Tap Your Way To a Down Payment with the Rocket Signature Credit Card

Rocket Company’s credit card was designed with homeowners and homeownership in mind.

Series of pictures of the Rocket Signature Visa card. Black and red.
(Image credit: Rocket Company )

This article only reviews the Rocket Signature Credit Card. We may get compensation if you visit partner links on our site. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our website. However, our selection of products is made independently of our relationship to advertisers. 

Rewards checked as of July 26, 2023 

Rocket Signature Credit Card was launched by Rocket Company, parent of Rocket Mortgage, to help you get closer to your dream of owning a home or paying off your mortgage. Paying for everyday expenses with the card will rack up points you can convert into cash rewards.

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"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. 

What do cardholders get? 

Rocket Visa Signature Card offers many ways to increase your cash flow. For starters, Rocket offers a $200 balance credit if you spend $3,000 in the first 90 days after your account is opened. And if you have a Rocket mortgage—the $95 annual fee is waived. 

You will earn 5 points for every $1 spent. Points are redeemable towards a new Rocket mortgage transaction, additional principal payment toward an existing Rocket mortgage, or a statement credit. You get more bang per point when you redeem points to pay off costs related to a Rocket mortgage, as the example below demonstrates.

Redeeming Rocket points:

You spend $5,000 on your Signature Card and you now have 25,000 points as your Rocket Rewards balance.

You can redeem those 25,000 points for either:

  •  $250 towards Closing Costs, including Down Payment (5% Cash back value) 
  •  $100 towards Rocket Mortgage Principal (2% cash back value) 
  •  $62.50 Statement Credit (1.25% cash back value) 

Perks. You receive free access to the services offered by Rocket Money, including bill negotiation and subscription management. When using your card for purchases, you may be eligible for extended warranty protections up to a year, receive up to $10,000 coverage for eligible stolen items through its “Porch Piracy Protection” and when you pay your wireless bill each month, you get up to $750 of cell phone protection coverage for theft and damage.  

How the Rocket Visa Signature card helps homebuyers 

Touted as “the card made for homeownership,” exactly how does this card get you closer to closing on a home? For fledgling homebuyers, the card offers the opportunity to get 5% cashback — up to $8,000 — to use toward a down payment and closing costs. There’s more good news. Homebuyers can combine their Rocket Rewards and Rocket Signature Card points

You may use an additional $2,000 in engagement points earned from the Rocket Reward program. Rocket Rewards is a free loyalty program where consumers can accrue points. That’s a total of $10,000 to defray your home buying costs.

How the points are applied. The value of the card points can be redeemed towards a new Rocket Mortgage transaction and are recorded as a credit to your closing statement. This option is not available in conjunction with non-Rocket mortgages or Charles Schwab partner loans.  

How the Rocket Visa Signature card helps homeowners 

Homeowners holding a Rocket mortgage can get help paying off the principal of their home loan. When you redeem your Rocket Rewards points for loan balance credit, it’s applied directly to your mortgage loan balance, also called a principal balance. While this won’t reduce the amount you owe for your monthly mortgage payment, it helps you pay off your loan faster and pay less in interest over the life of the loan.

Your points can only be used toward an additional principal payment on an existing retail Rocket Mortgage loan. You can not use the points for third party originated loans, Charles Schwab partner loans or if the servicing of your Rocket loan is sold to another party.

Do you need a Rocket Mortgage to apply for the card? 

Anyone can apply for the credit card and take advantage of most of the perks. You have access to various benefits including phone damage, delivery protection as well as extended warranties on qualifying purchases. 

All cardholders receive a premium subscription to Rocket Money so they can manage all recurring payments and subscriptions in one place. The Rocket Money app can identify recurring expenses, notify you about upcoming bills and can cancel subscriptions with the push of a button. 

You still earn points that are redeemable for a statement credit. But as the example above illustrates, the best redemption rates go to Rocket mortgage holders.

Bottom line 

The benefits of having extra money to go toward buying a home or saving on interest by paying off a loan early are pretty obvious. The Rocket Visa Signature Card is focused on helping people with their down payment and paying off their mortgage faster. 

If you already use credit cards to pay regular bills and expenses and are looking to buy a home, this card may give you that extra monetary boost you need to close the deal. Otherwise, the benefit of earning points doesn’t pack the same punch. Users of Rocket Money may see an upside to a free premium subscription. But, if you do not have or have no interest in obtaining a Rocket mortgage, it’s just another credit card with rewards.  

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Personal Finance Writer

Donna joined Kiplinger as a personal finance writer in 2023. Previously, she spent more than a decade as the contributing editor of J.K.Lasser's Your Income Tax Guide and edited state specific legal treatises at ALM Media. She has shared her expertise as a guest on Bloomberg, CNN, Fox, NPR, CNBC and many other media outlets around the nation. Donna graduated from Brooklyn Law School and University at Buffalo.