I've Used Rakuten For 8 Years: Here's My Honest Review
Review
Updated
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I started using Rakuten to score cash back on purchases about eight years ago, back when it was Ebates. I've earned $154.31 since then (mostly from Chewy and Hotels.com purchases) paid out a few bucks at a time each quarter via PayPal.
The app and browser extension haven't exactly made me rich, but it's helped me score a nice amount of cash back on things I'm already spending money on, with very little effort.
Rakuten is an easy-to-use app that can help you earn cash back on everyday purchases. Each retailer sets its own cash back amounts. Rakuten is an affiliate marketing company that receives a commission from each order made through its retail partners. Rakuten then splits that commission with you.
You can expect to earn at least 1%, but it's not unheard of to earn upwards of 8% or 10%. The app will also show you special dates with even higher cash back earnings at eligible retailers. Formerly known as Ebates, Rakuten has more retail partners than other cash back apps, making it a cash back enthusiast favorite.
If you also use a rewards credit card, you can maximize your earning potential as you'll earn rewards in both ways.
Download the app and sign up for an account to get started. You can also install the Rakuten browser extension to shop from your computer. You'll see offers from each partner store, usually as a cash back percentage.
Rakuten works with over 3,500 stores, but you must activate available offers before you can use them. Here's how it works:
It doesn't cost anything to be a Rakuten member. It's free and easy to set up an account. Once you've done that, all you need to do is activate the offers and shop as you usually would. It's that simple. There are no confusing steps to go through to earn cash back rewards.
One thing that makes Rakuten stand out is its wide range of partners. In contrast to other cash back apps with limited retailer options, the Rakuten app features a wide variety of stores.
You'll find grocery stores, clothing stores, home improvement stores, electronic stores, pet stores, travel agencies, and many others. Popular retailers include Macy's, Target, Nike, Petco, Expedia, Sephora, and Old Navy. Look for your favorite stores on the Rakuten site.
Some cash back apps only allow you to earn in-store or online -- not both. Rakuten rewards you for both types of shopping, which gives you more opportunities to increase your cash back earnings. Just make sure you link your credit and debit cards to your Rakuten account before you shop in-store.
Rakuten will currently pay you $30 if you refer a friend and they spend at least $30 within 90 days. Your friend will earn a 10% cash back boost.
If you find Rakuten saves you money and helps you meet your personal finance goals, why not share it with your friends and family? The exact referral bonus may change, but your friend will generally need to make a minimum purchase within a set amount of days to qualify.
Rakuten gives you more than one way to get paid. Sadly, it won't deposit your money directly into your bank account, but you can receive your cash back rewards by check or to your PayPal account. Check payments will be mailed to you for free.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
You'll need to wait a while to receive your Rakuten cash back earnings. The payout schedule is quarterly; you get paid about six weeks after each period ends.
There's a minimum redemption of $5.01 -- if you earn less, the money will remain in your account until the next payment date. If you're looking for instant cash back or want to receive your earnings more frequently, Rakuten may not be for you.
Payment dates are as follows:
Some cash back apps allow users to earn cash back automatically. With Rakuten, you must first activate an offer. This is easy to do, but you won't earn those rewards if you forget.
Rakuten partners with about 3,500 retailers, but it doesn't have deals with every store. You may find you can't earn cash back at some of your regular stores.
When you use Rakuten, you'll notice that some offers have exemptions. Certain items may not be eligible for cash back rewards -- meaning you won't always earn cash back on your entire shopping trip. Review all offer terms so you know what to expect before you shop.
Rakuten is free for customers. It's an affiliate marketing company that receives a commission from each order made through its retail partners. Rakuten then splits that commission with you.
Online reviews praise Rakuten as an easy-to-use tool, though some reviewers say they've found higher cash back elsewhere. A few users report scoring significant cash back -- to the tune of hundreds or even thousands of dollars -- by purchasing big-ticket electronic items using Rakuten.
However, several reviewers report they had difficulty collecting on their cash back or that they didn't receive the cash back rate they were promised.
Here's how users rate Rakuten's mobile app:
Rakuten is simple to use, whether you're using the app or browser extension. You can activate offers using the app with a single click and start shopping on the retailer's website. If you're using the browser extension, you'll see cash back offers pop up automatically when you're shopping online.
Rakuten app home screen. Image source: Rakuten, captured by author.
Rakuten "activate cash back" popup on retailer website. Image source: Athleta, captured by author.
Rakuten uses standard security protocols, like encryption, to keep your personal information safe. It complies with the Payment Card Industry Data Security Standards, a set of guidelines for handling credit card information that's required by major payment networks.
Just keep in mind that Rakuten collects a lot of information about you, your browsing, and your shopping to provide you with deals. Make sure you're comfortable with the trade-off of letting them track your habits in order to save money.
If you want an app that applies discounts at checkout: Capital One Shopping automatically searches for coupon codes when you shop online, allowing you to save money immediately. With Rakuten, you'll have to wait until the quarterly cash back payout to get your savings.
If you want an app that offers higher cash back rates: Upside provides up to $0.25 per gallon cash back on gas, up to 45% back at restaurants, and up to 30% back at grocery stores -- but the catch is, you have to act quickly since many offers expire in four hours.
No, Amazon is not a Rakuten partner. While not every retailer partners with Rakuten, many do. It's likely that some of the brands that you shop with offer cash back rewards through Rakuten.
There is little downside to using Rakuten. If you're already shopping, you might as well earn cash back rewards. However, Rakuten follows a quarterly payment process. That means you'll have to wait several months for your next cash back payout. Other cash back apps allow you to cash out your earnings more frequently.
If you shop regularly, using Rakuten could be well worth your time. The more you shop, the more chances you have to earn cash back rewards. Since Rakuten is free to join, it's worth giving this cash back app a try to see if it's a good fit for you.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
