Rocket Companies, Inc has announced the launch of a new loyalty program, Rocket Rewards. The program will enable 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, the company noted.
Clients at any phase of the homebuying journey–even those months away from beginning the search for a home–can start gaining rewards. 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 reading educational articles, watching informative videos available on the Rocket Mortgage learning center or using a mortgage calculator. Rocket Companies plans to expand the Rocket Rewards program in the coming months with new ways to bank points and additional redemption opportunities, they said.
“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,” said Jenn Steeves-Kiss, chief experience officer for Rocket Central. “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.”
This is the latest client-focused program from the company, giving Americans the opportunity to achieve their financial goals while continuing to drive value and brand loyalty for Rocket Companies. Recently, the organization announced Inflation Buster, a program that reduces a home buyer’s mortgage payment for the first year of their loan–providing some flexibility for the expenses that come with homeownership–the costs of which have risen due to inflation.
“Rocket Companies 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,” said Jay Farner, vice chairman and CEO of Rocket Companies. “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.”
Rocket Rewards further delivers on Rocket Companies’ mission of simplifying life’s most complex moments so Americans can live their individual dream. 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 company noted.
The 2022 Loyalty Barometer Report by Merkle showed 79% 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% 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 Rewards is poised to help bolster Rocket Mortgage’s already strong brand loyalty, which has a net client retention rate of 93%, over the 12 months ended June 30, 2022.
For more information on Rocket Rewards, visit https://www.myrocket.com/Rewards.