Rinaldi started his professional career with San Lorenzo in 1980 at the age of 17. In 1982 he helped the club to win the Argentine 2nd division and gain promotion back to the Argentine Primera.
In 1985 he joined Sporting de Gijón in Spain but things did not work out for him there and he returned to Argentina in early 1986 to play for Boca Juniors.
In 1988 Rinaldi was sold directly to Boca's fiercest rivals, River Plate making him one of a select band of players to have played for Boca and River.
After one season with River, Rinaldi joined Gençlerbirliği S.K. in Turkey. In 1990 he returned to Argentina and his first club, San Lorenzo, in 1992 it became clear that he was no longer part of the managers plans and he took the difficult decision to retire at the age of only 28.
Since retirement Rinaldi has held several coaching positions including youth coach and caretaker manager at San Lorenzo and worked as a journalist for Clarín.
His son Leonel Rinaldi is also a footballer.