Deal alert: Earn $400 cash back at SoFi Banking on Wednesday only with Rakuten

The summer savings continue at Rakuten, one of TPG's favorite online shopping portals. Rakuten will reveal a new deal every Wednesday through August, including $400 cash back at SoFi Banking on Wednesday, July 30, only. SoFi offers loans, bank accounts, insurance and more.

We love Rakuten because it helps users earn easy cash back on everyday purchases (in the form of a mailed check or deposit in your PayPal account every quarter) and because you can opt to earn valuable American Express Membership Rewards points instead of cash back.

Here's what you need to know about Rakuten's summer deals.

Rakuten summer deals

With Wednesday's deal, you can get $400 cash back — or a whopping 40,000 Amex points — when you open a SoFi checking and savings account. Those Amex points are worth up to $800 based on TPG's July 2025 valuations, so we'd recommend going the latter route.

This lucrative offer is only available to new SoFi checking and savings customers. To qualify, you must apply directly through the Rakuten link and deposit at least $500 into a new SoFi checking and savings account within 45 days of clicking the Rakuten link. The initial deposit must be via direct deposit from an employer or government agency. You can also earn up to $300 with SoFi's current welcome bonus offer, on top of your $400 cash back or 40,000 Amex points through Rakuten.

Rakuten will unveil a new bonus offer each Wednesday through August. Next Wednesday, Aug. 6, you can earn 18% back or 18 Amex points per dollar spent on eligible Nike purchases.

How to use Rakuten

Using Rakuten and other shopping portals is a great way to earn rewards on everyday purchases, but you can also leverage them to save on your next trip. Rakuten partners with several travel brands, including Priceline and Travelocity; there's also Rakuten Travel, a booking platform for hotels in Japan.

With travel costs rising and exchange rates falling, booking hotels and activities through shopping portals that offer cash back can help recoup some of your travel budget.

Just be sure to read the fine print before shopping through Rakuten with any merchant, as earning rates often vary by category and exclusions may apply. For instance, Expedia is offering 8% cash back right now on activity bookings; you'll get 3% back on hotels and vacation rentals, and only 1% back on car rentals.

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And remember to only use coupon codes found on the shopping portal, as others can void your rewards.

Lastly, Rakuten is offering unlimited $30 referral bonuses from now through Sept. 30. If you already use Rakuten, have your friends sign up with your referral link. That way, you'll both earn $30 after they make $30 in qualifying purchases in the first 90 days.

Bottom line

If you don't use a shopping portal for your online purchases, you're leaving valuable rewards on the table. Some portals offer cash back, while others let you earn airline miles or valuable transferable points.

We recommend using a shopping portal aggregator to make sure you're getting the best return on your purchase.