Rocket to sunset its credit card, confirms 2% workforce cut

Rocket Companies announced a strategic move to sunset its credit card Wednesday, with the company opting to focus on goals to grow its homeownership platform instead.

An email from Rocket Card sent to customers reveals that on September 8 the card will be discontinued. The firm said that even though it is stepping back from this space — in which it has been a player for a little over two years— it will continue to support its users by other means.

"Rocket has made the strategic decision to sunset the Rocket Card program in order to focus on its core mission of helping everyone on their journey to homeownership," said an email sent to Rocket Card customers viewed by National Mortgage News. "From monitoring your personal finances to paying off your mortgage, Rocket will continue to invest in the tools and services that are best suited to help you reach your goals."

As a means to console credit card users, Rocket is offering a year of premium Rocket Money, its financial management application, which went by the name of Truebill prior to being acquired by the Detroit-based firm in 2021. 

Rocket reassured customers that the discontinuation should not negatively impact their credit score, unless of course they have an outstanding balance. 

In a May interview, Rocket Card executive Kristen Klotz said there was an uptick in demand for the credit card among consumers looking to buy a home in the near term "as they seek ways to lower upfront costs and decrease their interest rate."

The card, which was launched in 2024, offered perks such as 5% back on up to $8,000 on all purchases, which can go towards the cost of a new home with Rocket Mortgage, Klotz said.

The announcement that Rocket is discontinuing the financial product comes amid the firm making a number of strategic business moves, such as rebranding and buying two organizations.

In March Rocket announced it would acquire Redfin, a real estate brokerage platform for $1.75 billion. The purchase was finalized mid-summer, after which Rocket began restructuring.

Following the completion of the acquisition, Rocket moved to cut 2% of its employee headcount on July 11, it confirmed Wednesday.

"We carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams," the company said. "These decisions weren't made lightly. They reflect change needed to build a focused organization for the future."

Soon after announcing plans to acquire Redfin, Rocket also announced a strategic move to buy Mr. Cooper, the largest servicer in the nation, for $9.4 billion as a means to build out a homeownership flywheel to recapture customers. The transaction is expected to close in the fourth quarter of 2025.

Once the deal is finalized, Rocket will service nearly 10 million clients, representing one in every six mortgages in the U.S., the megalender previously stated.