Cardholders can earn 5% back toward a down
payment or 2% toward their mortgage principal balance with Rocket
Mortgage
DETROIT, March 28,
2023 /PRNewswire/ -- 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.
About Rocket Companies
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.
About Deserve, Inc.
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 AssetManagement, Sallie
Mae, Ally Ventures, Accel, Pelion Venture Partners, Aspect
Ventures, and Mission Holdings. Visit www.deserve.com for more
information.
1 Rocket Card, LLC charges a $95 Annual Fee for use of the Rocket Visa
Signature Card, which will be waived for customers that have an
existing mortgage serviced by Rocket Mortgage, LLC. The amount and
terms of the Annual Fee are included in your Cardholder Agreement.
Similarly, the Rocket Visa Signature Card reserves the right to
offer bonuses and benefits and the terms of any offer will be
provided separately. The APR range for the Rocket Visa Signature
Card can be found in the Cardholder Agreement.
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SOURCE Rocket Companies, Inc.