didn't make sense to not have this card.  I am not interested in cash back, but for purchases at stores where I don't already have higher-earning cards, this is effectively a card that earns 3X Amex Membership Rewards (which for me means a minimum value of 4.62% back) on top of the MRs I am already earning for those purchases.

 

Logged into my Rakuten account and the application was pretty short since they already had most of my info.  The time-consuming part was deciding which of the 4 card designs to get, which is the first question.  I went for the regular purple/indigo one; none of them looked particularly Amexy.

 

Screen Shot 2020-06-12 at 1.19.03 AM copy.png

 

When I read the terms and fees, they list three card products: a Visa Platinum @ 24.99%, a Type I Visa Signature @ 19.99%, and a Type II Visa Signature at 24.99%.  It'll always be paid in full anyway, but after the approval I clicked the link for the rates and fees and it does look like I was approved for the Type I Visa Signature card:

 

Screen Shot 2020-06-12 at 6.45.47 PM.png

 

No idea what my actual starting line is; I'll find out when the card arrives in 7-10 days.  It's issued by Synchrony, so if the line isn't great it should grow easily.  SUB was only the standard $10 on any purchase ($15.40 minimum since it'll be issued as 1000 MRs) but I expect to earn hundreds of extra dollars in Membership Rewards annually over what I currently have in my wallet so it was a pretty obvious fit.  Just strange that the best complement to my Amex Business Platinum, Amex Platinum, and Amex Gold is... a Visa card issued by Synchrony.  Smiley LOL

 

They pulled Experian (as it seems almost everyone does the past few years for me).  I had 2 scoreable inquiries on there (both in the past 3 months) and if they used FICO 8 my score was 805 yesterday, single digit utilization, AAoA around 9 years, no history of derogs, fairly high income bracket.  Even with my stats, I was a little nervous when I clicked the Submit button as I have seen a lot of denials for the card.  Previous Synchrony exposure was $57,000 ($35k Lowe's, $12k Amazon, $10k PayPal Credit); I would expect this to start out as the smallest of my 4 Synchrony accounts, but will be pleasantly surprised if it's higher - a cursory glance shows that $1,000 temporary limit usually translates to $5-12k.

 

Looking forward to receiving my Rakuten Cash Back Membership Rewards Visa Signature card with a new 3x Amex category for online (and occasional in-store) shopping!


Congratulations K, I hope it's a huge SL for you!






Capital one 500, Discover 11.1k. UMB Signature visa 18.5k, DW UMB card Auth user 16K. Citi Costco anywhere 26.6k, Amazon Prime 22.3K
BH/Comenity Photo 10k Lowes advantage 35k
AAOA 2y4m, oldest 5 years. 0 collections. 125k income, Util 1% inq 1/12. 1/24. 30/60/90 = 0, No derog's, clean file. Rebuilding started 4 years ago.
Starting Score: 560
Current Score: 795
Goal Score: 850


Take the myFICO Fitness Challenge
Message 9 of 47
Jnbmom
Credit Mentor

Re: Rakuten Cash Back Visa Signature approved

@K-in-Boston 

 

Congrats, you know you will know that limit long before the card arrives on ExpSmiley Happy

EXP 780 EQ 791TU 795
Message 10 of 47
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