Rocket Cos. Inc., a Detroit-based fintech platform company that includes Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money, today unveiled the Rocket Visa Signature Card, billed as the first credit card created to make homebuying easier and more accessible through everyday spending.
Cardholders can use every tap or swipe to help them buy a home. Those looking to purchase a home will earn 5 percent 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 percent of their card spending toward their unpaid principal balance. Rocket also will waive the $95 annual fee 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,” says 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 mark 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.
The Rocket Visa Signature Card is integrated with Rocket Money, a leading personal finance app that the company states 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 place.
“Since joining Rocket Cos., 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 says. “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 sets 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 company’s latest client-focused product. Recently, the organization announced Rocket Rewards, a loyalty program empowering consumers to accrue points that can be redeemed toward various financial transactions across the Rocket Platform.
For example, 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 designed to bring more homebuyers to Rocket and strengthen Rocket Mortgage’s brand loyalty. The company states it has a 93 percent client retention rate over the 12 months that ended on Dec. 31, 2022 — a rate Rocket maintains 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 Cos. 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 Cos. and help drive their mission to provide the dream of homeownership for all,” says 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.”
Rocket Visa Signature Card is issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. For more information or to apply for the Rocket Visa Signature Card, visit RocketCard.com.
Founded in 1985, Rocket Cos. consists of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Auto, Rocket Mortgage Canada, Lendesk, Core Digital Media, Rocket Central, and Rock Connections.
