GoodLeap launches Visa HELOC credit card for home improvements

Technology platform GoodLeap has introduced the GoodLeap Home Visa Signature Card, a credit card backed by a home equity line of credit (HELOC) designed to help homeowners finance home improvement projects and everyday expenses.

The card offers eligible homeowners access to up to $150,000, which can be drawn over time rather than as a lump sum, distinguishing it from traditional home equity products. Cardholders can earn 6% cash back on qualifying home projects initiated through the GoodLeap Home app and 3% cash back on eligible everyday purchases for those spending at least $2,000 in a billing cycle. The card carries no annual fee and is accepted anywhere Visa is accepted.

GoodLeap stated that the line of credit can be used for financing purchases, consolidating higher-interest balances, and converting balances over $1,000 into installment plans with fixed payments. The card is integrated with GoodLeap's platform and its network of contractors supporting projects like solar installations, HVAC upgrades, roofing, and window replacements.

Dan Lotano, GoodLeap’s chief operating and strategy officer, emphasized that the card is designed for homeowners with equity who may have been overpaying on interest and earning minimal rewards. He highlighted that the product connects financing directly to the work being done, unlike other home equity products that provide a lump sum without further project support.

Eligible customers may receive funding in as little as three days. The company also utilizes AI-powered tools within its GoodLeap Home app to assist homeowners in identifying potential upgrades and connecting with contractors. GoodLeap believes the card can foster longer-term customer relationships by allowing homeowners to return for future projects while retaining access to their existing line of credit.