Last updated on April 7th, 2023
Rocket Companies, a Detroit-based fintech company that specializes in tech-driven financial products and services, such as Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money, has launched a new rewards credit card aimed at first-time homebuyers and mortgage holders alike. The new Rocket Visa Signature Card is “the first credit card created to make homebuying easier and more accessible through everyday spending.”
How Does the Rocket Visa Signature Work?
The new Rocket Visa Signature Card has been positioned to attract first-time homebuyers – and more importantly, to bring those potential new homebuyers into the Rocket Money fold. The Rocket Mortgage customer satisfaction is excellent, with a 93% client retention rate over the 12 months ended December 31, 2022 – a rate unmatched among mortgage companies.
The card earns cash back (as reward points) on everyday purchases. The difference with this card and others, however, is how you redeem those reward points: towards a new mortgage or to offset an existing Rocket mortgage. Cardholders redeem rewards at the following rates:
- Get 5% cash back toward a new home
- Earn 2% cash back toward your mortgage balance
- Get 1.25% cash back as a statement credit
The card features a $95 annual fee, but Rocket waives the charge if you have a mortgage with Rocket. There are no foreign transaction fees and both balance transfers and cash advances are not allowed.
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 can provide its cardholders with innovative rewards, fraud protection, 24/7 customer support, and a seamless mobile experience.
“Unlock the Dream of Homeownership”
“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, in a press release. “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.”
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