Rakuten Rewards Mastercard

Rakuten Rewards Mastercard Review

This is a credit card issued by First National Bank of Omaha. If you're wondering whether Rakuten Rewards Mastercard is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

• Generous reward rate. You will get a rewards rate of up to 3x.
• Signup bonus. Offers a signup bonus of 10000 points that can be redeemed for travel, gifts, or other perks.
• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR that ranges from 17.24% up to 24.24%.
• No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
• 5% Balance transfer fee. Rakuten Rewards Mastercard charges a fee of 5% on balance transfers. For example, a balance of $1,000 could cost $50 in transfer fees. The minimum fee is $10.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
• Accepts cosigners. First National Bank of Omaha is one of the few credit card issuers that allows applicants to include a cosigner. Adding a cosigner can really improve your approval chances if your credit is not great.
• Multiple credit card benefits. Includes generous credit card perks, such as and fraud protection.
• Fair or better credit required. You will have good approval odds if your credit score is above 640.

The Good	The Bad
No annual fee. Multiple credit card perks. Rakuten Rewards Mastercard reports to multiple credit bureaus.	Higher than average purchase APRs. Does not offer rewards or cash back. Charges a foreign transaction fee of 3%. You don't earn rewards on every purchase. Charges a 5% balance transfer fee.

Does Rakuten Rewards Mastercard have a cash back or rewards program?

No, it does not offer a rewards program.

What are the Rakuten Rewards Mastercard benefits?

It provides the following benefits:

• Reports to major credit bureaus

What are the relevant APRs for Rakuten Rewards Mastercard?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has higher than average regular APRs.

Rakuten Rewards Mastercard has a variable purchase APR that ranges from 17.24% up to 24.24%. The card has a variable balance transfer APR that ranges from 17.24% up to 24.24%. It also has a variable cash advance APR starting at 26.74% .

What are the fees for Rakuten Rewards Mastercard?

The following fees apply:

Rakuten Rewards Mastercard Fees

Fees	Amount
Annual Fee	$0
Foreign Transaction Fee	3%
Returned Payment Fee	$35
Late Payment Fee	$37

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does Rakuten Rewards Mastercard report your account activity to credit bureaus?

Yes, Rakuten Rewards Mastercard reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Rakuten Rewards Mastercard

• Visit the Rakuten Rewards Mastercard website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.