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I do a lot of shopping through Rakuten... and I do mean a lot:
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.
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:
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.
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.
@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.
Congrats, K!
Sync cards report fast, I'm sure you will know your limit before you get it lol
Nice job K now give me $10k for writing Rakuten correctly
@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.
@AverageJoesCredit wrote:Nice job K now give me $10k for writing Rakuten correctly
Thanks but no. You cheated off of my paper.
@K-in-Boston wrote:I do a lot of shopping through Rakuten... and I do mean a lot:
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.
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:
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.
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 BackMembership 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!
Congrats, you know you will know that limit long before the card arrives on Exp