Rakuten Visa To Be Replaced with 2% Synch Premier WMC

[odd_dog]

When did this happen and will it disappear altogether?

[gdale6]

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.

[simplynoir]

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/

[odd_dog]

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@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.

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

[K-in-Boston]

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.

[GatorGuy]

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

[TheFIGuy]

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.

[TheFIGuy]

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@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/

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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.

[Wavester64]

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@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/

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Very surprised to see this. 

[K-in-Boston]

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.