Update 8/30/24: Two updates on this card:
- At some point they added a $200 signup bonus after $3,000 spend
- More recently they removed the $95 annual fee.
Original Post 4/9/23:
Rocket is offering a Visa Signature card, the card’s unique feature is that it earns 5% back on all purchases towards a new mortgages closing and 2% back on all purchases toward an existing mortgage (and 1.25% as a statement credit). You’re limited to $8,000 towards mortgage closing costs.
This obviously locks you into using Rocket for your home loan and because of that I wouldn’t recommend it. If there was no cap on the 5% then maybe it would be worth considering.
Hat tip to Bockrr
Not quite interesting. It would be if it had a much higher rewards cap (eg. At least $20k. But $50k would be better) or a higher rewards rate towards existing mortgages (eg. 3%)
What credit bureau do they pull from?
Transunion foe me
Does Rocket match mortgage rates? If they cannot do same or better than my local credit union, I don’t want their silly 5% – I have CICs for that.
5% everywhere is a lot different then just at Office supply stores. The CIC should net you at least 6.25% there.
Most people that are in escrow for a home are not thinking of signing up for a credit card!
Denied, but only a softpull so that’s good.
Annual Fee eliminated, which potentially makes this a more interesting option for some.
Thanks, I’ll repost with that update
I believe the $8000 cap wasn’t there previously as well.
Any data points on if Rocket points earned on the Rockets Rewards website (by taking activities like quizzes) can be redeemed towards the principal balance of a Rocket loan if you hold the CC?
Update: I got the CC. I can confirm that points earned with any method can be used to pay the principal. Why this matters is that you can easily get 42,500 points a year by taking quizzes on the website. Took me just under to 20 minutes complete all of them. As 42500/5*0.02 = $170 (this math is based on their odd reward system). This basically means you can get a free principal payment of $170 a year for minimal effort. Of course, it doesn’t make any sense to spend with the CC outside of the SUB and a few transactions to keep it active. So the only points I am counting are the ones from quizzes.
Despite what the term say, any mortgage is eligible even one that was sold to them. Or at least for my mortgage, which originated with a third-party broker and sold to other banks before being sold to them. The terms also say that they will try not to sell the mortgage. I hope that actually means something, I would love to have this work for the remaining years on my mortgage.
Are the quizzes only if your a cardholder? I have rocket but can’t find these quizzes anywhere
Looks like they were removed last month we did the program to get rid of this loophole.
I have a mortgage with them now, so works out for me. $200 back on $3000 isn’t great, but I do like the 2% back on my mortgage
This card is offering a $200 SUB on $3000 spend. Annual fee still kills the deal, though.
Rocket mortgage in general has higher rates than everyone else, so beware.