Introduction
Do you know home improvement projects can be exciting, rewarding, and expensive—whether you are planning to remodel your kitchen, upgrade your bathroom, or add a new room to your house, you will need to budget for the materials, labor, and other costs involved? One way to finance your home improvement is by using a credit card that offers rewards, discounts, or low interest rates on your purchases. But which credit card is the best for home improvement? Don’t worry you are in the right place. Read this article to learn about different credit cards that are suitable for different types of home improvement projects. You are also going to learn why each card is good for you —in addition to detailed information about each card, such as the annual fee, the interest rate, the rewards program, the sign-up bonus, and the special features. By the end of this essay, you are going to have a better idea of which credit card is the best for your home improvement needs.
- Home Depot Credit Card
- Lowe’s Advantage Card
- Chase Freedom Flex
- Citi Simplicity Card
- Discover it Cash Back
Overview of Best Credit Cards for Home Improvement
How to Choose the Best Credit Cards for Home Improvement
Pros & Cons of Best Credit Cards for Home Improvement
What to Watch Out For
Pro Tips
1. Home Depot Credit Card
Understand that this card is a store-branded card that you can only use at Home Depot stores and online at homedepot.com. Get six months of deferred interest on purchases of $299 or more, in addition to special financing plans for larger purchases, such as 12 months on purchases of $299-$998, 18 months on purchases of $999-$1,998, and 24 months on purchases of $1,999 or more. Additionally, you can get exclusive offers and discounts for cardholders throughout the year.
Pros
- Has an annual fee
- Gives six months interest-free on purchases of $299 or more
- Has flexible financing options for larger purchases
- Offers exclusive offers and discounts
- Has a wide selection of home improvement products and services at Home Depot
Cons
- Has a high regular variable APR of 28.99%
- Restricts usage to Home Depot stores and online
- Offers no rewards program or cash back
- Has no sign-up bonus
- Has late payment fee of up to $40
- Has zero dollar annual fee
- Offers variable interest rate of 99.99%
- Has zero rewards program
- Lacks sign-up bonus
- Offers special features
2. Lowe’s Advantage Card
You can only use this card at Lowe’s stores and online at lowes.com. Get an instant 5% off on almost all purchases at Lowe’s. You can also get special financing plans for larger purchases, such as six months on purchases of $299 or more, 36 months on purchases of $2,000 or more on select appliances, 60 months on purchases of $3,500 or more on select outdoor power equipment and sheds, and 84 months on purchases of $2,000 or more on select windows and doors.
Pros
- Offers zero annual fee
- Takes 5% off on almost all purchases at Lowe’s
- Offers multiple financing options for larger purchases
- Has periodic promotional offers
- Offers a wide selection of home improvement products and services at Lowe’s
Cons
- Has a high regular APR of 28.99%
- Restricts usage to Lowe’s stores and online
- Lacks rewards program or cash back
- Has no sign-up bonus
- Has a late fee of up to $40
- Offers $0 annual fee
- Has a variable interest rate of 28.99%
- Has no rewards program
- Has zero sign-up bonus
- Offers special features like 5% off and special financing plans
3. Chase Freedom Flex
Can you imagine this card is a general-purpose cash-back credit card that you can use anywhere that accepts Mastercard? Imagine getting access to a generous rewards program that earns you 5% cash back on up to $1,500 in combined purchases in different categories each quarter when you activate them.
Pros
- Has no annual fee
- Has high cash back rewards on various categories
- Offers sign-up bonus of $150
- Has 0% intro APR for 15 months on purchases and balance transfers
- Has benefits such as free credit score, purchase protection, and fraud alerts
Cons
- Requires activation to earn 5% cash back on rotating categories
- Has a quarterly cap of $1,500 on 5% cash back categories
- Has a balance transfer fee of 3%
- Has a foreign transaction fee of 3%
- Lacks special financing plans for home improvement
- Has a $0 annual fee
- Offers 0% intro APR for 15 months, then 17.24% to 28.24% (variable)
- Offers 5% cash back on rotating categories, travel, and more; 3% cash back on dining and drugstores; 1% cash back on all other purchases
- Offers sign-up bonus of $150 after spending $500 in the first three months
- Get free credit scores, purchase protection, fraud alerts, and more
4. Citi Simplicity Card
Choose the Citi Simplicity card if you want a general-purpose credit card that you can use anywhere that accepts Visa. It offers a simple way to finance your home improvement with a low-interest rate.
Pros
- Has no annual fee
- Has no late fees
- Has no penalty rate
- Offers long 0% intro APR for balance transfers and purchases
- Offers benefits such as identity theft solutions, quick lock, and entertainment
Cons
- Requires excellent credit to qualify
- Has a balance transfer fee of $5 or 3% of the amount of the transfer
- Has a foreign transaction fee of 3%
- Has no rewards program or cash back
- Has no sign-up bonus
- Has a $0 annual fee
- Offers 0% intro APR for 21 months on balance transfers and 12 months on purchases, then 19.24% to 29.99%
- Has no rewards program
- Lacks sign-up bonus
- Lacks late fees, penalty rate, identity theft solutions, quick lock, and entertainment
5. Discover it Cash Back
Pick this card if you want a general-purpose cash-back credit card that you can use anywhere that accepts Discover. You can get a similar rewards program as the Chase Freedom Flex but with different categories each quarter. You can also earn unlimited 1% cash back on all other purchases automatically. Additionally, it offers an unlimited cashback match at the end of your first year.
Pros
- Has no annual fee
- Offers high cash back rewards on various categories
- Gives you unlimited cashback match at the end of your first year
- Offers 0% intro APR for 14 months on purchases and balance transfers
- Has been benefits such as free credit scorecards, social security number alerts, and freeze-it
Cons
- Requires activation to earn 5% cash back on rotating categories
- Has a quarterly cap of $1,500 on 5% cash back categories
- Has a balance transfer fee of 3% (although, this changes by November 10, 2023, to 5%)
- Has limited acceptance outside the US
- Has no special financing plans for home improvement
- Offers $0 as an annual
- Offers 0% intro APR for 14 months on purchases and balance transfers, then 14.24% to 28.24% (variable)
- Rewards 5% cash back on rotating categories; unlimited cash back match at the end of your first year; unlimited 1% cash
Overview of Best Credit Cards for Home Improvement
Understand that one of the best ways to finance your home improvement projects is by using a credit card that offers rewards, discounts, or low interest rates on your purchases. Depending on where you shop and what you need, you can choose from different credit cards that are suitable for different types of home improvement projects. For example, if you shop frequently at Lowe’s, you may want to consider the Lowe’s Advantage Card, which offers an instant 5% off almost all purchases at Lowe’s, as well as flexible financing options for larger purchases. However, this card can only be used at Lowe’s stores and online and has a high regular APR of 28.99% (variable). If you want to earn cash back on your home improvement spending, the Citi Double Cash Card is a simple and rewarding option. It offers 2% cash back on every purchase: 1% when you buy and 1% when you pay. It also has no annual fee and a 0% intro APR for 18 months on balance transfers, after which a variable APR of 15.24% to 27.24% applies. If you need to finance a big-ticket remodel, the Chase Freedom Unlimited is a good choice. It offers a 0% intro APR for 15 months on purchases and balance transfers, after which a variable APR of 17.24% to 28.24% will apply.
How to Choose the Best Credit Cards for Home Improvement
- Compare different credit cards that offer rewards, discounts, or low interest rates on home improvement purchases.
- Consider your spending habits, your credit score, your budget, and your goals.
- Read the terms and conditions of each credit card carefully.
- Apply for the credit card that suits your needs and preferences.
- Use your credit card responsibly and wisely.
Pros & Cons of Best Credit Cards for Home Improvement
- Pros
- Earn rewards, such as cash back, points, or miles, on your home improvement spending
- Take advantage of 0% introductory APR offers
- Enjoy other perks and protections that come with credit cards, such as purchase protection, extended warranty, fraud alerts, and free credit score access.
- Use your credit card anywhere that accepts it
- Improve your credit score by using your credit card responsibly and paying your bills on time.
- Cons
- Ready to pay high interest rates after the 0% introductory period ends
- Has numerous fees, such as annual fees, balance transfer fees, foreign transaction fees, or late payment fees.
- Prepare to deal with credit limits
- Ready to activate or enroll in certain programs or categories to earn the highest rewards rates
- Face lower acceptance or higher surcharges from some contractors or merchants who do not accept credit cards or charge extra fees for using them
What to Watch Out For
- Pay attention to the interest rate and fees of each credit card.
- Avoid carrying a balance on your credit card.
- Keep track of your spending and budget.
- Choose the right credit card for your needs and preferences.
- Use your credit card responsibly and wisely.
Pro Tips
- Use your credit card responsibly and wisely.
- Compare different credit cards that offer rewards, discounts, or low interest rates on home improvement purchases.
- Consider your spending habits, your credit score, your budget, and your goals.
- Read the terms and conditions of each credit card carefully.
- Apply for the credit card that suits your needs and preferences.
Recap
Understand that home improvement projects can be a great way to enhance the value, comfort, and appearance of your home. However, they can also be costly and require careful planning and budgeting. One of the ways to finance your home improvement is by using a credit card that offers rewards, discounts, or low interest rates on your purchases. Many credit cards are suitable for different types of home improvement projects, but some of the best ones are the Home Depot Credit Card, Lowe’s Advantage Card, Chase Freedom Flex, and Citi Simplicity Card.
However, you must compare other credit cards and choose the one that best fits your needs and preferences. Also, use your credit card responsibly and wisely by paying off your balance in full every month if possible, keeping your credit utilization ratio low, monitoring your transactions and statements regularly, and reporting any suspicious or fraudulent activity immediately.
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