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If you were planning to do any shopping in the next couple of days it may be a good idea to hold off making any purchases for now and waiting to see what the weekend brings. For Memorial Day weekend, Rakuten will be offering elevated levels of cash back which, in turn, lead to elevated Amex Membership Rewards points earnings for those who choose to cash out their earnings that way.
Details of the promotion and sale are very limited for now, but this is what I can share:
- Most (possibly all) retailers participating on the Rakuten network will be offering Memorial Day weekend sales.
- Promotion dates are 23 May through 25 May only (3 days)
- Select retailers will be offering 3x the usual amount of cash back over this holiday weekend and, if you’re set up to earn American Express Membership Rewards points in place of cash back, this means that you’ll be able to earn 3x the usual number of points (1 cent of cash back = 1 Membership Rewards point).
Not all retailers will be participating in the 3x cash back/points promotion and Rakuten hasn’t provided a definitive list of retailers that will be taking part but, as an example, I know that Adidas, Nike, Old Navy, Kiehl’s, Overstock.com, PetSmart, Shoes.com, SkincareRx and Dyson will all offer enhanced earnings.
If you signed up for the excellent referral offer that Rakuten was running between late April and early May but still haven’t spent the $30 needed to trigger the bonus cash back, this could be a very good time to hit your target, save yet more cash and boost your cash back/points earnings even more.