Rakuten Earning Rates
It's been a fun six months of earning Bilt Rewards through Rakuten. The shopping portal game changed completely last November, when Bilt launched as a Rakuten payout option, alongside American Express Membership Rewards and traditional cash back. Bilt's transfer partners are among the strongest in the points and miles world. And considering you don't even need to hold a Bilt credit card to participate in its rewards program, this instantly became an enticing way to earn large amounts of high-value points. But there's a catch. Bilt's 1:1 earning rate expired after the May 15 Rakuten payout. Here's how to plan for what's next. Update 5/18/26: Emails are going out to Bilt Rewards Blue Status members reminding them that this change is now effective.
Rakuten Earning Rate Change – Now Live
It's always sweet to earn cash back for purchases you're already planning anyway. (If you're unfamiliar with how Rakuten works, start with our full guide, which includes a best-ever signup bonus.) But the shopping portal can be particularly powerful for those who elect to receive their payouts as points. There are currently two points options available, with Rakuten earning rates as follows:
Bilt Rewards
The partnership rollout came with a limited-time promotional 1:1 earning rate for all Bilt members, regardless of status. For the first six months, all Bilt member status tiers enjoyed a 1:1 conversion rate. (Meaning $10 in Rakuten Cash Back = 1,000 Bilt Points.) That expired with the May 15 payout. And on May 18, Bilt reconfirmed these changes are now live. It sent out an email reminder (see below) that these new rates will now be effective for the August payout and all others going forward.
- Conversation rates are now based on status:
- Bilt Rewards Blue: Members will receive 500 Bilt Points for every $10 in Rakuten Cash Back.
- Bilt Rewards Silver, Gold + Platinum: Members will maintain the current rate. (Equivalent to 100 Bilt Points for every dollar, or 1,000 Bilt Points for $10 in Rakuten Cash Back.)
- Bilt's official terms also note that the rates are subject to change at any time.
- Notably, cardholders who have earned the Bilt Palladium welcome offer will be afforded Gold status through 2026 and all of 2027.
American Express Membership Rewards Points
It has long been possible to earn Amex MRs through Rakuten at a 1:1 ratio. A Rakuten 10% Cash Back offer will earn you 10X MRs. Though Rakuten explains their earning rates differently, both Bilt and Amex earned at the same 1:1 ratio from November through May 15. But Amex will now be a stronger earning option for those who don't have elevated Bilt status.
How + When To Change Your Rakuten Payout Option
Rakuten has now made it possible to update your payment method at any time. Now that the May 15 payouts have been distributed, you may want to re-evaluate which currency you'd like to earn. Here is how to adjust your payment settings, if you decide to do so:
- Click on your current earnings amount.
- From the app, tap “Choose How You Get Paid.” On the website, select “Account Settings” and scroll down to payment options.
- Select your preferred Rakuten payment method. You may be prompted to re-enter your account information.
- Shop at participating Rakuten stores as you normally would, and you'll automatically receive earnings in your selected currency by the August 15 payday.
Bilt Rewards Rakuten Payout: ToP Thoughts
The option to earn Bilt Rewards for your shopping trips is still pretty amazing. If you can catch Rakuten's ever-changing flash deals, you can regularly score some highly lucrative offers. (Just this year, we've written about now-expired offers worth 97X and 40,000 points, for example.) It's incredible to then transfer those points to its partners like World of Hyatt, Japan Airlines, Atmos Rewards and more. But if you don't have Bilt's Silver status or higher, you should strongly consider sending your Rakuten checks to Amex instead. Those without higher Bilt status will now be able to get twice the points by switching to MRs. If you wish to continue earning Bilt Rewards from Rakuten at 1-to-1 and are over 5/24, consider the Bilt Palladium card to earn Gold status through 2027. What's your Rakuten plan? Tell us over in the ToP Facebook Group.
