Update 12/9/20: Reader Jeremy confirms that these gift card purchases do earn the 3x rewards rate when paying the Rakuten credit card.
Update 11/26/20: Rates increased again (ht GCG)
Update 11/18/20: They’ve increased their rates across the board making this a more interesting option. (ht GCG)
Rakuten has added a new option to buy brand new gift cards in fixed denomination and earns Rakuten cashback/points.
From a quick look, the cashback rates seem to be mostly 1-2% which isn’t particularly good when compared to MPX, Slide, Raise, etc. Let us know if you see anything particularly interesting here.
It is worth noting that Rakuten has the edge over other gift card sources in that this cashback can be earned (1:1) in the form of Membership Rewards which some value at significantly more than cash. That might make it worthwhile for some.
We’ll add this to our Complete List of Methods to Buy Gift Cards with Discounts and Bonus Rewards.
Hat tip to reader EyesOnThePoints