Cardholders can earn 5% back toward a down payment or 2% toward their mortgage principal balance with Rocket Mortgage
Rocket Companies,, a Detroit-based fintech platform company consisting of tech-driven financial businesses – including Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money – unveiled the Rocket Visa Signature Card, the first credit card created to make homebuying easier and more accessible through everyday spending.
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Cardholders can use every tap or swipe to help them buy a home. Those looking to purchase a home will earn 5% back, up to $8,000, to use toward closing costs and down payments – which is one of the most cited hurdles to homeownership. Homeowners with loans serviced by Rocket Mortgage – meaning they make monthly mortgage payments to Rocket – can choose to use their points to receive 2% of their card spending toward their unpaid principal balance. Rocket will also waive the $95 annual fee1 for cardholders who are Rocket Mortgage serviced clients.
“Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country,” said Haroon Mokhtarzada, co-founder and CEO of Rocket Money. “We are proud to offer Americans simple and achievable ways to invest in their financial freedom, whether it’s budgeting with Rocket Money, or redeeming credit card points toward their mortgage down payment or principal with the Rocket Visa Signature Card.”
To celebrate the launch of the Rocket Visa Signature Card, new cardholders who spend $3,000 in the first 90 days of being approved for the card will earn a $200 statement credit.
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The Rocket Visa Signature Card is integrated with Rocket Money – a leading personal finance app that safely and securely identifies recurring expenses, notifies members about upcoming bills and, most importantly, will cancel subscriptions with the push of a button. All cardholders receive a premium subscription to Rocket Money so they can manage all recurring payments and subscriptions in one convenient place.
“Since joining Rocket Companies, Rocket Money has helped millions of users save money with a simple push of a button. After honing their budgets, we’re seeing our members take the step toward buying a home through sister company Rocket Mortgage,” Mokhtarzada continued. “Integrating the Rocket Visa Signature Card with Rocket Money gives members even more ways to take control of their money, prepare for homeownership and reach their financial goals.”
The Rocket Visa Signature Card is setting itself apart from traditional cash-back rewards programs and turning spending into rewards that have a long-term impact on clients’ lives. Experian Consumer Credit Review reported that Americans on average have four cards in their wallet and carry a balance of $ 5,910.
The Rocket Visa Signature Card marks the latest client-focused product from the company that creates certainty in life’s most complex moments to help Americans achieve their financial goals. Recently, the organization announced Rocket Rewards, an innovative loyalty program empowering consumers to accrue points that can be redeemed toward various financial transactions across the Rocket Platform. Homebuyers can combine their Rocket Rewards and Rocket Signature Card points to save money on closing costs when financing their home purchase through Rocket Mortgage.
The Rocket Visa Signature Card is positioned to bring more homebuyers to Rocket and strengthen Rocket Mortgage’s already strong brand loyalty. The company has a 93% client retention rate over the 12 months ended December 31, 2022 – a rate unmatched among mortgage companies.
To power the Rocket Visa Signature Card, Rocket partnered with Deserve – a fintech company transforming credit cards into software that lives on mobile and in the cloud. Through Deserve, Rocket Companies is able to provide its cardholders with innovative rewards, fraud protection, 24/7 customer support and a seamless mobile experience.
“Deserve is proud to partner with Rocket Companies and help drive their mission to provide the dream of homeownership for all,” said Kalpesh Kapadia, co-founder and CEO of Deserve. “Together we have built a first-of-its-kind credit card with a reward program designed to benefit cardholders throughout the home-buying process.”
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