Bad News From Bilt and Rakuten

Good News, Bad News: The Rakuten-to-Bilt Points Transfer Just Changed

Let's start with the win. 🎉

On May 15th, my Rakuten points transferred to Bilt — 53,000 of them. I'd spent the past few months deliberately routing my online purchases through Rakuten.com, and the payoff was real.

Quick refresher if you're new to either platform: Rakuten is an online shopping portal that earns you bonus points on purchases you were already planning to make. You can read more about how to use the platform here. Bilt is the newest flexible points currency on the block, with transfer partners spanning dozens of airlines — Air France, KLM, Southwest, Alaska — plus hotel chains like Hyatt, Hilton, and Wyndham. So landing 53,000 transferable points is genuinely meaningful. ✈️🏨

Now the Bad News 😬

On May 16th — one day later — Bilt and Rakuten announced a significant change to the transfer rate. Going forward, $10 in Rakuten cash converts to just 500 Bilt points instead of 1,000. That's a 50% cut overnight.

What does that mean practically? The referral offer I've been sharing — spend $50, earn 5,000 Bilt points — now effectively delivers 2,500 Bilt points. That changes the math on whether points are even the right choice for you anymore.

At this point, taking your Rakuten earnings as straight cash or converting to Amex points may make more sense depending on how you travel. Worth running the numbers before your next transfer. 💸

I did flag that this kind of devaluation was coming. Here it is. The window was good while it lasted — and if you maxed out the points before May 16th, consider yourself lucky. 🍀

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