Rocket Visa Signature Card Supports Homeownership

Saving for a home or making your mortgage payment every month is a significant financial expense. That’s to say nothing of everything else we have in our monthly budget from necessities like groceries and medicine to discretionary items like movie tickets and takeout.

The Rocket Visa Signature Card is a credit card designed expressly to support your home buying and homeownership goals. In this article, we’ll touch on the challenges for homeowners and those looking to purchase a home. Then we’ll get into various benefits and what you need to know if you decide to apply.

The Challenges Of Homeownership

According to a 2022 report from the National Association of REALTORS^®, 26% of first-time home buyers think that the biggest challenge in their home buying process was saving for a down payment.

The same data show that the average down payment for those buying their first home was 6%, compared to 17% for repeat buyers. Moreover, first-time buyers also reported making significant financial sacrifices, most commonly in the areas of luxury goods, entertainment and clothes.

Once you’ve purchased a home, it likely becomes the biggest cost in your monthly budget. You may be aware that putting extra money directly toward your mortgage balance each month would not only help you pay off your mortgage faster, but could potentially save you thousands of dollars in interest.

You may not want to prioritize paying extra toward your mortgage if it means deprioritizing your other financial and lifestyle goals as a homeowner. Wouldn’t it be nice if you could pay down your balance, or save toward a down payment on a home, without having to completely rework your existing budget? For many, we suspect that answer is a resounding yes!

Rewards Benefiting Your Homeownership Dreams

Other credit cards give you cash back or maybe points toward gift cards or travel. There’s nothing wrong with that, but Rocket wants you to be able to use your rewards points for a more permanent and long-lasting benefit: your home.

With the Rocket Visa Signature Card, you earn points on everything you purchase, so there’s no need to worry about spending categories.¹ Those points can be used for all of the following:

• Those who close on a home with Rocket Mortgage^® can use their credit card points to get 5% cash back toward a down payment and closing costs.²
• Existing Rocket Mortgage clients can earn 2% cash back if they redeem their points to lower their mortgage balance.³

Bettering Your Financial Position

Of course, when you’re looking to buy a home or set yourself up for success in the future, being ready isn’t just about the savings on the mortgage, it’s about making sure you’re in a good position financially to meet your homeownership, financial and lifestyle goals. Let’s highlight a couple other features:

• Rocket Money^SM integration: This is the only credit card with full integration into Rocket Money. That means you’ll be able to get a complete picture not only of your spending on this card, but across all your other accounts. You’ll have the tools to make sure your expenses and savings line up with where you want to go financially.
• Credit building with SmartPay: Making payments multiple times in the same 30-day span can help you increase your credit score by showing a lower credit utilization. This allows you to make small payments closer to when charges happen rather than having one big bill at the end of the month.⁶ We also have the usual one-time and automatic monthly payment options if that’s more your thing.
• Adding authorized users: You can add authorized users who you know and trust so that they can lead the ability to make purchases on your card, which could be convenient for family. Additionally, this would help you build up your rewards points faster.

Additional Benefits

Along with everything already mentioned for homeowners and those preparing to purchase a home of their own, the Rocket Visa Signature Card gives you access to these other features to give you confidence in your purchases.

• Porch Piracy Protection: We’re all so used to getting deliveries to our front porch, but other people know how often our packages come as well. If someone takes your package when you’re not home, you can be reimbursed up to $10,000 for your stolen item. ⁵
• Extended Warranty Protection: Buying new appliances or other big-ticket items? When purchased with your Rocket Visa Signature Card, the warranty coverage can be doubled (up to a year) depending on the length of the original warranty. ⁵
• Cell Phone Protection: Many of us live in fear that we will drop our phone and break it at any moment. If you pay your monthly cell phone bill on this card, your phone can be protected against theft and damage up to $750 with a $50 deductible.⁵

Frequently Asked Questions

Now that we’ve touched on the basics, here are a few other things you might want to know.

Will applying for the card affect my credit?

When you apply for a Rocket Visa Signature Card, we do a soft credit check. That means it will not affect your credit just to apply and see what you might qualify for. If you’re approved and accept the offer of credit, a hard credit inquiry is done.

The effect varies, but most people see a slight dip in their credit score that bounces back again as they maintain good habits like making on-time payments.

Can I use the card to make my mortgage payment?

You won’t be able to make your mortgage payment with the credit card. However, the rewards from the card can be used to pay down your mortgage principal balance and save on interest over time.

Is there an annual fee?

There's no annual fee at this time.⁴

Is there an introductory offer?

New clients who spend $3,000 within the first 3 months of having a Rocket Visa Signature Card will receive a $200 credit on their monthly statement.

The Bottom Line

The Rocket Visa Signature Card is the first credit card built with a homeownership mindset. Two of the hurdles to homeownership are saving for a down payment and wanting to save on mortgage interest by paying off your home sooner.

This card allows you to use 5% cash back rewards toward a home purchase when you finance with Rocket Mortgage. If you already have a home loan with Rocket Mortgage, you can redeem 2% cash back toward your mortgage balance to pay off your mortgage sooner.

In addition to the savings aspects, we want to make sure that you’re financially ready for homeownership. It’s the only credit card integrated with Rocket Money, allowing you to see your spending in the context of your full financial picture. This also includes SmartPay, which allows you to make periodic micro-payments to build your credit score faster. Finally, you have access to Visa Signature benefits, including delivery and phone protection along with extended warranty coverage.

Are you looking for a credit card that places more emphasis on your long-term homeownership goals and overall financial health? Apply for a Rocket Visa Signature Card today on RocketCard.com!

¹ Customers earn 5 points for every $1 spent. Points are redeemable toward a new Rocket Mortgage transaction (excluding refinance), an existing Rocket mortgage additional principal payment, or a statement credit, at different values. Subject to Cardholder Rewards Terms of Use.

² Up to $8,000 in card points value can be redeemed towards a new Rocket Mortgage transaction, applied as a credit to the applicant’s closing statement, offsetting applicant required funds to close. Not available in conjunction with third party-originated or Charles Schwab partner loans. These points may be combined with an additional $2,000 in engagement points which will apply as a lender credit. Subject to Cardholder Rewards Terms of Use.

³ Redemption available toward additional principal on existing retail Rocket Mortgage loans. Not available for third party-originated or Charles Schwab partner loans. Subject to Cardholder Rewards Terms of Use.

⁴ Rocket Card, LLC does not currently charge an Annual Fee for use of the Rocket Visa Signature Card. Rocket Card, LLC 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.

^5. These benefits are available when you use your card. Restrictions, limitations and exclusions apply. Most benefits are underwritten by unaffiliated insurance companies who are solely responsible for the administration and claims. There are specific time limits and documentation requirements. Once your account is opened, we will send you a Guide to Benefits, which includes a full explanation of coverages.

^6. Impact of using SmartPay to boost your credit may vary; credit scores are determined by credit reporting bureaus and rely on a number of factors that we cannot predict. Increases or specific changes to your credit score are not guaranteed.

All Rocket Visa Signature Cards are powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.

VISA is a registered trademark of VISA Inc.

Rocket Card LLC | 1050 Woodward Ave. | Detroit, MI 48226 www.RocketCard.com