DETROIT—Credit card rewards are getting more complicated and “hard to decipher,” according to one new analysis.
Case in point: the new Rocket Visa Signature Card, CNBC reported.
“While advertised as a cash-back card, the card offers 5X Rocket Rewards points on all purchases,” CNBC stated. “The value of your rewards will depend on how you redeem them. Your points are worth one cent each when redeeming towards down payment and closing costs with Rocket Mortgage (up to $8,000 in rewards), so you’re essentially earning 5% cash back on all purchases if you use your points this way.”
In different terms, the points are worth 0.4 cents each when being put toward Rocket Mortgage loan principal, the report added.
The Effective Earnings
“In this case you’re effectively earning 2% cash back on all purchases. Your points are worth 0.25 cents each when redeeming towards a statement credit, meaning you’re earning 1.25% cash back on all purchases,” CNBC explained.
New cardholders can also earn a welcome bonus of $200 for spending $3,000 in the first three months.
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