Bilt Rewards and Rakuten — one of our favorite online shopping portals — just announced a new partnership. Through this partnership, you can redeem cash-back rewards from Rakuten for Bilt Points.

Bilt founder and CEO Ankur Jain wrote in a press release, “We’re thrilled to launch this partnership today, just as the holiday shopping season kicks into high gear. Starting right now, whether you’re furnishing your apartment, shopping for the holidays, or checking items off your weekly to-do list, you’re earning points that can book you a flight to Tokyo, help to cover next month’s rent, or unlock exclusive experiences. The integration is seamless: link your accounts, shop as you normally would through Bilt or Rakuten, and collect your rewards. This is the gift that keeps on giving.”

As Jain said, you can discover and shop Rakuten offers directly within the Bilt app, or you can shop through Rakuten’s website, browser extension or app. Regardless of how you shop Rakuten offers, you can earn cash-back rewards that you can then redeem for Bilt points.

Related: Bilt Rewards isn’t just for renters — here’s why there’s something for everyone now

However, you will need to link your Rakuten account through the Bilt app. Once you do so, select “Bilt Points” as your Rakuten payment method and then shop through Rakuten as you normally would. Since Bilt points are your Rakuten payment method, you’ll get Bilt points automatically each quarter (since Rakuten has a quarterly payout schedule).

To be clear, you’ll only be able to get Bilt points as your Rakuten payout method for purchases once you link your accounts and select Bilt points as your payment method. And there are some limited-time offers to get members to link their accounts and opt in to earn Bilt points when using Rakuten.

For the first six months, all Bilt member status tiers will enjoy a 1:1 conversion ratio. This 1:1 conversion ratio means $10 in Rakuten cash back will equal 1,000 Bilt points. After that point, Bilt members with Blue status will receive 50 Bilt points per dollar in Rakuten cash back, and Bilt members with Silver status or higher will continue to get 100 Bilt points per dollar of Rakuten cash back.

Additionally, Bilt members will earn 2,500 bonus Bilt points if they sign up for Rakuten through the Bilt app and then make a qualifying purchase of $25 or more. Note that this bonus applies to new Rakuten members only.

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But, with Rakuten’s new partnership with Bilt, should you switch your earning option?

Since TPG values Amex points at 2 cents apiece, per our November 2025 valuations, 100 Amex points equals $2.

For the first six months, Bilt members will earn 100 points per dollar spent in Rakuten cash back. Therefore, 100 Bilt points equals $2.20, per our November 2025 valuations, in which we value Bilt points at 2.2 cents apiece. However, following the six-month promotional period, Bilt’s Blue status members (entry-level tier) will only earn 50 Bilt points per dollar spent, which is valued at $1.10.

While earning Membership Rewards points through Rakuten may yield a higher value for non-Bilt status holders, the latter has 22 airline and hotel transfer partners compared to Amex’s 20 partners. Additionally, to earn Membership Rewards points, you must have an existing eligible Amex card, while Bilt does not require members to be cardholders to earn rewards points.

Therefore, for those who don’t have an eligible Amex card or for those who value travel rewards points over cash back, earning Bilt points could be a great option.

Related: The best credit cards for online shopping