Update 8/16/22: Looks like cardholders can get a $100 bonus when they spend $1,000+ on the new Synchrony card. Not sure if this is for all cardholders or only selected cardholders.
Update 7/28/22: Official confirmation and the official F.A.Q can be found here (previously linked F.A.Q was incorrect according to Rakuten).
Synchrony and Rakuten have made the mutual decision to end the Rakuten Cash Back Visa Credit Card program on September 17, 2022. We are proud of the value we created for Rakuten and our cardholders during the last nine years since we started the program together. Eligible cardholders will be offered the Synchrony Mastercard that can be used anywhere Mastercard is accepted.
Another update 7/27/22: You can read the full FAQ here.
Update 7/27/22: Based on conversations reader TheFiGuy had with two support reps:
- September 17, 2022 will be last date for cardholder charges.
- Accounts will be closed shortly thereafter, and the credit program will been fully discontinued.
- Cardholder will be fully closed out, and will not being transferred to another financial institution.
Original Post:
The Rakuten/Ebates Visa card is no longer accepting application. When clicking the Apply Now link, it brings to this page which states: “Thank you for your interest. We are no longer accepting applications for the Rakuten Cash Back Visa® Credit Card.”
Sounds like this is a permanent thing, but we’ll have to wait find out more. Hopefully existing users continue to be serviced. Developing…
A lot of people find the card useful since it earns 3% back on purchases made through the Rakuten portal and in-store cashback. Those points can be earned as Membership Rewards, via the Rakuten-Amex partnership, making them even more valuable to a lot of people.
Hat tip to r/amex
Related:
- eBates Credit Card Review (3% Cashback On Purchases Through eBates)
- Ebates Partners with American Express to Allow Converting Ebates Cashback into Membership Rewards Points (1:1)
- The Ebates Credit Card just got a lot more Valuable – Earn 3x Membership Rewards for Many Online and Store Purchases
The name of the card on my credit report has changed from synchrony/rekuten to synchrony/ms.
So no opening date change?
No.
In the flyer they mention “we’ll transfer your rakuten cash back visa credit card information”. Hope that means no new account on credit report.
New card arrived today. Was able to activate it online and spend $1,000 to trigger the $100 statement credit. Online login still shows the old card, but I assume it will update to the new card (Synchrony Premier) in the next few days.
How is your credit report look like after activation? Did you get a new line on your report?
I haven’t received any credit monitoring alerts since activating the card.
An old card shows up as SYNCB/RKTN, with visa card number on Experian. Does the new one shows up?
Not that I haven’t seen on Experian or the other credit bureaus.
I’ve got an email that my replacement card will arrive in the middle of September, but still nothing.
I chatted with customer service and he told me the new card was sent on 09/06 and I can call 844-406-7427 if I don’t receive it. But when I called the number, my card was actually mailed on 09/26 and I just received my usps notice that it is arriving today.
Yes, I received my card yesterday. The question is if they transfer opening date from Rakuten to it. If yes, then fine. I was recently converted Banana Republic card from Synchrony Visa to Barclays MC, and they kept the date. Not sure about this one, cause I want to apply for a Chase card in a near future.
I was not offered a conversion to a replacement card, so I cancelled it. Interestingly, the agent advised that it would be better for my credit report to let Synchrony close the card. I went ahead with closing it myself, on the theory that it’s better for the cardholder to close, rather than the bank.
Should I close my account or just wait until they close it? Which looks better on my report? I was already converted to the Premier Synchrony card when toysrus went out. And I replaced the credit line with a much larger approval by PenFed Credit Union. Just didn’t know if it would make a different scorewise whether I closed it or they did.
Was told by rep that not everyone will be converted and welcome to apply if you don’t automatically have the new card sent over.
Rep on 8/22 has told me that credit bureau information WILL transfer. Good news (assuming it is trustworthy…)
I doubt. My Rakuten card was misplaced and I had to request to replacement. Guess what, Synchrony reported a new account opening with credit bureau (and both cards were counted towards 5/24).
so no more 3% purchase through Rakuten?
I haven’t gotten any emails about the card being converted to something else, does that mean it’s going to be closed?