GoodLeap Launches HELOC-Backed Credit Card for Home Improvement

The card marks a shift from traditional one-time home equity loans, which often require upfront draws and fragmented management. By linking a revolving line of credit—up to $150,000—to its existing contractor network, GoodLeap allows users to finance home upgrades in phases. This structure is designed to let homeowners pay contractors as work progresses, rather than securing a lump sum at the start of a project.

Chief Operating & Strategy Officer Dan Lotano stated that the card is engineered specifically for the homeownership lifecycle, contrasting it with standard credit cards that offer rewards for travel or dining. Beyond the 6% return on qualifying home projects, the card provides 3% cash back on everyday purchases after a $2,000 monthly spend threshold. The offering also includes tools to convert balances over $1,000 into fixed-rate installment segments, providing an alternative to the higher interest rates typically found on traditional credit cards.

Issued by Cross River Bank, the product functions as a home equity line of credit where the home serves as collateral. While it removes the need for reapplying for financing as new needs arise, the company notes that variable APRs for purchases range from 13.24% to 18.00%, depending on market conditions and credit approval. The card is currently available via invitation, plugging directly into GoodLeap’s broader ecosystem of AI-driven tools used by contractors for solar, HVAC, and energy-efficient home installations.