Rakuten Visa To Be Replaced with 2% Synch Premier WMC

[Mero_mero]

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.

[gdale6]

Interesting that they are canceling the program..

[UncleB]

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.

[KK44]

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" ?

[gdale6]

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@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" ?

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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.

[fladowntown11]

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.

[Andypanda]

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

[longtimelurker]

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@Andypanda wrote:

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

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Or even more locally

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

[OmarGB9]

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@longtimelurker wrote:

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@Andypanda wrote:

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

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Or even more locally

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

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Yup, we have a topic on it already.

[KK44]

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?