For years, the Rakuten Premium Card has been one of Japan’s most accessible entry points into the premium credit card segment. Unlimited airport lounge access, insurance coverage and integration across the Rakuten ecosystem made it a premium card with the most generous Priority Pass proposition in the market and a highly popular option for mass affluent travellers.

In 2024, the introduction of a series of updates, including limits on airport lounge visits, revision to dining and experience benefits, and adjustments to certain rewards, generated discussion among consumers, with some online commentary referring to them as “改悪祭り”. Conversations across YouTube and social media reflected a growing interest in how card benefits are structured and communicated.

In addition, a Collinson International-commissioned study conducted by RICE (a FINN Partners company)*, which examined cardholder sentiment following these updates, found mentions of “改悪” had already begun appearing more widely online prior to Rakuten’s official announcement. This suggests that customers were already recognising a shift in the market, reflecting a move toward greater efficiency in managing credit card benefits.

Based on wider observations across social discussions around the Rakuten updates, consumers also used terms like “ラウンジ難民”, suggesting a level of dissatisfaction beyond the practical impact of the updates. While some cardholders viewed the changes as part of an ongoing evolution, others expressed concerns around consistency and perceived value.

The RICE study also found that around one-third of cardholders indicated they may reduce usage of the Rakuten Premium Card or consider additional cards. Separately, an internal analysis conducted by Rakuten showed that many of these customers were lower-spending users who tended to rely more heavily on Priority Pass benefits. This points to a moderate behavioural adjustment, with core, active users remaining resilient.

The response to Rakuten’s Premium Card changes is perhaps less unexpected when viewed in the context of broader consumer expectations in Japan. There has been a gradual shift from status-driven to experience-driven definitions of premium, with greater emphasis on travel, wellness and shared family moments.

‘Premium’, is increasingly associated with reliability and meaningful experiences, rather than exclusivity alone.

This aligns with wider global patterns where research suggests that mass affluent consumers are placing more value on travel and shared experiences as part of their definition of “premium.” As a result, perceptions of luxury are evolving to place greater importance on purpose, ease of use and overall well-being.

These shifts are also influenced by rising digital expectations. RICE’s Rakuten cardholder perception study found that the shift to digital membership was broadly welcomed by Rakuten cardholders, with around 80% expressing a neutral to positive response – suggesting that for many consumers in Japan, mobile-first access is becoming a standard expectation, with convenience and clarity playing a more central role in how premium services are experienced.

Against this backdrop, airport lounge access remains an important feature. Our findings show that 96% of Japanese travellers would consider switching payment cards if airport lounge access were removed – the highest sensitivity in the region. This proportion jumps to 100% among cardholders whose preferred airport lounge access programme is Priority Pass.

A greater emphasis on curated, wellbeing-oriented benefits therefore appears closely aligned with the types of value that support connection, reassurance and long-term loyalty. Rakuten’s recent experience also illustrates a broader shift underway in Japan’s financial services landscape.

As financial institutions evolve from payment utilities into lifestyle enablers, loyalty is secured through the range of benefits offered and by how clearly and consistently these benefits are delivered.

Findings from Collinson International’s Travel Benefits and Customer Engagement Report further supports this direction. Among emerging affluent, high-engagement segments, travel-related benefits are the most important factor when choosing a credit card in Japan and across Asia Pacific.

As Collinson’s Travel Benefits and Customer Engagement Report shows, cardholders tend to spend more and stay loyal longer when their experiences feel personally meaningful and aligned with what they value. By aligning experience-led rewards with ecosystem capabilities and spending behaviours, the Rakuten Premium Card will be well-placed to strengthen loyalty, deepen engagement and ensure its premium proposition remains compelling in an increasingly experience-focused payments landscape.

For years, the Rakuten Premium Card has been one of Japan’s most accessible entry points into the premium credit card segment. Unlimited airport lounge access, insurance coverage and integration across the Rakuten ecosystem made it a premium card with the most generous Priority Pass proposition in the market and a highly popular option for mass affluent travellers.

In 2024, the introduction of a series of updates, including limits on airport lounge visits, revision to dining and experience benefits, and adjustments to certain rewards, generated discussion among consumers, with some online commentary referring to them as “改悪祭り”. Conversations across YouTube and social media reflected a growing interest in how card benefits are structured and communicated.

In addition, a Collinson International-commissioned study conducted by RICE (a FINN Partners company)*, which examined cardholder sentiment following these updates, found mentions of “改悪” had already begun appearing more widely online prior to Rakuten’s official announcement. This suggests that customers were already recognising a shift in the market, reflecting a move toward greater efficiency in managing credit card benefits.

Based on wider observations across social discussions around the Rakuten updates, consumers also used terms like “ラウンジ難民”, suggesting a level of dissatisfaction beyond the practical impact of the updates. While some cardholders viewed the changes as part of an ongoing evolution, others expressed concerns around consistency and perceived value.

The RICE study also found that around one-third of cardholders indicated they may reduce usage of the Rakuten Premium Card or consider additional cards. Separately, an internal analysis conducted by Rakuten showed that many of these customers were lower-spending users who tended to rely more heavily on Priority Pass benefits. This points to a moderate behavioural adjustment, with core, active users remaining resilient.

The response to Rakuten’s Premium Card changes is perhaps less unexpected when viewed in the context of broader consumer expectations in Japan. There has been a gradual shift from status-driven to experience-driven definitions of premium, with greater emphasis on travel, wellness and shared family moments.

‘Premium’, is increasingly associated with reliability and meaningful experiences, rather than exclusivity alone.

This aligns with wider global patterns where research suggests that mass affluent consumers are placing more value on travel and shared experiences as part of their definition of “premium.” As a result, perceptions of luxury are evolving to place greater importance on purpose, ease of use and overall well-being.

These shifts are also influenced by rising digital expectations. RICE’s Rakuten cardholder perception study found that the shift to digital membership was broadly welcomed by Rakuten cardholders, with around 80% expressing a neutral to positive response – suggesting that for many consumers in Japan, mobile-first access is becoming a standard expectation, with convenience and clarity playing a more central role in how premium services are experienced.

Against this backdrop, airport lounge access remains an important feature. Our findings show that 96% of Japanese travellers would consider switching payment cards if airport lounge access were removed – the highest sensitivity in the region. This proportion jumps to 100% among cardholders whose preferred airport lounge access programme is Priority Pass.

A greater emphasis on curated, wellbeing-oriented benefits therefore appears closely aligned with the types of value that support connection, reassurance and long-term loyalty. Rakuten’s recent experience also illustrates a broader shift underway in Japan’s financial services landscape.

As financial institutions evolve from payment utilities into lifestyle enablers, loyalty is secured through the range of benefits offered and by how clearly and consistently these benefits are delivered.

Findings from Collinson International’s Travel Benefits and Customer Engagement Report further supports this direction. Among emerging affluent, high-engagement segments, travel-related benefits are the most important factor when choosing a credit card in Japan and across Asia Pacific.

As Collinson’s Travel Benefits and Customer Engagement Report shows, cardholders tend to spend more and stay loyal longer when their experiences feel personally meaningful and aligned with what they value. By aligning experience-led rewards with ecosystem capabilities and spending behaviours, the Rakuten Premium Card will be well-placed to strengthen loyalty, deepen engagement and ensure its premium proposition remains compelling in an increasingly experience-focused payments landscape.