Rocket Companies launches Visa Signature Card to attract mortgage borrowers and bolster brand loyalty
Rocket Companies has launched a credit card designed to "make homebuying easier and more accessible through everyday spending."
The lender unveiled on Wednesday the Rocket Visa Signature Card, which enables cardholders to earn 5% or up to $8,000 credit card points toward closing costs and down payment or 2% toward their unpaid principal balance with Rocket Mortgage. The company said it will also waive the $95 annual fee for cardholders with loans serviced by Rocket Mortgage, and new cardholders who spend $3,000 in the first 90 days of being approved will earn a $200 statement credit.
Rocket said it aims to bring more homebuyers and strengthen Rocket Mortgage's brand loyalty through the signature card. In November, the firm rolled out Rocket Rewards, a loyalty program allowing homebuyers to use reward points to save money on closing costs. According to its release, customers can combine their Rocket Rewards and Rocket Signature Card points.
"Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases," said Rocket Money CEO Haroon Mokhtarzada. "Now, those transactions can unlock the dream of homeownership for millions of consumers across the country. 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 is integrated with Rocket Money, the company's personal finance app. All cardholders get 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 said. "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."
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