Rocket Companies, Inc. a Detroit-based fintech firm, has announced the release of the Rocket Visa Signature Card. The company describes this as the first credit card created to make homebuying easier 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 fee for cardholders who are Rocket Mortgage serviced clients, the company noted.
“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 company stated.
The Rocket Visa Signature Card is integrated with Rocket Money, a personal finance app that identifies recurring expenses and notifies members about upcoming bills. All Cardholders receive a premium subscription to Rocket Money.
“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.”
To power the Rocket Visa Signature Card, Rocket partnered with Deserve – a fintech company transforming credit cards into software. Through Deserve, Rocket Companies is able to provide its cardholders with rewards, fraud protection, 24/7 customer support and a 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, visit https://www.rocketcompanies.com/.
