Rocket Cos. Inc., the Detroit-based fintech platform company consisting of Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money, has unveiled Rocket Rewards, a loyalty program empowering consumers to accrue points that can be redeemed toward various financial transactions across the Rocket Platform.
With the launch of the first phase of the program, homebuyers can use reward points to save money on their closing costs when financing their home purchase through Rocket Mortgage.
“Phase one of Rocket Rewards empowers consumers to gain knowledge and understanding of the homebuying process while simultaneously accruing points, and ultimately money, that can help reduce costs when they are ready to buy a home,” says Jenn Steeves-Kiss, chief experience officer for Rocket Central, the centralized hub for the Rocket Cos.’ fintech platform.
“What’s most exciting to me is that we are just scratching the surface of what’s possible with a powerful rewards program inside the Rocket ecosystem — whether that is finding innovative ways to provide discounts toward personal loans, free premium Rocket Money subscriptions, or even money off the installation of solar panels.”
Clients at any phase of the homebuying journey — even those months away from beginning the search for a home — can start gaining rewards by completing simple tasks. For example, those who create a free Rocket account and visit the rewards page or those with an existing account who complete their first rewards activity will currently receive a 7,500-point welcome bonus, the equivalent of $75, that can be applied to savings on closing costs.
Clients can receive additional reward points by completing a number of activities, including reading educational articles, watching informative videos available on the Rocket Mortgage learning center, or using a mortgage calculator. Rocket Cos. plans to expand the Rocket Rewards program in the coming months with new ways to bank points and additional redemption opportunities.
The loyalty program helps prepare consumers for when they are ready to buy a home and will soon assist those who are looking to power their home with solar panels or achieve financial flexibility with a personal loan. Those who opt into the program can manage rewards, see their point balances, find activities to complete to get rewards, and view their full rewards history all in one location.
The 2022 Loyalty Barometer Report by Merkle showed 79 percent of consumers are more likely to do business with an entity because of its loyalty program. The results for Rocket were even more impressive. According to a company sponsored survey, 88 percent of clients said they would value a Rocket-affiliated rewards program in a way that would encourage a long-term relationship with the brand.
“Rocket Cos. is known for delivering exceptional client service and the introduction of Rocket Rewards continues that trend — showing our appreciation for clients by offering incentives at various points throughout their financial journey,” says Jay Farner, vice chairman and CEO of Rocket Cos. “We know not every client is ready to work with us at this moment but, by banking rewards that can build over time, we are delivering a value-add no other lender in our space can match.”
For more information on Rocket Rewards, or to create an account and start banking points, click here.