Rakuten 100% Rebate: Buy 11,313 Amex or Bilt Points for $113

Rakuten has launched a compelling limited-time promotion that lets travelers effectively purchase American Express Membership Rewards or Bilt Rewards points at a cost of roughly one cent each. The offer, flagged by loyalty expert Gary Leff, provides 100% cash back on a $113.13 purchase of a Surfshark VPN subscription – with the rebate taken as points instead of cash.

The Deal: 100% Rebate on Surfshark

Here’s how it works: Rakuten members who buy a Surfshark plan through the Rakuten portal will receive 100% of the purchase price back as Rakuten “Cash Back,” which can be converted into points. For a $113.13 purchase, that yields 11,313 points. Those points can be transferred to either American Express Membership Rewards (at a 1:1 ratio) or to Bilt Rewards for members who have achieved Bilt status. New Rakuten members who sign up for the offer will also earn a 5,000-point welcome bonus, bringing the total haul to 16,313 points for the same $113.13 outlay.

Importantly, the points are earned as Rakuten Cash Back, which is typically paid out quarterly. Once credited, members can choose to redeem that cash as a check, PayPal deposit, or – most valuably – as transferable points. The 1:1 transfer to Amex or Bilt means the $113.13 effectively buys 11,313 (or 16,313 for new members) of those highly flexible currencies.

What This Means for Travelers

This offer stands out because it allows travelers to acquire transferable points at roughly 1 cent each – a rate that is significantly lower than the typical cost of buying points directly from airlines or Amex. For context, American Express normally sells Membership Rewards points for 2.5 cents each (with occasional promotions), and Bilt points are not available for direct purchase at all. At one cent per point, this deal can be a bargain for topping off an account just short of an award flight or hotel stay.

The points are especially valuable when transferred to partners such as Air Canada Aeroplan, Avianca LifeMiles, or Virgin Atlantic Flying Club, where redemptions can yield well over 1 cent per point in value. Even at a conservative valuation, the 11,313 points could cover a short-haul domestic flight or a one-way economy award on many partner airlines.

However, travelers should consider a few caveats. The purchase is for a Surfshark VPN subscription – a product that may not be useful to everyone. Surfshark is a reputable VPN service, but the $113.13 price likely corresponds to a multi-year plan. Those who have no need for a VPN will be effectively buying points with no other benefit. Additionally, the points are not instantly credited; they will post after the purchase is confirmed and the cash back is available, which can take several weeks. The offer is also likely limited in quantity or duration, so acting quickly is advisable.

How to Maximize the Offer

To take advantage, follow these steps:

1. Sign up for Rakuten if you’re not already a member (use the referral link to ensure the 5,000-point new-member bonus).
2. Click through the Rakuten portal to the Surfshark purchase page. The 100% cash back offer should be active.
3. Purchase the Surfshark plan that costs $113.13 – typically a 2-year or 3-year subscription.
4. Set your Rakuten Cash Back preference to “Membership Rewards Points” (or Bilt, if eligible) to receive the rebate as points rather than cash.
5. Wait for the points to post after the purchase is confirmed, then transfer them to your preferred loyalty program.

For existing Rakuten members who already have a points balance, this offer can also be combined with other bonuses – though note that the 5,000-point new-member bonus is only for first-time registrants.

Bottom Line

This Rakuten promotion offers a rare chance to buy transferable points at a steep discount. While the need to purchase a Surfshark subscription may be a hurdle, the effective cost of 1 cent per point is well below market rates for Amex or Bilt points. Travelers who frequently redeem for premium cabins or last-minute awards should consider this a valuable opportunity to stock up on flexible currency. As always, act fast – these deals tend to sell out or expire without notice.