Detroit-based Rocket Co. announced the launch of a Rocket Visa credit card which is designed to assist aspiring homeowners save for a down payment and existing homeowners pay off their mortgage faster.
With this new credit card, aspiring homeowners will earn 5 percent back, up to $8,000, to use towards closing costs and down payments – one of the most cited hurdles to homeownership. Existing homeowners with loans serviced by Rocket Mortgage can choose to use the card to have 2 percent of card spending paid towards any unpaid mortgage principal balance. Rocket has said it will waive the $95 annual fee 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,” Haroon Mokhtarzada, co-founder and CEO of Rocket Money, said in a press release. “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.”
The card will be operated in partnership with Deserve – a fintech company “transforming credit cards into software that lives on mobile and in the cloud.” Through Deserve, Rocket Companies can provide its cardholders with these rewards, as well as 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 homebuying process.”
The Rocket Visa credit card is issued by Celtic Bank, a Utah-chartered industrial bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.