Purchase of a home is the most draining thing on your bank account. Rocket Visa Signature Card is for those who wish to convert credit card rewards into homeownership savings.
Celtic Bank issues the card and earns 5 Rocket Rewards Points per $1 spent. These points can be used for any purchase category. Point values will vary depending on how you redeem them. These are the redemption options.
-
Rocket Mortgage: Redeem points towards costs associated with a mortgage. This includes closing costs, a down payment and fees. Points are worth 1 cent each. This is equivalent to getting 5% cashback on your spending. When redeeming points in this manner, you can only get 800,000 points or $8,000 in value. Refinances cannot be redeemed.
-
Rocket Mortgage customers with an existing mortgage can redeem points towards the principal for $0.004 per point. This is equivalent to 2% cashback.
-
Credit: Points can be redeemed in this manner and are worth $0.0025 each, which is equal to 1.25% cashback.
A welcome offer is also available to new cardholders: Get a $200 credit on your first 90 days of spending $3,000
There is a $95 annual charge for the card, but this fee is waived for Rocket Mortgage customers.
Is it worth the Rocket Visa Signature card?
A new home buyer could find it very attractive to be able to earn 5% in rewards towards a future purchase of a home. Rocket Mortgage must service your mortgage to earn the best rewards. Rocket Mortgage is the best lender for you if you are looking for a lender.
A standard 2% cashback credit card is a better choice if you are looking to redeem rewards towards your mortgage. The cash you earn can be used to pay your mortgage. However, you also have the option to use the cash in other ways.