Leaders at Rocket Companies have debuted a credit card with cashback rewards designed for homebuyers.
The Rocket Visa Signature Card is the first credit card with rewards created for this purpose, Rocket leaders said in a press release.
“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.”
Rocket Visa Signature Card is issued by Celtic Bank, a Utah-Chartered Industrial Bank, and serviced by Deserve, a mobile-first credit card platform.
Cardholders can earn 5% back, up to $8,000, toward closing costs or a down payment on a new home, or 2% toward their mortgage principal balance.
The card is integrated with Rocket Money, the company’s personal finance app, and includes a premium subscription.
“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,” Mokhtarzada added.
This is one of several programs rolled out by Rocket in the last year geared towards attracting homebuyers in a high-cost environment.
The company has also introduced first-time homebuyer credits, a rewards program that allows consumers to get points toward various transactions across Rocket’s platforms, and an “Inflation Buster” promotion where homebuyers pay one percentage point less on their rate for the first year.
It also comes in the midst of a major leadership change-up at the company. Long-time Rocket CEO Jay Farner is retiring on June 1 after 27 years. He became CEO in 2017.
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