How frequently will payments be made?
Frequency of payments depends on how frequently you use your Rocket Card. If you use your Rocket Card frequently, you can expect anywhere from 4-6 payments per month. We will never schedule payments two days in a row.
Payments will be scheduled on business days, avoiding holidays and weekends, typically Monday-Thursday.
How much of a heads-up will I receive before payments are made?
We will alert you about scheduled payments on the day of the payment, giving you about 10 hours notice from the time we alert you via push notification.
We’ll notify you early in the morning, giving you about 10 hours’ notice to either accept or skip the payment. If you do nothing, we will process the payment.
How much will payments typically be?
SmartPayments are never more than your Maximum Daily Payment, which you chose when you enrolled in SmartPay.
Because SmartPay’s purpose is to help you grow your credit, we will attempt to pay down your statement balance as much as possible each month, which can help boost your credit score (More on that here). This means that your SmartPayment amount could be up to your Maximum Daily Payment amount, especially if you use Rocket Card frequently
If SmartPay doesn’t pay off your entire statement balance by the statement due date, we will check to see if you’ve selected a Fallback Payment option to pay down your remaining balance. We will attempt this payment—either the minimum payment or any remaining statement balance—at the end of your statement period.
To check how much these amounts (minimum payment or statement balance), access your latest statement by clicking on “Manage” at the top of your Rocket Card account screen. You’ll see “Minimum payment” (self-explanatory), and “New Balance” which is your total statement balance. This amount may be more than your current balance, depending on how many SmartPayments have gone through since your statement period began.
What is a statement balance?
A statement balance is the balance left on your Rocket Card after the end of your statement period, or billing cycle. You have 30 days after the end of the statement period to pay the statement balance.
The statement period for Rocket Card always starts on the first of the month, making it easy to track when the statement balance is due.
For example, say the balance on your Rocket Card after May 30th was $525. That’s your statement balance. The statement due date is June 30th, or 30 days from the end of your last billing cycle. So you have 30 days to pay down $525, regardless of additional balance add to your card during the month of June.
What is a fallback payment?
One of the payment settings you chose when you first enrolled in SmartPay was to select a fallback payment.
In the case that you’re unable to pay the entire statement balance for your Rocket Card during the statement period—either because your SmartPayments weren’t high enough to cover the balance or because you needed to skip payments—you’ll pay either the minimum payment or the remainder of your statement balance (whatever you chose as your setting) as a way to avoid late fees and/or interest.
You can also choose to do nothing, which may leave you vulnerable to late fees and interest if you don’t pay your entire statement balance by the statement due date.
For example, if you pay at least the minimum payment by the statement due date, but you still have remaining statement balance, you’ll accrue interest. This is why it’s a good idea to check your statement when it’s available to understand what’s due.
How will SmartPay know how much is a safe amount to pay?
When you choose a Maximum Daily Payment and a Safe-to-Pay Threshold when you first get your Rocket Card, you’re providing us with a guide for how to pay down your Rocket Card.
Before we schedule a SmartPayment, we’re assessing whether you have money that’s safe to spend based on your safe-to-pay threshold.
If you have money that’s safe to spend, we’ll attempt a payment amount that we predict will pay down your statement balance fastest without ever going above your Maximum Daily Payment.
Can I limit the payment amount?
Yes! You’re totally in control of your payment settings: Adjust your maximum daily payment and your safe-to-pay threshold by going to your “Manage” settings from the Rocket Card account screen and selecting “Payment Settings”.
What if SmartPay overdrafts my account?
Although we work very hard to avoid overdrafts by assessing your Safe-to-Spend Threshold on each day we decide to make a payment, in rare instances, a SmartPayment could cause an overdraft.
If that happens, please contact our support team in the Rocket Money app.
It’s always a good practice to set a conservative Safe-to-Spend Threshold so you’re unlikely to ever overdraft.
Can I still make manual payment even if I have SmartPay enabled?
You sure can!
From your Rocket Card account screen, just tap “Manage” then “Payment History” to make a manual payment.