Frequently asked questions

The Trovy Card is a credit card backed by your home equity. It combines the flexibility of a traditional credit card with the low rates and high borrowing power of a home equity line of credit (HELOC). Trovy is designed to give homeowners a smarter way to borrow—without the high interest rates and fees of conventional credit cards.

Unlike traditional credit cards that rely solely on your credit report and charge high interest rates, the Trovy Card uses your home equity as collateral. This allows Trovy to offer significantly lower interest rates, more flexible terms, and cash-back rewards—while still functioning just like a regular credit card.

Yes, there may be tax benefits to using the Trovy Card. When you use your Trovy credit line for qualified home improvement expenses, the interest paid could be tax-deductible. You should consult a tax advisor to determine if your specific purchases qualify under current IRS guidelines.

Not all HELOC-backed credit cards are created equal. Some involve lengthy application processes, hidden fees, and limited flexibility. Trovy was built to be the fastest and most user-friendly HELOC credit card on the market. You can apply online in under two minutes and, if approved, begin using your card in just a few days. There are no origination fees, no annual fees, and no confusing terms—just a smarter way to borrow with transparent rates.

The Trovy Card stands out because it offers the low interest rates of a HELOC with the everyday convenience of a credit card. You only pay interest on the amount you use, and if you pay your balance in full each month, you won't owe any interest at all on purchases. It's a flexible, affordable, and modern borrowing solution for homeowners.

Yes, you can use your Trovy Card to take out cash via ATM withdrawals or through ACH transfers to your bank account. Each cash advance will be subject to a fee of up to 3% of the amount drawn. This gives you quick access to your home equity when you need it most.

Yes, balance transfers are available. Many customers choose to transfer balances from their existing high-interest credit cards to their Trovy Card in order to take advantage of Trovy's lower interest rates and flexible repayment terms. Balance transfers are subject to a fee of up to 3% of the total balance transferred.

Monthly payments on the Trovy Card are calculated similarly to a traditional credit card. You'll pay the greater of (i) $40 or (ii) 1% of your outstanding principal balance, plus any applicable fees and interest as outlined in your HELOC agreement. Importantly, you will only be subject to a minimum payment if you have an outstanding balance.

To qualify for the Trovy Card, you must meet certain eligibility requirements related to your home equity, credit score, debt-to-income ratio, and property type. Trovy uses a streamlined process to assess your qualifications and provide instant decisions.

The Trovy Card is currently available in the following states: AZ, CO, FL, IL, MI, NJ, OR, UT, WA, and WI. We're expanding regularly, so join our waitlist and we'll send you an email when we're available in your state.

The Trovy Card has no annual fee, no origination fee, and no hidden costs. However, we do charge fees for balance transfers, late payments, cash advances, and returned payments. You will also be responsible for recording fees and taxes charged by local agencies, although we waive 100% of those fees if you use your card within the first year. We believe in transparent pricing and smarter borrowing.

Trovy accepts a range of residential properties, including single-family homes (1-4 units), townhomes, condominium units, and units in planned unit developments. We do not support co-ops, mobile homes, commercially-zoned real estate, multifamily real estate, manufactured housing, mixed use properties, or raw land.

We do support primary residences, investment properties, and second homes. All home values must be equal to or greater than $100,000. Property eligibility may vary by state.

You may qualify for a Trovy Card if your property is held in your name, jointly with others, or through a revocable living trust. The key requirement is that your name or your trust's name appears in the county records as the legal owner of the property.

The Trovy Card offers a 30-year loan term, including a 25-year draw period—during which you can borrow as needed—followed by a 5-year repayment period with no additional draws. The current maximum credit limit for the Trovy Card is $50,000.

Trovy offers credit lines ranging from $10,000 to $50,000, depending on your home equity, creditworthiness, and other qualifying factors.

No, checking your rate with Trovy will not impact your credit score. We perform a soft credit inquiry, which is only visible to you and does not affect your score. However, submitting a full application will trigger a hard inquiry, which may have a small impact on your credit.

Trovy uses an automated valuation model (AVM) to estimate your home's current market value. This allows for a fast and accurate property assessment without requiring an in-person appraisal.

Your home equity is calculated by subtracting your outstanding mortgage and any other home-secured debts from your home's estimated market value. This equity amount helps determines the maximum line of credit you can qualify for with Trovy.