diff --git a/src/cartsnitch_api/middleware/rate_limit.py b/src/cartsnitch_api/middleware/rate_limit.py
index 424ed19..319b363 100644
--- a/src/cartsnitch_api/middleware/rate_limit.py
+++ b/src/cartsnitch_api/middleware/rate_limit.py
@@ -4,6 +4,7 @@ Uses in-memory sliding window as fallback, Redis/DragonflyDB when available.
 Per-IP limiting on public endpoints, per-token limiting on authenticated endpoints.
 """
 
+import hashlib
 import time
 from collections import defaultdict
 from threading import Lock
@@ -71,8 +72,8 @@ def _get_rate_limit_key(request: Request) -> tuple[str, _SlidingWindowCounter]:
     auth_header = request.headers.get("authorization", "")
     if auth_header.startswith("Bearer "):
         token = auth_header[7:]
-        # Use last 16 chars of token as key to avoid storing full tokens
-        return f"token:{token[-16:]}", _auth_limiter
+        token_hash = hashlib.sha256(token.encode()).hexdigest()
+        return f"token:{token_hash}", _auth_limiter
 
     # Fallback to IP for unauthenticated non-public endpoints
     return f"ip:{_get_client_ip(request)}", _public_limiter
diff --git a/tests/test_middleware/test_rate_limit.py b/tests/test_middleware/test_rate_limit.py
index d5b7691..59386a1 100644
--- a/tests/test_middleware/test_rate_limit.py
+++ b/tests/test_middleware/test_rate_limit.py
@@ -1,8 +1,10 @@
 """Tests for rate limiting middleware."""
 
+from unittest.mock import MagicMock
+
 import pytest
 
-from cartsnitch_api.middleware.rate_limit import _SlidingWindowCounter
+from cartsnitch_api.middleware.rate_limit import _SlidingWindowCounter, _get_rate_limit_key
 
 
 class TestSlidingWindowCounter:
@@ -53,3 +55,32 @@ async def test_health_skips_rate_limit(client):
     resp = await client.get("/health")
     assert resp.status_code == 200
     assert "x-ratelimit-limit" not in resp.headers
+
+
+class TestGetRateLimitKey:
+    def _make_request(self, auth_header: str = "") -> MagicMock:
+        req = MagicMock()
+        req.url.path = "/purchases"
+        req.headers = {"authorization": auth_header} if auth_header else {}
+        return req
+
+    def test_distinct_tokens_produce_distinct_keys(self):
+        req1 = self._make_request("Bearer token_alpha_12345")
+        req2 = self._make_request("Bearer token_beta_67890")
+        key1, _ = _get_rate_limit_key(req1)
+        key2, _ = _get_rate_limit_key(req2)
+        assert key1 != key2
+
+    def test_same_token_produces_same_key(self):
+        req1 = self._make_request("Bearer same_token_value_abc")
+        req2 = self._make_request("Bearer same_token_value_abc")
+        key1, _ = _get_rate_limit_key(req1)
+        key2, _ = _get_rate_limit_key(req2)
+        assert key1 == key2
+
+    def test_key_does_not_contain_raw_token_suffix(self):
+        raw_token = "my_secret_jwt_token_xyz"
+        req = self._make_request(f"Bearer {raw_token}")
+        key, _ = _get_rate_limit_key(req)
+        assert raw_token[-16:] not in key
+        assert raw_token not in key