Why I Got the Mizuho Rakuten Card—and the Drawbacks I Found After Using It
This article reflects the personal impressions of the author, who actually obtained and uses this card. The card terms (annual fee, reward rates, and so on) are as confirmed on the official websites on November 3, 2026, but they may change. When applying, please check the latest terms on the official website. The links to official websites in this article are not advertising links.
In short
- Three reasons I got it: rewards of up to 2% in total, simple across-the-board high rewards, and no annual fee, ever
- I am consolidating my everyday payments onto this card — holding fewer cards also means fewer entry points for data leaks to worry about
- Drawback 1: the payment account can only be an ordinary deposit account at Mizuho Bank
- Drawback 2: no points are earned on SBI Securities' card-based installment investing. Drawback 3: points come in two kinds, so managing them is a bit of a chore
- Recommended if you want simple, high rewards, and you use Mizuho Bank as your salary account (or are willing to)
I have held several credit cards and used different ones for different purposes. The one I obtained most recently is the Mizuho Rakuten Card. I now use it for most of my everyday payments and am gradually moving away from the Sumitomo Mitsui Card (Platinum Preferred), which had been my main card. In this article, I will honestly describe both why I got it and the drawbacks that became apparent after I started using it.
Key specifications (checked on November 3, 2026)
| Annual fee | Free for life |
|---|---|
| Point rewards | On regular spending, 1% in Rakuten Points plus 1% in Mizuho Points, for up to 2% combined (earning Mizuho Points is subject to prescribed conditions, including setting up the account from which payments are debited) |
| Card network | Visa |
| Account debited for payment | Only an ordinary deposit account (普通預金) at Mizuho Bank |
| Issuer | Rakuten Card |
Sources: Rakuten Card’s official website, “Mizuho Rakuten Card” and Mizuho Bank’s official website
Three reasons I got it
1. The size of the point rewards
A combined reward rate of up to 2% stands out for a card with no annual fee. Even for regular spending, the structure adds 1% in Mizuho Points on top of 1% in Rakuten Points, reaching a level where you are unlikely to go far wrong no matter where you use it.
2. The simplicity of a uniformly high reward rate
Honestly, remembering “this many times the points at that shop, and this percentage in that category” and choosing cards accordingly is a bother. With this card, you can aim for a high reward rate across the board, so you can use it in the rough-and-ready way of simply putting all your everyday payments on it for the time being. That simplicity was the biggest deciding factor.
3. No annual fee
Because it is free for life, there is little risk in obtaining it. The low hurdle to trying a switch of main card also encouraged me to actually get it.
How I actually use it: midway through making it my main card
At present, I use this card for most of my everyday payments. However, I still use the Sumitomo Mitsui Card (Platinum Preferred), which had been my main card, alongside it, and some recurring charges and recurring investments remain on that card. My direction is to gradually move everyday payments to the Mizuho Rakuten Card. The reason is simple: unlike the Platinum Preferred, which charges an annual fee, this card is free and offers a uniformly high reward rate.
Another reason: fewer cards means less anxiety
Recently, there has been a great deal of news about data breaches caused by hacking and the like, and I honestly feel uneasy. Using several different credit cards also means that there are that many more entry points for information to leak, and I have a sense that the more I divide spending among cards, the more my anxiety grows. By contrast, having a card like this one—“high rewards everywhere, with just one card”—lets you consolidate payments and reduce the number of cards you carry in the first place. I feel that this is a major benefit separate from the reward rate. As I discuss in a later section, I do have some reservations about my impression of the card’s own security features, but my current judgment is that the peace of mind from being able to reduce the number of cards outweighs them.
Drawbacks I noticed after I started using it
Drawback 1: payments can be debited only from a Mizuho Bank account
The only account that can be designated for this card’s payments is an ordinary deposit account at Mizuho Bank. You cannot choose an account at another bank. This is no problem at all for people whose salary is paid into Mizuho Bank, but people whose salary goes into another bank will have the extra task of moving funds every month. For me, it was within the acceptable range, but it is a condition you should definitely know before applying.
Drawback 2: no point rewards for recurring investments at SBI Securities
SBI Securities’ credit-card recurring investment service covers cards from partner companies such as Sumitomo Mitsui Card, and Rakuten Card-family cards are not eligible. Therefore, people who make recurring investments at SBI Securities need to keep using another card for that portion. (Recurring investments by credit card are supported at Rakuten Securities, but that becomes a matter of switching securities firms, so in practice the answer is to use more than one card.) I think the fact that everyday payments and recurring investments cannot be completed with a single card is a structural weakness of this card.
Drawback 3: its security features feel somewhat thinner than Sumitomo Mitsui’s
This is my personal impression, but compared with Sumitomo Mitsui Card, the granularity of usage notifications and the security features on the app side feel somewhat thinner. For people who place importance on preparing for unauthorized use, this may be a factor in deciding whether to move their main card.
To put it a little more frankly, from the perspective of someone who used to work in the credit card industry, both Rakuten Card and Mizuho Bank feel like “second choices.” The “first choices” would be Sumitomo Mitsui Card and MUFG Bank; they have the edge in multifunctionality and peace of mind, and it cannot be denied that the others compare unfavorably in some areas.
Drawback 4: two kinds of points accumulate, making management a little more work
Because rewards come in two forms—Rakuten Points and Mizuho Points—there are two places to manage balances and expiration dates. Mizuho Points can be exchanged for Rakuten Points at 1 point = 1 point, so consolidation is effectively possible. Still, the little extra step of making that exchange itself leaves a feeling of “somewhat more work.” This is where the condition that the card is suited to people who do not mind managing points comes in.
Recommended for
- People who simply want a uniformly high reward rate
- People who use Mizuho Bank as their salary account, or who would be willing to do so
- People who do not find managing accumulated points all that troublesome
It may not be for you if…
- You have no intention of holding an account with Mizuho Bank (you cannot even get started if you cannot designate the account to be debited)
- You want to capture everything, including rewards for recurring investments at SBI Securities, with a single card
- You want to consolidate points into one type and eliminate balance management as much as possible
Conclusion
The Mizuho Rakuten Card has the easily understood strengths of “no annual fee and a uniformly high reward rate.” I myself am in the process of moving my main everyday payments to it. On the other hand, its drawbacks are also clear: the designated Mizuho Bank account, the exclusion of recurring investments at SBI Securities, and the need to manage two kinds of points. Even so, the reason I conclude that it is worth getting is that its overwhelming reward rate more than makes up for its relative disadvantages in multifunctionality and peace of mind. For people who do not have a Mizuho Bank account, I think opening one may be a little troublesome, but it is worth that trouble. It is a card with a very distinct character: a strong card for people whose lifestyle fits its conditions, and not even a candidate from the outset for people whose lifestyle does not. I recommend bringing to mind where your salary account and securities account are before considering it.