Credit Card News
Rocket Companies Introduces Rocket Visa Card for Homebuyers
Rocket Companies — the parent company of Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money — is now adding a branded credit card to the mix. This week, Rocket introduced the Rocket Visa Signature Card. Not only will the new offering integrate with Rocket Money but will allow cardholders to earn up to 5% back.
With the Rocket Card, customers can earn 5 Rocket Rewards on every purchase they make. Furthermore, the number of points that cardholders can earn is unlimited. However, the value of the points does vary by redemption and there are limits on top redemption options.
First, cardholders can redeem Rocket Rewards points toward closing costs or a down payment at a value of 1¢ per point — up to a total of $8,000. Additionally, points can be redeemed toward the principal of their Rocket Morgage at a value of 0.4¢ per point. Finally, customers can also redeem their Rocket Rewards for statement credits, with points used via this option valued at 0.25¢ per point.
Put in different terms, the card can earn 5% back when points are used toward closing costs/down payments, 2% back if points are used for Rocket Morgage principal, or a base of 1.25% back, with these points being redeemed for statement credits.
For Rocket Mortgage customers, the Rocket Card does not carry an annual fee. Meanwhile, those without a Rocket Morgage will be subject to a $95 annual fee.
To mark the launch of the card, Rocket is also offering a welcome bonus. Currently, new cardholders can earn a $200 statement credit after they spend at least $3,000 on the card within their first 90 days from account opening.
Announcing the new card, the co-founder and CEO of the personal finance app Rocket Money (formerly Truebill) Haroon Mokhtarzada said, “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.”
Mokhtarzada added, “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.”
On the one hand, the Rocket Card sounds almost like a version of the Bilt Card but for homeowners/homebuyers instead of renters. That said, a key difference is that the Rocket Card’s tailored element comes from its redemption options instead of featuring enhanced rewards on home-related purchases (as Bilt offers rewards on rent payments). Overall, the Rocket Card is certainly an interesting option — especially for those with Rocket Mortgages.
