Rakuten Rewards Mastercard Review

Rakuten Rewards Mastercard is a store rewards 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 is everything you need to know to make a good choice.

Key takeaways:

• Generous reward rate. You will get a cashback rewards rate of up to 3%.
• 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 rewards card. It gives you rewards on your purchases, but you don't have to pay an annual fee for the privilege.
• 5% Balance transfer fee. Rakuten Rewards Mastercard charges a fee of up to 5% on balance transfers. For example, a balance of $1,000 could cost up to $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 rental insurance, emergency support, extended warranty protection on purchases, price protection, travel accident insurance, travel assistance, and fraud protection.
• Fair or better credit required. You stand a chance of qualifying if your credit score is not below 640.

Rakuten Rewards Mastercard Pros and Cons:

The Good

The Bad

No annual fee. Multiple credit card perks. Offers auto rental collision damage waiver. Extended warranty and price protection on purchases. Free access to your credit score. Travel accident and travel assistance insurance. Cardholders can earn rewards on every purchase. Earn rewards on every purchase. Rakuten Rewards Mastercard reports to multiple credit bureaus. Cardholders can earn rewards on their purchases.

Higher than average purchase APRs. Charges a foreign transaction fee of 3%. Charges a 5% balance transfer fee.

Is there a Rakuten Rewards Mastercard cash back or rewards program?

Rakuten Rewards Mastercard offers a rewards program to its customers.

Rakuten Rewards Mastercard Rewards

Rewards rate (all purchases)	1%
Max rewards rate	3%
Annual rewards limit	N/A
Signup Bonus ($)	N/A
Signup Bonus (Points/Miles)	10000

What are the Rakuten Rewards Mastercard benefits?

Rakuten Rewards Mastercard provides the following benefits:

• Free Credit Score
• Auto Rental Collision Damage Waiver
• Emergency Support
• Extended Warranty Protection
• Zero fraud liability
• Price Protection
• Travel Accident Insurance
• Travel Assistance
• ID Theft Protection
• Reports to major credit bureaus

What are the relevant APRs for Rakuten Rewards Mastercard?

According to the Federal Reserve Board, the average interest rate is 15% for all credit cards and 17% for accounts that carry a balance. Rakuten Rewards Mastercard has higher than average purchase 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 to Rakuten Rewards Mastercard:

Rakuten Rewards Mastercard Fees

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

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

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

• Equifax
• Experian
• Transunion

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

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 you're denied click here to find out why your application may have been rejected and what you can do about it.

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.