Rocket Companies, the fintech platform company, on Tuesday unveiled its new Rocket Visa Signature Card, calling it the first credit card created to make homebuying easier and affordable through everyday spending.
With every tap or swipe of the card, homebuyers earn 5% back — up to $8,000 — and can use it toward closing costs and down payments, which are commonly cited as the most burdensome hurdles buyers go through, Rocket said.
Homebuyers can also combine their Rocket Rewards and Rocket Visa Signature Card points to save money on closing costs when financing a home purchase through Rocket Mortgage, the company said.
Homeowners with loans serviced by Rocket Mortgage also benefit. As long as homeowners make monthly mortgage payments to Rocket, they 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 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,” 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.”
Since the Rocket Visa Signature Card is integrated with Rocket Money, all cardholders receive a premium subscription to Rocket Money so they can manage all recurring payments and subscriptions in one convenient place, the company said.
Rocket also is celebrating the launch of the Rocket Visa Signature Card by allowing new cardholders who spend $3,000 in the first 90 days of being approved for the card to earn a $200 statement credit.
The card launch is expected to bring more homebuyers to Rocket Mortgage and strengthen their brand loyalty. According to its most recent earnings report, Rocket has a 93% client retention rate, which it says is unmatched by the rest of the industry.
“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 said. “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.”
Rocket partnered with Deserve to power the Rocket Visa Signature Card. Deserve is a fintech company transforming credit cards into software that lives on mobile and in the cloud. The partnership enables Rocket Companies to provide its cardholders with rewards, fraud protection, 24/7 customer support, and a seamless mobile experience, it said.
“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.”
Rocket Visa Signature Card is issued by Celtic Bank, a Utah-chartered industrial bank and member FDIC, pursuant to a license from Visa USA Inc.
