Are you planning a home improvement project but unsure of the best way to fund it? Look no further! In this article, we will explore the top credit cards that can help you turn your house into your dream home without breaking the bank. Whether you're a first-time homeowner or an experienced DIY enthusiast, we've got you covered.
Best Credit Cards For Home Improvement Table of Contents
What to Look for in a Home Improvement Credit Card
When evaluating the best credit cards for home improvement, consider the following factors:
Rewards and Cashback
Look for a card that offers a generous rewards or cashback program, allowing you to earn points or cash back on your home improvement purchases. Some cards may also offer bonus categories, such as home improvement stores, to help you maximize your rewards.
Introductory Offers and Low-Interest Rates
Some credit cards offer introductory 0% APR periods, which can be helpful if you plan to finance a large home improvement project. You'll want to pay off the balance before the promotional period ends to avoid interest charges. Additionally, look for a card with a low ongoing APR to minimize interest costs on any remaining balance.
No Annual Fee
A credit card without an annual fee can be a great choice for home improvement projects, as this helps maximize your rewards without having to worry about yearly costs.
Our Top Picks: Best Credit Cards for Home Improvement
We've researched and compiled a list of the best credit cards for home improvement projects, tailored to various needs and preferences.
1. Chase Freedom Unlimited
- Earn an unlimited 1.5% cash back on all purchases, including home improvement spending.
- Introductory 0% APR on purchases and balance transfers for 15 months.
- No annual fee.
- Redeem cash back for statement credits, gift cards, or travel bookings through the Chase Ultimate Rewards portal.
2. Citi Double Cash Card
- Earn 1% cash back when you make a purchase and an additional 1% when you pay it off, for a total of 2% cash back on all spending.
- No annual fee and no caps on cash back earned.
- Introductory 0% APR on balance transfers for 18 months.
3. Lowe's Advantage Card
- 5% off all eligible Lowe's purchases, making it perfect for those with home improvement projects in mind.
- No annual fee.
- Offers special financing options for large purchases, with the option of 0% APR for six months on purchases of $299 or more.
4. The Home Depot Consumer Credit Card
- No-interest financing on purchases of $299 or more for up to six months.
- No annual fee.
- A great option for those who frequently shop at The Home Depot for their home improvement needs.
5. Bank of America Cash Rewards Credit Card
- Earn 3% cash back in a category of your choice, including home improvement and furnishing stores.
- Also earn 2% cash back on grocery store and wholesale club purchases, and 1% cash back on all other spending.
- No annual fee, and a $200 online cash rewards bonus after spending $1,000 in the first 90 days.
- Introductory 0% APR on purchases and balance transfers for 15 billing cycles.
Best Credit Cards For Home Improvement Example:
Let's say you're planning a $5,000 home improvement project and need a credit card to help fund it. You've narrowed your choices down to the Chase Freedom Unlimited and the Lowe's Advantage Card.
If you choose the Chase Freedom Unlimited card, you can take advantage of the 15-month 0% APR on purchases. After completing your project, you would earn $75 in cash back (1.5% of $5,000). If you can pay off the entire balance within the 15 months, you won't accrue any interest.
On the other hand, if you opt for the Lowe's Advantage Card and make all your purchases at Lowe's, you would receive a 5% discount, saving you $250 on your project. However, this card does not have a 0% APR introductory period, so any balance carried over from month to month would accrue interest.
In this example, you would need to carefully consider which offer better suits your needs and repayment capabilities.
Whichever credit card you choose for your home improvement project, remember to use it responsibly and pay off any balances on time to maximize your rewards and avoid interest charges. We hope this guide has made your decision process a little easier. If you found this article helpful, feel free to explore our other guides on Flik Eco for more personal finance and investing tips. And don't forget to share this article with friends and family who might be considering a home improvement project of their own!
