Deal alert: Earn $400 cash back at SoFi Banking on Wednesday only with Rakuten
Editor's Note
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.
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.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin’ locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.