Latest news with #RocketMoney
Yahoo
05-08-2025
- Business
- Yahoo
Rocket Visa Signature Card review: Up to 5% rewards on every purchase for Rocket Mortgage customers (discontinued)
Buying a home is one of the most costly purchases you'll make throughout your lifetime, and as prices grow, every dollar saved counts. The Rocket Visa Signature® Card may help, with valuable savings of up to 5% cash back toward new home loan closing costs with Rocket Mortgage® — but it's not for every homebuyer. Here's what to know about earning rewards toward a future home purchase (or existing Rocket Mortgage loan) using the Rocket Card and how to decide if it's right for you. Additional benefits There aren't many added benefits with the Rocket Visa Signature Card. You will get some perks from Visa Signature, including: Extended warranty protection for up to one year Cell phone protection for up to $750 against theft or damage with a $50 deductible (when you use your card to pay your monthly phone bill) Porch piracy protection covering up to $10,000 for an eligible stolen item delivered to your home You'll also get access to Rocket Money Premium, where you can track and cancel your subscriptions, link other accounts to see your net worth, set up a budget and spending goals, access your credit score, and more. Related: How to check your credit score How to earn rewards The Rocket Visa Signature Card doesn't have any rewards categories to keep track of. Instead, the amount you'll earn on each purchase depends on how you redeem your rewards. 5% cash back when you use rewards toward your next home purchase with Rocket Mortgage 2% cash back toward your mortgage balance if you already have a loan with Rocket Mortgage 1.25% cash back for statement credits to your account How to redeem rewards You can redeem your Rocket Visa Signature Card rewards in multiple ways, though each redemption option has a different value. You'll get up to 5% cash back when you redeem rewards toward your down payment and closing costs on a mortgage with Rocket Mortgage (refinances are excluded). Specifically, you can put your rewards toward 'funds required to close,' which may include your down payment, fees, and closing costs on your Rocket Mortgage loan. You can redeem up to $8,000 worth of rewards this way — though reaching that max would require $160,000 in purchases on your card. You can also redeem your credit card reward toward an existing mortgage loan if you're already a Rocket Mortgage customer. You'll get 2% cash back when you use rewards toward your Rocket Mortgage principal balance, with a minimum redemption of at least $25. Related: Rocket Mortgage review 2025 Let's say you spend around $10,000 per year on your credit card, or about $833 per month on everything from regular trips to the grocery store to gas station fill-ups, travel, and regular payments to streaming services and utility providers. At the 5% rewards rate, you'd have $500 to put toward a down payment and closing costs with Rocket Mortgage. If you already have a Rocket Mortgage loan, you'd have $200 to use toward your principal balance at a 2% redemption rate. You also have the option to redeem your rewards for statement credits toward your card balance. However, this redemption will lower your earning rate to just 1.25% cash back per dollar spent. Using the same spending example, you'll get just $125 annually toward your card balance in statement credits. Who is the Rocket Visa Signature Card best for? In terms of maximizing rewards, the Rocket Visa Signature Card is best for homebuyers who plan to take on a home loan with Rocket Mortgage and can use the card to earn up to 5% cash back toward a down payment and closing costs. But it's also not that simple. To get the most from the Rocket Visa Signature Card, you'll want to take time to accumulate a solid bank of rewards that you can use toward your future down payment and closing costs (up to $8,000). If you open a Rocket Card far in advance of when you plan to buy your home, it can be hard to gauge the best mortgage rates you'll eventually qualify for. When it does come time to lock in a mortgage, you'll only get to use the rewards you've earned at the full 5% rate if you choose Rocket Mortgage — even if it means missing out on a lower interest rate from another lender. Because even small interest rate changes can make a big difference over the full lifetime of your loan, you could miss out on a better long-term deal by committing to this credit card and its rewards structure before you buy your home. This card may also be worth it if you already have a Rocket Mortgage loan. You'll earn a lower 2% on your spending when you use your rewards toward your existing principal loan balance with Rocket Mortgage, but it's easy to ensure your rewards will specifically help pay down your mortgage. Even still, there are plenty of other credit cards with flat 2% rewards or even more across different spending categories. You may be able to use these cards to earn more rewards over time, and still put the cash back you earn toward your mortgage payments on your own. Related: Best cash-back credit cards Rocket Visa Signature Card pros Up to 5% cash back on every purchase: If you can qualify for the 5% cash back by using your rewards toward a down payment and closing costs on your Rocket Mortgage loan, this card can offer incredible value. Typically, you'll only get up to 5% rewards in specific categories with a rewards card, not on every purchase you make. Rocket Money Premium access: You'll gain access to Rocket Money Premium with your Rocket Card. This can be a good tool to help you reach your financial goals, with the ability to set up a budget, access your credit score, cancel unused subscriptions, and keep track of spending. No annual fee: There's no annual fee to carry this card, which means you don't have to worry about recouping any cost in rewards value (as long as you pay your balances in full and on time). Read more: Best credit cards with no annual fee Rocket Visa Signature Card cons Limited redemption options: While it's possible to earn up to 5% cash back with this card, redemptions can be restrictive. You'll need to take on a new Rocket Mortgage loan to use the full 5% rewards toward your down payment and closing costs, and you'll only get 2% back when you use your rewards for existing Rocket Mortgage payments. The only other redemption option available is for statement credits, at a much lower rewards rate of 1.25%. Few added perks: Compared to other rewards credit cards, you won't get much added value from benefits with the Rocket Card. If you're looking for annual credits or discounts, you may want to consider another cash-back credit card. No introductory offer: The Rocket Card has no introductory 0% APR on new purchases or balance transfers, so you'll pay the full ongoing variable APR on any balances you carry after account opening. Where can you use the Rocket Visa Signature Card? Because the Rocket Card is a Visa Signature card, you can use it anywhere worldwide that Visa cards are accepted — which includes over 100 million locations across the globe. The card also charges no foreign transaction fees, making it a solid choice for international travel. Without these added fees, you don't have to worry about extra charges when you make purchases abroad. How to make a Rocket Visa Signature Card payment The Rocket Visa Signature Card is powered by Deserve and issued by Celtic Bank, but you can make your Rocket Card payments through the Rocket Money app or website. You'll have the option to set up autopay or make one-time payments. You can also use SmartPay through Rocket Money, which allows you to make several small monthly payments toward your balance. Rocket Visa Signature Card customer service info Phone number: (888) 452-8179 Monday through Friday 7 a.m. to Midnight ET Saturday 9 a.m. to 8 p.m. ET Sunday 9 a.m. to 7 p.m. ET Chat with a representative after logging into your online account Monday through Friday 7 a.m. to Midnight ET Saturday 8 a.m. to YouMidnight ET Rocket Money login page Rocket Visa Signature Card FAQs Can Rocket Money help with credit card debt? Rocket Money isn't specifically designed to help you pay off credit card debt, but it can help you get a better overall picture of your finances to jumpstart your payoff process. You can set a budget and spending goals to stay on top of your debt payments. The app can even identify your recurring subscriptions, so you can cancel unnecessary regular payments and put that money toward your balances. Rocket Money also allows you to track your credit score and credit history and get alerts when your credit score changes. Monitoring your credit score alone won't help with your credit card debt, but it can be a good way to track your progress. However, the Rocket Visa Signature Card does not have any introductory 0% APR offer for balance transfers, so it's not a great option if you're looking for a credit card to help with your existing debt. Do you need a Rocket Mortgage loan to use the Rocket Visa Signature Card? You don't need a current loan with Rocket Mortgage to use the Rocket Card. If you plan to take on a Rocket Mortgage loan in the future, you can start earning rewards on your spending today to use toward your down payment and closing costs. If Rocket Mortgage isn't your preferred mortgage lender, you should probably look elsewhere for a rewards card; redeeming rewards for statement credits only nets you 1.25% cash back. Alternative cards to consider If you're not planning to take on a Rocket Mortgage loan, you'll probably get better value on your spending elsewhere. Here are some great rewards cards to consider today: Why we like it: Like the Rocket Card, you can earn a flat rewards rate on every purchase you make with the Capital One Venture Card; the difference is the added flexibility in how you use your rewards. You'll get 2x miles on every purchase you make plus a boosted 5x miles on hotels, vacation rentals, and rental cars booked through Capital One Travel. This is a travel credit card, so it makes most sense for people who travel at least a few times per year. When you're ready to redeem, you'll get the best value when you use your miles to book a trip through Capital One Travel, get reimbursed for travel purchases charged to your card, or transfer them to Capital One's 15+ travel partners. Read our full Capital One Venture Rewards Credit Card review Why we like it: Chase Freedom Unlimited is another card with flat rewards — 1.5% cash back — on every purchase. But you can also earn more cash back in certain categories: 5% cash back on travel through Chase Travel℠, 3% cash back on drugstore purchases, and 3% cash back on dining. Redemption options with this card are flexible and you can take advantage of a solid intro APR offer on new purchases and balance transfers. Read our full Chase Freedom Unlimited review Why we like it: Like the cards above, you'll earn simple, flat cash-back rewards with the Capital One Quicksilver. Get 1.5% cash back on every purchase you make and 5% cash back when you book hotels and rental cars through Capital One Travel. If you're looking for straightforward rewards you can earn no matter where you spend money, this can be an easy choice. While 1.5% may be less than the Rocket Card's top redemptions, it's greater than the 1.25% for statement credits you'll get if you don't use your rewards toward a Rocket Mortgage loan. The Capital One Quicksilver also offers a 0% introductory APR on new purchases and balance transfers, which can be useful for a large upcoming purchase or for paying down existing debt. Read our full Capital One Quicksilver Cash Rewards Credit Card review Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
CNET
26-07-2025
- Business
- CNET
Does Rocket Money Work? I'm Convinced After Saving $400 in Subscription Costs
You could be losing money to subscriptions you don't even use. This popular budgeting app can help you cut costs. Getty Images/Rocket Money/Amy Kim/CNET No one likes losing money, yet many of us are allowing dollars to drain from our bank accounts without realizing it. The average US consumer spends around $200 a year on subscriptions they don't even use, according to a recent CNET study. It's easy to see why. You sign up for a free trial or service and forget about it, but the subscription provider keeps charging you each month. Since the money is automatically deducted from your account, you don't pay much attention to it. Or maybe you've thought about canceling, but you keep putting it off because you don't want to deal with the hassle. Whatever the reason, you don't have to let unwanted subscriptions siphon away your hard-earned cash. After hearing numerous podcast ads touting Rocket Money's ability to save me on subscriptions, I decided to test out the budgeting app to see if the hype was warranted. After it saved me $400 in 15 minutes, I'd say it is. Rocket Money Not only can it help you rein in your spending, but Rocket Money can also help you find and cancel unwanted subscriptions. Details CNET editors choice winner for best budgeting app See at Rocket Money How Rocket Money slashed $400 from my budget in 15 minutes Rocket Money is a budgeting app that monitors your income and expenses, helps you set savings goals and tracks your subscriptions in one place, whether you use the free or paid version. It's also CNET's Editors' Choice for best budgeting app. Rocket Money's paid version, which costs $6 to $12 a month, can also find and cancel some subscriptions for you. You can try this service by navigating to the Recurring tab on the app menu. You'll see subscriptions coming due in the next seven days, ones coming due later and how much you spend on these subscriptions in a year. The first thing I noticed was that my subscription to HGTV Magazine, which costs $50 for a year, was up for renewal in four days. Given my enormous pile of unread back issues, canceling this subscription was a no-brainer. Rocket Money gave me two options: The app could cancel this subscription for me or I could call the number they provided to cancel it myself. I chose to have them do it for me. The app asked for some basic information, including my name, billing address and the reason I wanted to cancel, then confirmed that it was working on it. The process was fairly painless but I have one complaint. I didn't know until after I'd submitted my cancellation request that it could take two to seven days for Rocket Money to complete the cancellation -- I found out from the pop-up confirmation I received after submitting. Fortunately, I was able to respond quickly to the email confirmation Rocket sent me and I received a response within minutes from a customer support rep who said they'd fast-track my cancellation. The next business day, my subscription was canceled. I was hooked. What else was I spending money on without realizing it? I reviewed my other subscriptions and identified a handful I no longer needed: HP Instant Ink: $4.34 a month (for a printer I don't even have anymore) $4.34 a month (for a printer I don't even have anymore) New York Times Digital: $4 a month (the number of free articles I get is usually enough for me) $4 a month (the number of free articles I get is usually enough for me) Wall Street Journal: $4 a month (same as above) $4 a month (same as above) Pandora: $10 a month (a recent switch to Amazon Prime Unlimited made this service unnecessary) $10 a month (a recent switch to Amazon Prime Unlimited made this service unnecessary) Spotify: $10 a month (same as above) I'll admit I barely noticed these small amounts when they hit my bank account each month. I'd grouped them under "Miscellaneous" in my budget and never really thought about them because that category tended to stay within my spending goals. But viewing them all grouped together, it was easy to see how quickly they could drain my budget. By canceling these subscriptions, I saved myself $32.32 a month going forward, for a total annual savings of $387.84. Add that to the savings on my HGTV Magazine subscription and that's an extra $437.81 in my pocket annually. Better yet, even though I'd only installed the app a few months earlier, Rocket Money pulled in subscriptions from years past, allowing me to catch ones that were coming due even though I hadn't paid for them since installing the app. In total, reviewing my subscriptions and having Rocket Money cancel six of them took me about 15 minutes. Not bad to get more than $400 in savings. You can also save on subscriptions with Rocket's free version Rocket Money's free version only shows subscriptions -- it won't cancel them for you. To access the cancellation service, you'll need the paid version, which costs $6 to $12 a month. You choose your amount, and you'll enjoy the same features regardless of how much you pay. If you don't want to pay extra for the convenience of having Rocket cancel your subscriptions for you, you could just as easily use the free version to identify your subscriptions and then cancel them yourself. You can also try using Rocket's bill negotiation service, which can help lower your monthly costs, but you'll pay 35% to 60% of your first year's savings if it's able to save you money. Other ways to cut subscription costs I used Rocket Money to trim my subscription costs because it's the budgeting app I regularly use anyway. I'd rather save a few minutes, especially if it doesn't cost me anything extra. But you can always cancel your subscriptions yourself by calling a customer service line or logging into your online account. These tips can also help you maximize your savings: Note your renewal dates. Whenever you sign up for a new service, note when it's due to renew. Then, set a reminder on your calendar for the week before so you can decide if it's worth renewing and cancel if not. If you sign up for a free trial, use a virtual card to make canceling a breeze. Review your budget regularly. Going over your budget weekly can help you spot subscription charges that have already hit your account and cancel them before they cost you more. But don't just take a cursory glance. Look at each transaction, even the minor ones. I was keeping a general eye on my spending, but I wasn't always doing it line by line to evaluate if each expense was truly worth it. Rotate your streaming services. You can only watch so much content in a month. One of the easiest ways I've found to keep my subscription costs down is to only subscribe to one streaming service at a time. For example, when one of the shows I love dropped its new season on Netflix, I canceled my Hulu and signed up for a month of Netflix. I watched everything that interested me on Netflix before the month was up, then I canceled it and moved on to another service. Take advantage of complimentary subscriptions. Some subscriptions give you free access to other services. For instance, Walmart Plus members get a free Paramount Plus subscription. Amazon Prime membership comes with perks like a free Amazon Music subscription and a free year of Grubhub Plus. Take a look at your existing subscriptions to see if they offer any free perks you can take advantage of. Visit your local library. Many library systems offer free access to newspapers, magazines and movies and TV series on DVD. Check out your local library to see what you can enjoy for free.
Qatar Tribune
19-07-2025
- Business
- Qatar Tribune
Tech tip: ‘Click-to-cancel' is over, but there are other ways to unsubscribe
Agencies A 'click-to-cancel' rule, which would have made it easier for consumers to end unwanted subscriptions, has been blocked by a U.S., federal appeals court days before it was set to go into effect. But there are ways to end those subscriptions and memberships, even if they take some work. The rule would also have required companies to disclose when free trials and promotional offers would end and let customers cancel recurring subscriptions as easily as they started them. But even without the new federal guidance, here are some ways to stay on top of subscription and membership fees. Experts at the Consumer Federation of America recommend setting calendar reminders for whenever a free trial period ends, to alert yourself to cancel promotional offers before the real recurring costs kick in. The auto-enrollment process, in which the company does not remind the consumer via email that a trial is about to end and higher monthly payments will begin, was also at the heart of the FTC's rule. 'No subscription business model should be structured to profit from a gauntlet-style cancellation process,' said Erin Witte, Director of Consumer Protection for the Consumer Federation of America, in a statement on the click-to-cancel rule. Regularly reviewing your credit card and debit card bills can also help you keep track of any recurring charges — including price increases you may have missed or that you didn't anticipate when trying out a new membership or subscription. 'Companies make it easy for consumers to click to sign up and easy for the companies to automatically withdraw funds from consumers' accounts,' said Shennan Kavanagh, Director of Litigation at the National Consumer Law Center (NCLC) in a statement on the FTC's click-to-cancel rule. 'People should not (have to) spend months trying to cancel unwanted subscriptions.' Given the FTC's vacated rule, though, companies may still legally require that customers cancel memberships or subscriptions by phone, even as they permit signing up, enrolling, and paying bills online. Consumer advocates say this places an extra burden of time and energy on the consumer to stop an unwanted recurring fee, but sometimes knowing the terms of the subscription and getting on the phone is worth the trouble. Apps like Rocket Money and services like Trim, which is accessed through a browser, can keep track of your recurring monthly fees and subscriptions, for free — or for a fee — and can help you catch new ones or even unsubscribe from some services. For parents, especially, a service like Trim could help inform them that a child has started a new subscription, game or membership before the fees recur. And Rocket Money will actively work to end unwanted subscriptions for you, for a monthly price. If the company can't successfully end or cancel the subscription or membership, it will give the customer the information needed to do so. Trim also provides this service, in its premium form, for an additional fee. The FTC is currently moving forward with preparations for a trial involving Amazon's Prime program, which accuses the retailer of enrolling consumers in its Prime program without their consent and making it difficult to cancel subscriptions. Often, when a consumer tries to cancel a subscription for something like Prime, which offers free delivery and streaming video, the company will offer a month or more of the subscription at a promotional rate — half off, or at other, better-seeming values, to entice a customer to stay. Staying strong in the face of what may appear to be a good deal can help you stop recurring monthly fees before you forget to cancel them again. Agreeing to yet another trial or promotional rate, which is another on-ramp to auto-enrollment, just continues the cycle, according to consumer advocates. The FTC's rule would have required businesses to obtain a customer's consent before charging for memberships, auto-renewals and programs linked to free trials. The businesses would have also had to disclose when free trials and promotional offers would end. The U.S. Court of Appeals for the Eighth Circuit said this week that the FTC made a procedural error by failing to come up with a preliminary regulatory analysis, which is required for rules whose annual impact on the U.S. economy is more than $100 million. The FTC said that it did not have to come up with a preliminary regulatory analysis because it initially determined that the rule's impact on the national economy would be less than $100 million. An administrative law judge decided that the economic impact would be more than the $100 million threshold, and the court decided to vacate the rule. Former President Joe Biden's administration had included the FTC's proposal as part of its 'Time is Money' initiative, which aimed to crack down on consumer-related hassles.
Japan Today
18-07-2025
- Business
- Japan Today
Tech tip: 'Click-to-cancel' is over, but there are other ways to unsubscribe
FILE - The logos for streaming services Netflix, Hulu, Disney Plus and Sling TV are pictured on a remote control on Aug. 13, 2020, in Portland, Ore. (AP Photo/Jenny Kane, File) By CORA LEWIS A 'click-to-cancel' rule, which would have made it easier for consumers to end unwanted subscriptions, has been blocked by a U.S., federal appeals court days before it was set to go into effect. But there are ways to end those subscriptions and memberships, even if they take some work. The rule would also have required companies to disclose when free trials and promotional offers would end and let customers cancel recurring subscriptions as easily as they started them. But even without the new federal guidance, here are some ways to stay on top of subscription and membership fees. Experts at the Consumer Federation of America recommend setting calendar reminders for whenever a free trial period ends, to alert yourself to cancel promotional offers before the real recurring costs kick in. The auto-enrollment process, in which the company does not remind the consumer via email that a trial is about to end and higher monthly payments will begin, was also at the heart of the FTC's rule. 'No subscription business model should be structured to profit from a gauntlet-style cancellation process," said Erin Witte, Director of Consumer Protection for the Consumer Federation of America, in a statement on the click-to-cancel rule. Regularly reviewing your credit card and debit card bills can also help you keep track of any recurring charges — including price increases you may have missed or that you didn't anticipate when trying out a new membership or subscription. 'Companies make it easy for consumers to click to sign up and easy for the companies to automatically withdraw funds from consumers' accounts,' said Shennan Kavanagh, Director of Litigation at the National Consumer Law Center (NCLC) in a statement on the FTC's click-to-cancel rule. 'People should not (have to) spend months trying to cancel unwanted subscriptions.' Given the FTC's vacated rule, though, companies may still legally require that customers cancel memberships or subscriptions by phone, even as they permit signing up, enrolling, and paying bills online. Consumer advocates say this places an extra burden of time and energy on the consumer to stop an unwanted recurring fee, but sometimes knowing the terms of the subscription and getting on the phone is worth the trouble. Apps like Rocket Money and services like Trim, which is accessed through a browser, can keep track of your recurring monthly fees and subscriptions, for free — or for a fee — and can help you catch new ones or even unsubscribe from some services. For parents, especially, a service like Trim could help inform them that a child has started a new subscription, game or membership before the fees recur. And Rocket Money will actively work to end unwanted subscriptions for you, for a monthly price. If the company can't successfully end or cancel the subscription or membership, it will give the customer the information needed to do so. Trim also provides this service, in its premium form, for an additional fee. The FTC is currently moving forward with preparations for a trial involving Amazon's Prime program, which accuses the retailer of enrolling consumers in its Prime program without their consent and making it difficult to cancel subscriptions. Often, when a consumer tries to cancel a subscription for something like Prime, which offers free delivery and streaming video, the company will offer a month or more of the subscription at a promotional rate — half off, or at other, better-seeming values, to entice a customer to stay. Staying strong in the face of what may appear to be a good deal can help you stop recurring monthly fees before you forget to cancel them again. Agreeing to yet another trial or promotional rate, which is another on-ramp to auto-enrollment, just continues the cycle, according to consumer advocates. The FTC's rule would have required businesses to obtain a customer's consent before charging for memberships, auto-renewals and programs linked to free trials. The businesses would have also had to disclose when free trials and promotional offers would end. The U.S. Court of Appeals for the Eighth Circuit said this week that the FTC made a procedural error by failing to come up with a preliminary regulatory analysis, which is required for rules whose annual impact on the U.S. economy is more than $100 million. The FTC said that it did not have to come up with a preliminary regulatory analysis because it initially determined that the rule's impact on the national economy would be less than $100 million. An administrative law judge decided that the economic impact would be more than the $100 million threshold, and the court decided to vacate the rule. Former President Joe Biden's administration had included the FTC's proposal as part of its 'Time is Money' initiative, which aimed to crack down on consumer-related hassles. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Los Angeles Times
18-07-2025
- Business
- Los Angeles Times
‘Click-to-cancel' is over, but there are other ways to unsubscribe
A 'click-to-cancel' rule, which would have made it easier for consumers to end unwanted subscriptions, has been blocked by a federal appeals court days before it was set to go into effect. But there are ways to end those subscriptions and memberships, even if they take some work. The rule would also have required companies to disclose when free trials and promotional offers would end and let customers cancel recurring subscriptions as easily as they started them. But even without the new federal guidance, here are some ways to stay on top of subscription and membership fees. Experts at the Consumer Federation of America recommend setting calendar reminders for whenever a free trial period ends, to alert yourself to cancel promotional offers before the real recurring costs kick in. The auto-enrollment process, in which the company does not remind the consumer via email that a trial is about to end and higher monthly payments will begin, was also at the heart of the FTC's rule. 'No subscription business model should be structured to profit from a gauntlet-style cancellation process,' said Erin Witte, Director of Consumer Protection for the Consumer Federation of America, in a statement on the click-to-cancel rule. Regularly reviewing your credit card and debit card bills can also help you keep track of any recurring charges — including price increases you may have missed or that you didn't anticipate when trying out a new membership or subscription. 'Companies make it easy for consumers to click to sign up and easy for the companies to automatically withdraw funds from consumers' accounts,' said Shennan Kavanagh, Director of Litigation at the National Consumer Law Center (NCLC) in a statement on the FTC's click-to-cancel rule. 'People should not (have to) spend months trying to cancel unwanted subscriptions.' Given the FTC's vacated rule, though, companies may still legally require that customers cancel memberships or subscriptions by phone, even as they permit signing up, enrolling, and paying bills online. Consumer advocates say this places an extra burden of time and energy on the consumer to stop an unwanted recurring fee, but sometimes knowing the terms of the subscription and getting on the phone is worth the trouble. Apps like Rocket Money and services like Trim, which is accessed through a browser, can keep track of your recurring monthly fees and subscriptions, for free — or for a fee — and can help you catch new ones or even unsubscribe from some services. For parents, especially, a service like Trim could help inform them that a child has started a new subscription, game or membership before the fees recur. And Rocket Money will actively work to end unwanted subscriptions for you, for a monthly price. If the company can't successfully end or cancel the subscription or membership, it will give the customer the information needed to do so. Trim also provides this service, in its premium form, for an additional fee. The FTC is currently moving forward with preparations for a trial involving Amazon's Prime program, which accuses the retailer of enrolling consumers in its Prime program without their consent and making it difficult to cancel subscriptions. Often, when a consumer tries to cancel a subscription for something like Prime, which offers free delivery and streaming video, the company will offer a month or more of the subscription at a promotional rate — half off, or at other, better-seeming values, to entice a customer to stay. Staying strong in the face of what may appear to be a good deal can help you stop recurring monthly fees before you forget to cancel them again. Agreeing to yet another trial or promotional rate, which is another on-ramp to auto-enrollment, just continues the cycle, according to consumer advocates. The FTC's rule would have required businesses to obtain a customer's consent before charging for memberships, auto-renewals and programs linked to free trials. The businesses would have also had to disclose when free trials and promotional offers would end. The U.S. Court of Appeals for the Eighth Circuit said this week that the FTC made a procedural error by failing to come up with a preliminary regulatory analysis, which is required for rules whose annual impact on the U.S. economy is more than $100 million. The FTC said that it did not have to come up with a preliminary regulatory analysis because it initially determined that the rule's impact on the national economy would be less than $100 million. An administrative law judge decided that the economic impact would be more than the $100 million threshold, and the court decided to vacate the rule. Former President Joe Biden's administration had included the FTC's proposal as part of its 'Time is Money' initiative, which aimed to crack down on consumer-related hassles. Lewis writes for the Associated Press.
