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Cardholders can earn 5% back toward a down payment or 2% toward their mortgage principal balance with Rocket Mortgage.
DETROIT, March 28, 2023 – Rocket Companies, Inc. (NYSE: RKT), a Detroit-based fintech platform company consisting of tech-driven financial businesses – including Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money – today unveiled the Rocket Visa Signature Card, 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% 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% of their card spending toward their unpaid principal balance. Rocket will also waive the $95 annual fee1 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.”
To celebrate 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 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 convenient place.
“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 continued. “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 is setting 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 latest client-focused product from the company that creates certainty in life’s most complex moments to help Americans achieve their financial goals. Recently, the organization announced Rocket Rewards, an innovative loyalty program empowering consumers to accrue points that can be redeemed toward various financial transactions across the Rocket Platform. 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 positioned to bring more homebuyers to Rocket and strengthen Rocket Mortgage’s already strong brand loyalty. The company has a 93% client retention rate over the 12 months ended December 31, 2022 – a rate 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 Companies 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 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, 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 Companies is a Detroit-based fintech platform company consisting 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.
Rocket Companies’ mission is to be the best at creating certainty in life’s most complex moments so that its clients can live their dreams. The Company helps clients achieve the dream of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. Rocket Companies ranked #7 on Fortune’s list of the “100 Best Companies to Work For” in 2022 and has placed in the top third of the list for 19 consecutive years. For more information, please visit our Corporate Website or Investor Relations Website.
Deserve Inc. is a leading mobile-first credit card platform built on a cloud-native and API-enabled architecture, which allows partners to offer superior personalized experiences for cardholders. We partner with financial institutions, fintechs, lenders, and merchant co-brands. Deserve Inc. is headquartered in Palo Alto, California and is a venture-backed fintech whose investors include Visa, Mastercard, Goldman Sachs Asset Management, Sallie Mae, Ally Ventures, Accel, Pelion Venture Partners, Aspect Ventures, and Mission Holdings. Visit www.deserve.com for more information.