Rakuten Switches from Mr Point to Cash Back Rewards

Rakuten has made a significant change to its rewards program, ditching Mr. Point in favor of cash back rewards.

This change was a response to user feedback, with many members expressing a desire for more straightforward and flexible rewards.

The new cash back rewards system is designed to be more intuitive and easier to use, with rewards automatically credited to users' accounts.

Rakuten's goal is to make its rewards program more appealing to a wider range of users, and the switch to cash back rewards is a key part of that strategy.

To get started with Rakuten, you can sign up for an account on Rakuten.com in just a few clicks. You can choose to sign up with your email address, through Google, Facebook, or Apple.

Regardless of how you join, you're eligible for a $10 welcome bonus when you spend $25 or more on qualifying purchases within the first 90 days of joining the site. However, new members can currently earn $30 by signing up via a referral link and spending at least $30 with participating retailers.

To earn even more, you can refer friends to Rakuten using your personal referral link, which will earn you $30 each time they sign up and make a purchase.

Intriguing read: Cash Advance 30 Day Payback

Signing up for Rakuten is a breeze. You can choose how you want to sign up for an account by visiting Rakuten.com.

You can sign up with your email address, through Google, through Facebook, or through Apple. Once you join, you'll be eligible for a $10 welcome bonus when you spend $25 or more on qualifying purchases within the first 90 days of joining the site.

But right now, new members can earn $30 by signing up via a referral link and spending at least $30 with participating retailers. This offer is subject to change at any time.

Here are the ways to sign up for Rakuten:

Once you join Rakuten, you can get $30 every time you refer someone to Rakuten using your personal referral link.

Rakuten is an online shopping portal that offers cash back and shopping rewards with over 3,500 stores.

You can earn cash back rewards by shopping at well-known participating brands like Apple, Under Armour, and Dell Technologies.

Rakuten earns a commission for advertising merchants on their site, which benefits both the merchants and you, the customer.

By shopping at these merchants via the Rakuten portal, you'll be eligible to earn bonus cashback rewards or even Amex Membership Rewards points if you opt-in.

Rakuten has partnerships with airlines and hotels, including Marriott, IHG, British Airways, Etihad, and many more.

Rakuten offers varying amounts of cash back, from 1% to 95%, on purchases made through their platform. You can earn cash back on over 3,500 merchants participating in Rakuten.

To get started, head to rakuten.com and log into your account. Search for the online store you're planning to make a purchase at and click "Activate" to enable the Rakuten extension.

Rakuten tracks cash back earnings within a few days of purchase, but you won't receive the money until one of the quarterly payout dates (February 15, May 15, August 15, and November 15). You can choose to receive payouts via paper check or PayPal transfer.

Some merchants may exclude gift card purchases, select items, or brands from earning rewards, so be sure to review the store's specific terms before making a purchase.

You can earn up to 95% cash back on certain purchases, like LifeLock subscriptions, and even earn Membership Rewards points in lieu of cash back, which can be worth more than 1 cent each.

To maximize earnings, consider connecting a credit card with a high cashback earning rate to your Rakuten account, like the Citi Double Cash Card, or a co-branded hotel or airline credit card.

The Rakuten Cash Back Button extension is also a must-have for online shopping, as it ensures you never miss an offer.

With Rakuten, you can earn cash back or Amex Membership Rewards points, giving you flexibility in how you redeem your rewards.

You can earn up to 95% cash back with Rakuten, paid out every three months through a paper check or PayPal transfer.

Rakuten offers a unique feature that allows you to choose between earning cash back or Amex Membership Rewards points. If you're good at redeeming points, you might prefer earning Amex points, which can be worth 1.7 cents each.

If you're not good at redeeming points, or you just want to earn cash back that you can spend however you'd like, then cash back is the better option.

Here are the quarterly payout dates for cash back: Feb. 15, May 15, Aug. 15, and Nov. 15. You'll need at least $5.01 in pending cash back to receive a payout.

You can also opt-in to Rakuten's Cash Back for Change program, which donates your cashback earnings to Rakuten's nonprofit partner organizations.

Broaden your view: American Express Cash Back Credit Cards

You can receive your Rakuten cashback earnings in two ways: a "Big Fat Check" or a PayPal deposit. The payment schedule is the same for both options: every three months on February 15, May 15, August 15, and November 15.

To receive a payment, you'll need at least $5.01 in your cashback balance. If you're under this threshold, your balance will carry over to the next quarter.

You can also opt-in to Rakuten's Cash Back for Change program, which donates your cashback earnings to nonprofit partner organizations.

Payments are issued every three months on the following dates:

If you've opted to earn American Express Membership Rewards points instead of cash back, the payment schedule is the same. You'll need a minimum of 501 Membership Rewards points in your balance to receive payment, otherwise, they'll be rolled over into the next quarter's payment schedule.

Rakuten will frequently list available discounts for individual merchants on the applicable pages. If you click Shop Now next to any offer on Rakuten, you'll still earn cash back on your purchase (assuming you comply with all other restrictions).

You can use promo codes like WELCOME25 by clicking the Shop Now icon, and you'll still earn cash back – in addition to getting 25% off your order of $20 or more.

Many merchants will prevent you from earning rewards when you use discount codes not listed on Rakuten. You risk losing out on any earnings if you receive a targeted mailer or email offer and use that code when shopping through Rakuten.

Discover more: How to Use a Cashpoint Machine

You can earn 10% or more cash back on Rakuten purchases, but there are ways to do even better. Bonuses of this size can make shopping through Rakuten a no-brainer.

Using a credit card that earns points on your shopping can boost your earnings. For example, the Blue Cash Everyday earns an additional 3% statement credit on U.S. online retail purchases, up to $6,000 per year.

The Capital One Venture Card and Venture X both earn 2x Venture Miles on every purchase. The Freedom Unlimited is a great choice since it always earns 1.5% cash back.

This cash back can be doubled with a welcome offer that gives cardholders a double cash back match on all spending for the first year of card membership, making that a 3% cash back return.

You can also earn Amex Membership Rewards points on Rakuten purchases. Membership Rewards points earned through Rakuten are identical to Membership Rewards points earned with Amex.

For more insights, see: Capital One Venture Card Cash Back

If you opt-in to earn Membership Rewards points, you can stack your earnings with the points multipliers offered on your card, enabling you to double-dip on your earnings.

Here are some strong credit card options for maximizing your Rakuten purchases:

Connecting a credit card with a high cashback earning rate to your Rakuten account can double your earnings. This is a great option for double-dipping on purchases that don’t fall within specific bonus spending categories.

The Citi Double Cash Card earns 2% cash back on all purchases, while the Blue Cash Preferred Card from American Express earns 6% cash back on select U.S. streaming service purchases. Some of the best cash back cards can go a long way in offsetting the cost of your purchases.

You can also consider connecting a co-branded hotel or airline credit card to Rakuten, which partners with various travel merchants. This way, you’ll earn points with the airline or hotel loyalty program as well as earn cash back from Rakuten.

Expand your knowledge: Citibank 2 Cash Back Card

Rakuten has a constantly changing roster of merchants that offer varying amounts of cash back, from as low as 1% to as high as 95%. You can search for the online store you're planning to make a purchase at on Rakuten and see the cash back rate.

To get the best deals, click “10% Cash Back” on the upper left to get a view of all of the highest cash back rates merchants are currently offering. From there, you can sort the results by clicking “Cash Back” in the upper right.

Rakuten should track any cash back you've earned within a few days, but you won't get paid out until one of the quarterly payout dates (Feb. 15, May 15, Aug. 15, and Nov. 15). To change how you're paid out from Rakuten, log into your account and navigate to account settings.

For another approach, see: Paid Dividends Cash Flow Statement