Are you planning on renovating your home soon? Perhaps you're thinking about upgrading your kitchen, adding an extension, or breathing new life into a tired bathroom? Whatever your project, you're going to need funding. And if you're someone who loves to optimize your expenses and squeeze every bit of value out of your transactions, then you need the best credit cards for renovations. In this post, we'll reveal the top credit cards that can not only help you finance your renovations but also reward you along the way. Let's dive in!
Best Credit Cards For Renovations Table of Contents
Why Use a Credit Card for Renovations?
Before we get into our top picks for the best credit cards for renovations, let's explore why you'd even want to use a credit card for such an undertaking. Some benefits of using credit cards for renovation projects include:
- Accessibility: Credit cards provide convenient and often instant access to funds, ensuring that you can pay for materials and contractors without delay.
- Rewards and cashback: By using a rewards or cashback card, you can earn points or money back on your renovation purchases, potentially saving you hundreds or even thousands of dollars.
- Consumer protection: Credit cards offer certain consumer protections, such as chargebacks or extended warranties, which can be helpful if you encounter any issues with your renovation purchases.
- Interest-free grace period: Most credit cards give you a grace period of up to 28-30 days to pay off your balance without incurring interest charges, giving you time to gather funds from other sources if necessary.
Top Credit Cards for Renovations
Now that we've established the benefits of using a credit card for renovations, let's dive into our top picks. Here are the best credit cards for renovations, based on rewards, cashback, and any special offers.
1. Chase Sapphire Preferred Card
If you're looking for a rewards card that can help you earn points while you renovate, the Chase Sapphire Preferred Card is an excellent choice. Key features include:
- 2x points on dining and travel purchases
- 1x point on all other purchases, including renovations
- 60,000 bonus points after spending $4,000 on purchases within the first three months of account opening
- These points can be redeemed towards travel through Chase Ultimate Rewards or transferred to airline and hotel loyalty programs
2. Citi Double Cash Card
For those seeking cashback rather than rewards points, the Citi Double Cash Card is a fantastic option. It offers:
- 2% cashback on all purchases - 1% when you buy, and another 1% as you pay off the balance
- No annual fee or category restrictions, making this an easy-to-use cashback card
3. Home Depot Consumer Credit Card
If your renovation involves a lot of purchases at Home Depot, consider their Consumer Credit Card. This card offers:
- Special financing on purchases of $299 or more for six months
- Exclusive offers and promotions for cardholders
- No annual fee, but a higher than average APR, so ensure you pay off the balance promptly
Best Credit Cards For Renovations Example:
Imagine you've decided to remodel your kitchen, with a budget of $20,000. You opt for the Chase Sapphire Preferred Card and spend $4,000 on kitchen materials within the first three months, earning the 60,000 bonus points. Throughout the project, you manage to earn an additional 16,000 points on your renovation purchases (1x point per dollar spent). In the end, you accumulate a total of 76,000 points, which can be redeemed for travel through Chase Ultimate Rewards or transferred to multiple travel partners. This could translate into significant savings on your next vacation or an extended weekend getaway as a reward for completing your renovation!
So there you have it - our top picks for the best credit cards for renovations. By choosing one of these cards, you can ensure that you're getting the most value out of your home improvement project, reaping rewards or cashback as you put in the hard work to upgrade your space. Best of all, these cards offer additional benefits that can come in handy throughout the renovation process. So what are you waiting for? Apply for one of these fantastic credit cards and start maximizing your renovation dollars today!
If you found this article helpful, don't forget to share it with friends, family, or anyone else who's planning a home renovation project. And, for more tips on personal finance, investing, and all things money, be sure to explore our other guides on Flik Eco!
