GoodLeap Introduces Home Equity Card for HVAC and Home Improvement Financing
Why It Matters
- Flexible financing can help homeowners move forward with larger HVAC replacement projects by giving qualified customers ongoing access to home equity instead of relying on a one-time loan.
- Contractors participating in the GoodLeap platform may have more opportunities for repeat business because homeowners can reuse their approved line of credit for future HVAC repairs, upgrades, or system replacements.
- As affordability remains a top concern for homeowners, contractors should monitor new financing options that can improve close rates, support long-term customer relationships, and create additional opportunities for future service and replacement work.
SAN FRANCISCO — GoodLeap has introduced the GoodLeap Home Visa Signature Card, a financing product that combines a home equity line of credit with credit card functionality to help homeowners finance home improvement projects, including HVAC upgrades.
According to GoodLeap, the card allows eligible homeowners to access up to $150,000 through a home equity line of credit while earning rewards on qualifying home improvement purchases and everyday spending. The company said cardholders can earn 6% cash back on qualifying home projects initiated through the GoodLeap Home app and 3% cash back on eligible everyday purchases after meeting monthly spending requirements.
Unlike traditional home equity loans that require a single upfront draw, the GoodLeap Home Card provides ongoing access to available credit during the draw period. Homeowners can finance projects in phases, pay contractors as work progresses, or use the credit line for future repairs and upgrades without submitting a new financing application for each project.
GoodLeap said the card is integrated with its existing contractor network, which includes professionals providing solar, HVAC, roofing, window, battery, and other home improvement services. Homeowners can explore financing through participating contractors before beginning a project and, if approved, continue using the same line of credit for future home improvements.
Eligible customers may also be able to convert balances exceeding $1,000 into installment payments with fixed payment schedules and lower interest rates. The card carries no annual fee and can be used anywhere Visa is accepted.
According to Dan Lotano, chief operating and strategy officer at GoodLeap, the company developed the product to better align financing and rewards with how homeowners invest in their properties rather than traditional consumer spending categories.
GoodLeap also said homeowners using its platform have access to AI-powered tools that recommend home upgrades and connect them with participating contractors through the GoodLeap Home app.