July 30, 2025 Rakuten Big Deal: SoFi – $400 Cash Back or 40,000 AMEX MR Points (With Potential Stack of up to $300 More)

Mark your calendars and set a reminder for Wednesday, July 30, 2025 as Rakuten’s weekly Big Deal is with SoFi!

What is the Weekly Big Deal?

A couple of months ago, Rakuten introduced their weekly Big Deals – each Wednesday, you will earn an elevated cash back amount at a specific merchant. I posted on social media but forgot to write a post for this Wednesday, July 23 as the Big Deal was 22% Cashback for Viator (which was the largest cash back % I have seen for them!).

June 30, 2025 Big Deal: Sofi Banking

On June 30, 2025, you can earn $400 for opening an account with SoFi which is the highest it has ever been!

About SoFi Banking

Get the best of both worlds with an online checking account and an online savings account that work better together. SoFi Checking & Savings has a high-yield APY and a direct deposit bonus of up to $300. There are no overdraft fees, no minimum balances, and no monthly fees. Plus, 55,000+ fee-free ATMs and up to 2-day early paycheck. 

Rakuten Sofi Offers Terms & Conditions / Exclusions

• To qualify for cash back, the customer must apply for a new SoFi Checking and Savings account directly through the Rakuten link and set up direct deposit with their INITIAL deposit totaling a minimum of $500 within 45 days of clicking the Cash Back link.
  • The INITIAL deposit needs to be a direct deposit to qualify (big one here is that you do not need and should not transfer any money to open account – you will set up direct deposit of at least $500 for that first deposit!

Direct Deposit Details

• A direct deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings accounts, including payroll, pension or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
  • Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity.

Posting Time

• Cash Back will be automatically added to your Rakuten account within a few weeks.
  • As always, best practice is to use the Rakuten app to ensure that everything is properly cookied – take screenshots + keep emails from Rakuten and SoFi until cash back has been paid out

Cash Back Details

• Cash Back is provided by Rakuten, not SoFi, and is only available to new SoFi Checking and Savings customers.
  • Limit one Cash Back offer per Rakuten account.

Stack with SoFi’s own Direct Deposit Bonus For Up to an Additional $300!

• So here’s where things get interesting as SoFi also has a bank bonus in the form of a Direct Deposit Bonus that can be done concurrently
• The Direct Deposit Bonus Period begins when SoFi receives an Eligible Direct Deposit of $1 or more within the Promotion Period and ends 25 calendar days later (the “Direct Deposit Bonus Period”), subject to the Bonus Terms. For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period.
• Depending on the aggregate total of the direct deposits received in your SoFi account (see table above), you can earn either a $50 or $300 Direct Deposit bonus
• Direct deposit definition/restrictions are the same as above for the Rakuten cashback offer.

What is Rakuten and How to Use It for Cashback

The TLDR is that Rakuten is a shopping portal that is paid by merchants for directing traffic and the corresponding sales to their sites and Rakuten in turn pays you when you go through them to visit and buy from merchants.

Here’s my in-depth how to guide on Rakuten which includes my own shopping example with a big payoff, showcase of places and things you didn’t think you could earn cashback on (bank accounts, dining at participating restaurants!), payment info and so much more!

Is Rakuten Legit? Seriously is it worth it?

I am sure that there are some of you are that are wondering: is this even legit? Maybe it seems a little too good to be true or maybe a little sketchy? Or is this even worth my time to do?

This was what I was had earned between 6/30/2023 and when I published my guide on Rakuten in 11/2024, I have already earned almost $1,500 cash back (and remember that I primarily use the American Airlines shopping portal!) This is the amount that has been paid AKA how much I have received in cold hard cash (and AMEX Membership Rewards points) – showing that Rakuten really does work as I have received the cashback as promised and advertised!

The question is why wouldn’t you do this? It’s an easy way to earn cashback on the spending you were already going to do and a very easy way to do it! Why would you leave money on the table?

Beautiful Tip: Do not spend more - use this as a way to earn Cashback on what you were only going to spend money on!

Join Rakuten and Earn an Extra $30!

And if you are new to Rakuten, here’s your chance to earn an extra $30 on top of the cashback you earned shopping with Rakuten!

Simply use my referral link to sign up and place qualifying orders (that have been confirmed) totaling a minimum of $30 within 90 days of becoming a member! Note that you must be new to Rakuten and must be located in the 50 United States, D.C., or Canada to qualify. Rakuten will send a check or PayPal for the $30 in as soon as 15 days after your first purchase. Then get paid quarterly (you can have it sent as a check, deposit in your PayPal or converted to American Express points!) or get paid instantly if you redeem your cash back as a gift card.

Why Should You Do This?

Bank bonuses can be a lucrative way to earn extra money (to offset credit card annual fees / help pay for vacations) or if you are earning American Express Membership rewards with Rakuten, a way to up that balance.