GoodLeap launches Visa HELOC credit card for home improvements

Technology platform GoodLeap announced on Thursday the launch of a Visa Signature credit card backed by a home equity line of credit (HELOC), allowing homeowners to finance home improvement projects and everyday purchases while earning cash-back rewards.

The GoodLeap Home Visa Signature Card, or GoodLeap Home Card, provides eligible homeowners with access to up to $150,000 through a HELOC that can be used over time rather than through a single upfront draw, the company said.

The company said that the card can be used anywhere Visa is accepted and carries no annual fee. Cardholders can earn 6% cash back on qualifying home projects initiated through the GoodLeap Home app, and holders who spend at least $2,000 during a billing cycle can earn 3% cash back on eligible everyday purchases.

GoodLeap said homeowners can use the line of credit to finance purchases, consolidate higher-interest balances and convert balances exceeding $1,000 into installment plans with fixed payments and lower interest rates.

“A homeowner who just spent $20,000 upgrading their HVAC system shouldn’t be earning a few airline miles on a credit card with an average APR north of 20%. They should be earning meaningful cash back on the thing that just made their home more valuable,” Dan Lotano, GoodLeap’s chief operating and strategy officer, said in a statement.

“If you’re a homeowner with equity, you’ve likely been paying too much and earning too little. The GoodLeap Home Card changes that. We built a card for your house, not just one backed by it.”

The card is integrated with GoodLeap’s platform and contractor network, which supports financing for solar, HVAC, roofing, windows, batteries and other home improvement projects.

Homeowners can explore prequalification options through participating contractors before beginning a project. Those who are approved can retain access to the line of credit for future renovations, emergency repairs and additional upgrades without reapplying, according to the company.

Unlike traditional home equity products that may require borrowers to take a lump-sum draw, the GoodLeap Home Card allows homeowners to access available credit throughout the draw period and pay contractors as work progresses, the company said.

“Every other home equity product hands you money and leaves you to figure out the rest — the contractor, the timeline, the next project,” Lotano said. “We connect financing to the work itself. The GoodLeap Home Card is just one piece of our platform, built for everything a homeowner does to their home, not just the first project.”

GoodLeap said eligible customers may be able to access funding in as little as three days. The company also offers AI-powered tools through its GoodLeap Home app to help homeowners identify potential upgrades and connect with contractors.

The company said the card could help contractors develop longer-term relationships with customers by allowing homeowners to return to the GoodLeap platform for future projects while maintaining access to an existing line of credit.

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.