Rocket Visa Signature Card Review 2023

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Rocket Visa Signature Card Review

Have you ever heard of a credit card that earns 5% back on all purchases?

That type of return is mythical — many of the best 5% back credit cards offer this earning rate for a select few purchases — and with little exception, there is a firm cap on the bonus rewards you can earn.

The new Rocket Visa Signature® Card – Product Name Only is the closest we’ve ever seen to a “5% everywhere” credit card. You’ll earn 5 Rocket Rewards points for literally everything — and depending on how you use them, you can receive a value of up to 1 cent per point.

The card comes with an annual fee of Rocket Visa Signature® Card – Annual Fee. You’ll also earn a Rocket Visa Signature® Card – Intro Bonus.

If you’re looking to buy a home — or are already paying a mortgage — this card is worth a look.

The relatively new Bilt Mastercard® – Product Name Only revolutionized the lives of renters, allowing cardholders to pay rent with a credit card without enormous service fees. It’s great, but it’s primarily designed for renters, not homeowners. 

Now, there’s a best credit card for those looking to close on a house: the Rocket Visa Signature® Card – Editorial Name Only.

As you may have guessed, the Rocket Visa Signature® Card – Editorial Name Only was created to thrive within the Rocket Mortgage ecosystem. If you’re already a Rocket Mortgage customer, the card’s annual fee is waived. If you’re not interested in procuring a mortgage with Rocket, this isn’t the card for you.

Rocket Credit Card Rewards

Welcome Bonus

The Rocket Visa Signature® Card – Editorial Name Only is offering a welcome bonus of Rocket Visa Signature® Card – Intro Bonus. That’s not the highest offer you’ll find among cash-back credit cards, but it’s a good head start if you’re looking to redeem rewards against fees associated with your Rocket mortgage as soon as possible.

Earning Rewards

The card earns 5 Rocket points per dollar for all purchases. 

Redeeming Rewards

You can redeem them for:

Your retail Rocket mortgage loan closing costs, including down payment, at a rate of 1 cent each — effectively giving you 5% backYour Rocket Mortgage principal at a rate of 0.4 cents each — effectively giving you 2% backA statement credit to your card at a rate of 0.25 cents each — effectively giving you 1.25% back

If we’re being technical, this card does have a cap as to how many points you can redeem at a rate of 1 cent each. You can redeem up to $8,000 worth of points toward a new Rocket Mortgage transaction, applied as a credit to your closing statement. But that would take $160,000 in credit card spending to achieve.

As you can see, the card is underwhelming if you foresee yourself redeeming points for either a statement credit or against your Rocket Mortgage principal. There are plenty of no-annual-fee credit cards that earn a flat 2% cash back on all purchases — and you can use those rewards for whatever you want.

Rocket Credit Card Benefits

Because this card is a Visa Signature card, you’ll get Visa Signature-associated benefits such as:

Extended warranty protection — Double your qualifying warranty, up to one yearPorch piracy protection — Up to $10,000 in coverage for stolen itemsCell phone protection —  Up to $750 in coverage when you use the card to pay your phone bill each month ($50 deductible required)

This card is heavily integrated into the Rocket Money app, which helps you to keep track of financial goals, a real-time budget, your credit score, and even a concierge that works to identify any of your bills that could potentially be lower. The concierge will try to negotiate better rates for you.

Rocket Credit Card Annual Fee and Other Costs

The Rocket Visa Signature® Card – Editorial Name Only has an annual fee of Rocket Visa Signature® Card – Annual Fee. 

How the Rocket Visa Signature Card Compares

The Rocket Visa Signature® Card – Editorial Name Only is valuable for one demographic: those who are planning to buy a house — and open a mortgage through Rocket.

That’s quite specific, but the value that can come from this card is amazing. You’ll earn effectively 5% back on all purchases on up to $160,000 in spending when redeeming your rewards for Rocket mortgage loan closing costs, including the down payment. No other card on the market can keep up with a return like that.

The other redemption options (credit card statement credit, current mortgage principal payments) are inferior. If you think you’ll be using your rewards this way, open a cash-back credit card, such as the Wells Fargo Active Cash® Card – Product Name Only, instead.

Another cash-back card, the Citi® Double Cash Card – Product Name Only, earns 1 point per dollar (1% back) when you make a purchase and 1 point per dollar (1% back) when you pay off your purchase. If your aim is pure cash back, this card is a better option than the Rocket Visa Signature® Card – Editorial Name Only.

However, if you foresee yourself buying a house with a mortgage through Rocket, this card is a no-brainer.

Rocket Visa Signature Card Frequently Asked Questions

Is the Rocket Visa Signature Card worth it?

The Rocket Visa Signature® Card – Editorial Name Only could be worth it if you’re planning to get a mortgage through Rocket, since your rewards are worth the most when you redeem them toward Rocket mortgage loan closing costs. If you aren’t opening a mortgage through Rocket, though, other cash-back credit cards are more valuable.

What’s the interest rate on the Rocket Visa Signature Card?

The Rocket Visa Signature® Card – Editorial Name Only charges Rocket Visa Signature® Card – Regular APR. There is no intro APR, so this is the range of interest rates you’ll get from day one.

Why You Should Trust Us: How We Reviewed the Rocket Visa Signature Card

Our review of the Rocket Visa Signature® Card – Editorial Name Only follows our credit card rating methodology. We weigh the following factors equally: rewards rates, welcome bonus, benefits, annual fee, and how easy it is to use the card’s benefits. We compare a card to other similar cards, so we’d never expect a no annual fee card to have the same perks as a premium credit card.

Read the original article on Business Insider

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