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Rocket Visa Signature Card
Rocket Visa Signature Card
Rocket Visa Signature Card
- 20.74% to 30.74%, based on your creditworthiness and the Prime Rate Regular Purchase APR
At a Glance
The Rocket Visa Signature Card lets you earn rewards on every purchase, then lets you exchange those rewards either towards a new home or to off-set interest charges on your existing Rocket mortgage.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Get 5% cash back toward a new home
- Earn 2% cash back toward your mortgage balance
- No annual fee if you have a mortgage with Rocket
- Manage your card and finances all in one place.
- Regular Purchase APR: 20.74% to 30.74%, based on your creditworthiness and the Prime Rate
- Annual Fee: $95 (None with a Rocket Mortgage)
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $37
- You already have a mortgage through Rocket
- You want rewards that help you save for your future - and not just gift cards or merch
- You want in-depth spending and account monitoring tools
Rocket Visa Signature Card
The Rocket Visa Signature Card is a unique cash back credit card from mortgage lender Rocket Mortgages. The card is specifically designed with homeownership in mind, and offers impressive cash back, the chance to pay an existing mortgage or save towards a new home, and no annual fee if you already own a home with Rocket Mortgage ($95/year otherwise).
How to Earn Rewards with Rocket
So, how can you earn cash back rewards to offset an existing or new mortgage? Well, that depends on your plans for those rewards.
With the Rocket Visa Signature, you earn cash back rewards on everyday purchases, with no caps on the total points you can earn. There are no confusing bonus categories like gas, entertainment, travel, or other similar rewards. Instead, you can choose how you redeem based on your home goals:
- Get 5% cash back toward a new home
- Earn 2% cash back toward your mortgage balance
That’s right: with Rocket, you choose your rewards – and that, in turn, defines how much you’ll earn in rewards. Should you be saving for a first, second, or even third (or more) home, you’ll earn 5% cash back that you can apply to a home with Rocket Mortgage. Or, if you already use Rocket for your current home, you can redeem your rewards towards offsetting interest on your existing Rocket mortgage.
Redemption Fine Print
Up to $8,000 in card points value can be redeemed towards a new Rocket Mortgage transaction, applied as a credit to the applicant’s closing statement, offsetting the applicant’s required funds to close. These points may be combined with an additional $2,000 in engagement points which will apply as a Lender Credit. Not available in conjunction with Third Party originated or Charles Schwab partner loans.
Still confused? Here’s a helpful example of a scenario you may find yourself in as a cardholder:
| ① Cardholder spends $5,000 on their Signature Card |
| ② Cardholder now has 25,000 points as their Rocket Rewards balance |
③ A card User can redeem those 25,000 points for either:
|
Mortgage Credit Card Comparison
How does the Rocket Visa Signature Card compare with other mortgage credit cards? The closest direct competitor was the Quicken® World Mastercard®, though that card is no longer available to new applicants.
The Bilt Mastercard from Wells Fargo is another similar option. Bilt is the loyalty program of the Blackstone Group, the largest property owner in the United States. The card earns a flat 1X points on rent payments, plus 2X points on travel and 3X points on dining. Cardholders can then redeem those rewards to cover rent payments through Bilt or towards a future down payment on a home.
Here’s how the two credit cards compare:
 Rocket Visa Signature |
 Bilt Mastercard |
|
| Rewards | Earn rewards based on your redemption option: 5% back for a new home and 2% back towards interest on an existing Rocket mortgage | Earn 1X points on rent payments (up to 50,000 points each calendar year), 2X points on travel purchases booked directly with an airline, hotel, car rental or cruise line., 3X points on dining. |
| Redemption options | Existing or new Rocket mortgage | Rent, future down payments, statement credits, merchandise, classes and memberships |
| Tansfer points? | No | Yes |
| Network | Visa Signature | World Elite Mastercard |
| Annual fee | $95 (none with Rocket mortgage) | None |
Online Pre-Qualification
Pre-approval for credit cards is a growing trend from card issuers, and the Rocket Visa card is no different. Rocket and Deserve let you see if you are a good fit for the card in as little as two minutes without impacting your credit score.
Related Article: How to Pre-Qualify for a Credit Card
Spend Monitoring Tools
Spending and money management tools are a common feature with small business credit cards, but having those tools in a personal card is a great perk. Rocket lets you stay on top of your spending with a slew of impressive tools, including:
- Manage and cancel your subscriptions with one click
- Rocket Concierge helps identify bills you might be able to renegotiate or lower
- Get access to your credit report and history, alerts on important changes that impact your score
- Spending breakdowns
Other Card Features
Other features of the Rocket Mortgage Visa Signature Card include SmartPay6, Autopay, or make payments manually, access to the Rocket Money app – a one-stop way to manage all of your finances, and the perks and protections you’d expect from a Visa Signature credit card, including:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement | Luxury Hotel Collection | Extended Warranty Coverage |
| Roadside Dispatch | Lost/Stolen Card Reporting | ID Navigator from Norton | Travel & Emergency Assistance | Extended Warranty Coverage |
Should You Apply for the Rocket Visa Signature Card?
Does the Rocket Visa Signature make sense for you? That entirely depends on your current housing situation and your medium-term plans. If those plans are to buy a first home or save money on an existing Rocket mortgage, then the answer is likely yes.
The Rocket credit card is a great way to pay down your existing mortgage, as you can redeem points at 2% cash back. While that rewards rate doesn’t apply to the principal, it does take a bite out of your interest – saving you money each month. The card is also great if you have some savings towards a new home but want to expedite the process – but only if you plan to bank through Rocket Mortgage. That’s because you’ll be charged that $95 annual fee without an existing Rocket account.
Ultimately, the Rocket Visa Signature credit card from Deserve and Celtic Bank is an excellent option for the Rocket customer. Still, everyone else might find greater value from Bilt – especially as it charges no annual fee and lets you earn enhanced rewards on other bonus categories.
