Editor’s note: This post has been updated with the latest information.
Finishing up your holiday shopping? Make sure you click through Rakuten first.
Today only, Rakuten is awarding up to 10 American Express Membership Rewards points per dollar (or 10% cash back) at select merchants during its Green Monday event.
As a refresher, Rakuten is an online shopping portal that allows you to earn either cash back or Amex Membership Rewards points at more than 3,500 popular retailers like Walmart, Best Buy, Home Depot, Saks, ShopDisney and thousands more.
To use the portal, begin your online shopping trip on the Rakuten website, and search for the store at which you plan to shop. You’ll be redirected to the actual merchant website. After you make your purchase, Rakuten will dump bonus rewards into your online account.
Better yet, you can also earn a $30 (or 3,000 Membership Rewards) bonus when you spend $30 through Rakuten if you’re a new Rakuten shopper.
Here’s what you need to know about this deal.
Increased cash back with Rakuten’s Green Monday deals
The ability to earn up to 10% (or more) cash back is certainly newsworthy, but earning up to 10 Amex Membership Rewards points per dollar can be even better for those who like to travel using their Amex Membership Rewards points.
TPG values Amex points at 2 cents each, on average, when used toward travel. That means you’ll get an effective return of up to 20% toward travel when making purchases during this promotion. So if you’re getting your credit cards ready for holiday purchases, this is the deal for you.
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Related: How to use Rakuten to earn bonus cash back or Amex points on your purchases
Examples of stores that are participating in this promotion of 10% cash back/10 points or more per dollar include. Note that a handful of these merchants are offering up to 15% back.
- Adidas.
- Banana Republic.
- Bass Pro Shops.
- Bloomingdale’s.
- Bose.
- L.L.Bean.
- Macy’s.
- Saks Fifth Avenue.
- ShopDisney.
- Sixt.
- Walmart.
If you have any big holiday purchases on the horizon, these bonus rewards could single-handedly fund your next vacation. After all, with Amex points you can do things like:
Make sure to pay with a credit card that earns bonus points on everyday purchases. Some good options include the Capital One Venture Rewards Credit Card that earns 2 Capital One miles per dollar on all purchases and the Citi® Double Cash Card that earns 2% cash back on all purchases, 1% when you make a purchase and 1% when you pay.
Related: How to redeem American Express Membership Rewards for maximum value
Stack your Saks Fifth Avenue credit
On top of all that bonus cash back or extra points, remember that The Platinum Card® from American Express offers a ton of different perks including a statement credit of up to $100 per year at Saks Fifth Avenue.
The credit is divided into two $50 statement credits, one valid from January through June and the other from July through December. Enrollment is required.
If you haven’t used your $50 credit through the end of December 2022, this presents a wonderful opportunity to do so. This allows you to “double or triple-dip” because you can use your $50 statement credit and also earn bonus rewards for the purchase. Just make sure to place your order quickly as you might not be charged until the order ships.
Related: Best credit cards for online shopping
Bottom line
Today only, Rakuten is allowing members to earn up to 10% cash back — or even better, up to 10 Amex Membership Rewards points per dollar spent.
Between this excellent earning rate and the $30 (3,000-Amex point) refer-a-friend bonus, you could conceivably earn enough points for free flights to your next vacation spot with surprisingly little effort.
Additional reporting by Andrew Kunesh, Ehsan Haque, Summer Hull and Kyle Olsen.
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