Rocket Mortgage launches a credit card to help you save for or pay off a home

*The Bilt Mastercard® has been discontinued

Note: Rocket Mortgage is no longer accepting applications for the Rocket Visa Signature Card.

The Bilt Mastercard is currently unavailable to new applicants. Bilt has announced plans to launch Bilt Card 2.0 in February 2026, with existing cardmembers eligible to transition to the new card. The information and offer details below may not reflect the terms of the new card.

Saving up for a down payment and closing costs is a major hurdle on the path to homeownership. The new credit card from mortgage lender Rocket Companies aims to help homebuyers eliminate it.

The Rocket Visa Signature Card earns 5X points on everything you buy and allows cardholders to redeem rewards on closing costs and down payments with Rocket Mortgage.

CNBC Select breaks down the new card's benefits, analyzes whether it's a good fit for hopeful homebuyers and existing homeowners, and offers other cards that may be better suited for your situation.

Rocket's credit card comes with a rewards system that's hard to decipher at first glance. While advertised as a cash-back card, the Rocket Visa Signature offers 5X points on all purchases and doesn't consistently deliver 1 cent per point, as most cash-back cards do. Instead, the value of your rewards will depend on how you redeem them.

Here's how that works:

• Your points are worth 1 cent each when redeeming towards down payment and closing costs with Rocket Mortgage (up to $8,000 in rewards) — so you're essentially earning 5% cash back on all purchases if you use your points this way; or
• Your points are worth 0.4 cents each when redeeming towards Rocket Mortgage loan principal — in this case, you're effectively earning 2% cash back on all purchases if you use your points this way; or
• Your points are worth 0.25 cents each when redeeming towards a statement credit — meaning you're earning 1.25% cash back on all purchases

New cardholders can also earn a $200 welcome bonus for spending $3,000 in the first 3 months. That's a pretty high spending requirement for a bonus that size. To compare, cards like the Capital One Savor Cash Rewards Credit Card are offering a welcome bonus: Earn a one-time $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening. The Capital One Quicksilver Cash Rewards Credit Card allows you to earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

Besides rewards, the new card from Rocket provides a few valuable Visa Signature benefits, which include:

• Extended warranty protection, which doubles your qualifying warranty coverage on items for up to one year when you make a purchase with the card
• Porch piracy protection, which offers coverage up to $10,000 for an eligible stolen item you bought with the card
• Cell phone protection, which provides coverage against theft and damages up to $750 ($50 deductible) when you pay your wireless bill with the card each month

Cardholders also get access to features that can help them manage their Rocket Visa Signature Card safely and responsibly, such as:

• Freeze Card and other digital security features
• Option to use SmartPay, which allows you to automate and set rules for paying off your card balance
• Rocket Money, a budgeting and bill negotiation tool that can help you track your spending and credit score, automate savings and lower bills.

The Rocket Visa Signature Card is a unique product in several ways. First, it targets homeowners and homebuyers specifically, allowing them to apply rewards to the costs associated with homeownership. Further, it offers an outstanding rewards rate — it's rare to find a credit card product earning 5X points or 5% cash back on every purchase.

At the same time, neither of these features necessarily makes the card the best choice for current or future homeowners.

If your goal is to buy a house, the idea of earning rewards toward a down payment may seem appealing. But the Rocket Visa Signature only lets you take advantage of the down payment redemption option if you're getting a mortgage loan from Rocket Mortgage.

It's not necessarily the best idea to commit to a lender so early in the process. When you're ready to buy, you want to compare multiple offers. Different lenders may offer you different types of mortgage loans, loan limits and down payment assistance options. And perhaps most importantly, different interest rates.

Getting a lower interest rate, even just by 0.1% or 0.2%, could potentially save you tens of thousands of dollars over the course of a 30-year mortgage. Any value you receive from rewards points could be wiped away if you're able to get a lower interest rate from another lender.

Rocket Visa Signature isn't the only card that can help you save for a down payment. The *Bilt Mastercard®, which earns 1X points on rent at qualifying properties (on up to $100,000 in rent payments every year), 3X points on dining, 2X points on travel and 1X points on everything else. 

You can redeem your rewards toward a down payment, travel, fitness or art classes and more.

Bilt lets you get pre-approved and compare rates across banks to choose the best offer. Even better, when redeemed towards a down payment, points are worth 1.5 cents each. The card has no annual fee (see rates and fees).

If you already have a mortgage with Rocket, the Rocket Visa Signature can help you pay down your mortgage balance. That could be helpful, but you can also find a 2% cash-back credit card that won't lock you in a single redemption option. For example, the Wells Fargo Active Cash® Card earns unlimited 2% cash rewards on purchases. The Citi Double Cash® Card gets you 1% cash back when you make a purchase and another 1% when you pay it off.