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Rocket Visa Signature® Card Review: Big Value for Current and Future Rocket Mortgage® Clients

Review Updated
Lyle Daly
Lyle Daly
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation.

The Rocket Visa Signature® Card is made with present and future homeowners in mind. It earns points you can redeem toward a new mortgage or existing mortgage balance with Rocket. You can also redeem points for cash back, but they're worth much less this way. See exactly how it works and the pros and cons in our Rocket Visa Signature® Card review.

Ratings Methodology

Rocket Visa Signature® Card

Apply Now for Rocket Visa Signature® Card

On Rocket's Secure Website.

Rates & Fees External Link Icon

Rocket Visa Signature® Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Apply Now for Rocket Visa Signature® Card

On Rocket's Secure Website.

Rates & Fees External Link Icon

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Regular APR

20.49 - 30.24%, variable

Rewards Circle with letter I in it. Purchases earn points that can be converted to cash at different rates depending on the redemption option: 5% cash back towards closing costs, including down payment, with Rocket Mortgage; 2% cash back towards the principal on a Rocket Mortgage; 1.25% cash back as a statement credit.

1.25%-5% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. Receive a $200 statement credit after you spend $3,000 on eligible purchases, which must be made in the first 90 days your account is open.

$200 statement credit

  • A unique concept for a rewards card, but a mortgage with Rocket is needed to unlock the most value.

    • High rewards rate
    • Points are redeemable for mortgage savings
    • Statement credit welcome offer
    • Purchase protections
    • No annual fee
    • Poor value without using Rocket Mortgage
    • Choose how you redeem based on your home goals: Get up to 5% cash back toward savings for a new home with Rocket Mortgage; 2% cash back toward the principal balance on an existing Rocket Mortgage; or 1.25% cash back as a statement credit.
    • Earn rewards on every dollar spent.
Rocket Visa Signature Card is issued by Celtic Bank.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Rocket Visa Signature Card Card review

This credit card is a good fit for: Future home buyers who plan to use Rocket Mortgage and homeowners who have a mortgage with Rocket.

Top perks

Here are the main benefits you get with a Rocket Visa Signature Card.

Welcome offer

Earn a $200 statement credit when you spend $3,000 in the first 90 days.

5 points per $1

The Rocket Visa Signature Card earns 5 points per $1 on all eligible purchases. That rewards rate applies to all types of purchases, and there are no bonus categories to manage. You can get as much as $0.01 per point, which would mean the card earns up to 5% back, an incredible rate that no other credit card can match. But the exact value depends on how you use your points, which is covered below.

Redeem points for mortgage savings

There are three ways to redeem points with a Rocket credit card:

  • New mortgage transactions with Rocket: You can apply your points to your down payment, fees, and closing costs and get $0.01 per point. If you redeem your points this way, your card effectively earns up to 5% back. You can redeem up to 800,000 points this way, for a cash equivalent of $8,000 per loan.
  • Existing mortgages with Rocket: You can apply your points toward the unpaid balance on an existing mortgage with Rocket and get $0.004 per point. If you redeem your points this way, your card effectively earns 2% back.
  • Cash back: You can apply your points as a statement credit on your credit card bill and get $0.0025 per point. If you redeem your points this way, your card effectively earns 1.25% back.

The highest flat rate (one that applies to all types of purchases) we've seen from other credit cards is 2%. There are also cards that have bonus categories where they earn 5% back or more. But there are normally bonus category spending caps, such as $1,500 per quarter.

So, if you're sure you'll use Rocket Mortgage, this card's up-to-5% rate is as good as it gets. If you have a mortgage with Rocket, a 2% rate is still impressive, but there are other cards that offer just as much. If you're not sure you'll use Rocket, then you should go with another card, because a 1.25% cash back rate is mediocre.

OTHER OPTIONS: Best Rewards Credit Cards

$200 statement credit

When you spend $3,000 in the first 90 days with this card, you earn a $200 statement credit. This is a decent welcome offer, although it does have a high spend requirement for the amount you earn. If you're looking for a card with big upfront value, check out the best credit card sign-up bonuses for better options.

Rocket Money Premium membership included as a benefit

Rocket Money is a budgeting app that can help you reach your personal finance goals. In addition to the standard version, there's also a paid version, Rocket Money Premium. It offers additional features, including a concierge service that can review your subscriptions, cancel ones you don't need, and attempt to get fee refunds on your behalf.

SEE MORE: Best Budgeting Apps

Purchase protections

Rocket Visa Signature® Card comes with valuable protection benefits on eligible purchases:

  • Extended warranty protection: Doubles qualifying warranty coverage up to a maximum of one additional year.
  • Porch piracy protection: Get covered up to $10,000 for an eligible stolen item.
  • Cell phone protection: Covers theft or damage up to $750 (with a $50 deductible) when you pay your wireless bill with your card every month.

Restrictions, limitations, and exclusions apply. To learn more about these protections, including what's covered and what isn't, review the guide to benefits that comes with the card.

What could be improved

The Rocket Visa Signature® Card has a couple of notable drawbacks.

$0 annual fee (waived if you have a mortgage with Rocket)

This card has a $0 annual fee, but Rocket waives it if you have an existing mortgage with the lender. Because of the annual fee, this card is only worth getting if you already use Rocket or if you plan to do so in the future. If not, it won't be the best choice, and you're better off looking at other credit card reviews.

Poor value for cardholders who don't use Rocket Mortgage

While this is advertised as the card made for homeownership, it's really the card made for homeownership with Rocket Mortgage. You only get good value for your points on new mortgage costs and existing mortgage balances with Rocket. If you decide on a different mortgage lender, you'll only be able to get cash back with your card, meaning you'll effectively earn 1.25% back in the form of a statement credit. You'll also need to pay that $0 annual fee.

There's no reason to pay $0 for a card that earns 1.25% cash back. To be blunt, that's a terrible deal. On the other hand, a no annual fee card that earns between 2% and up to 5% is up there with the best credit card offers. So, the value of this card hinges on using Rocket Mortgage. It is an excellent mortgage lender, but there are other quality options as well.

SEE MORE: Best Mortgage Lenders

Suggested credit score

It's recommended to have a FICO® Score of 670 or higher before applying for the Rocket Visa Signature® Card. This card is intended for consumers with good credit or excellent credit.

You can see if you're pre-approved for this card on the Rocket Card website, with no impact to your credit score. A pre-approval doesn't mean that approval is guaranteed, but it shows that based on your credit profile, you're likely a fit for the card.

The Rocket Visa Signature® Card is right for you if:

You have a mortgage with Rocket, or you're planning to buy a home and you've already decided you'll use Rocket Mortgage.

The Rocket Visa Signature® Card deserves credit for originality, but it's only a good fit for Rocket Mortgage clients. In particular, it offers fantastic value for future clients, who can essentially earn up to 5% back by redeeming points toward the closing costs and down payment on their new Rocket mortgage. Current clients may also want to give it a look to earn 2% back -- but there are other cash back cards that earn that much, no matter who you use for your mortgage.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • The Rocket Visa Signature® Card is a rewards credit card that earns points you can redeem for mortgage expenses with Rocket Mortgage. You get the most value from your points when you redeem them for new mortgage costs, including a down payment, fees, and closing costs with Rocket.

  • The Rocket Visa Signature® Card is only worth it if you plan to get a mortgage with Rocket or if you already have one. The card offers quality benefits, but you need a mortgage with Rocket to get the most value from it.

  • The annual fee for the Rocket Visa Signature® Card is $0, but it's waived if you have a mortgage with Rocket.