Rakuten just launched a new credit card with American Express, issued by Imprint and First Electronic Bank. The card has no annual fee and is offering a signup bonus that fluctuates! As of today (Dec 17, 2025) it is $200 (or 20,000 Amex/Bilt points) after meeting spend requirements. It offers some interesting cashback earning categories. You’ll earn an extra 4% cashback (on top of the usual Rakuten rewards) on Rakuten's shopping portal (limited to the first $7,000 spent each year), plus 10% cashback on Rakuten Dining, 2% on groceries and restaurants, and 1% on everything else.

So, why should you care? The 4% on Rakuten purchases is decent, but that spending cap is something to consider. The real potential lies in the Rakuten Dining program. The cashback you earn pools with your regular Rakuten balance, which is great news if you already funnel your Rakuten rewards into Amex Membership Rewards points. This means you can effectively earn more Amex points on your spending.

Ultimately, this card might be a good fit for you if you're already a frequent Rakuten shopper or diner. Otherwise, it's probably not worth jumping through hoops for, given other cards that offer more straightforward and potentially higher rewards. Keep an eye on that signup bonus though, as those extra points could make it worth a try!