Many Americans share the dream of homeownership, yet doing so can be financially challenging. In addition to the regular maintenance and repairs that all homeowners must do, many also choose to make changes to their homes and gardens from time to time. A credit card can be an effective tool for home improvement tasks, whether you’re buying mulch, a new kitchen backsplash, or a lawnmower to replace one that’s on its way out. There are a lot of credit cards that offer great benefits for home repair purchases, like sign-up bonuses after meeting a minimum spending level or 0% APR on purchases for a limited time, which is like getting a short-term loan with no interest. In this article, you will learn about the best credit card for home improvement projects
Let us dive in.
Best Credit Card For Home Improvement
Remodeling your home is typically a wise decision. Unquestionably, your property will increase in value, you’ll receive significant tax advantages, and you’ll add features you’ll enjoy. Just as crucial as thinking about the ultimate product’s aesthetics is budget planning. Undoubtedly, your home renovation will take a lot of work, but with the appropriate financial strategy, expenses can be in a minimum range.
What Credit Card is Best for Home Improvements?
The first thing you should think about is whether you have enough money on hand to cover all of your home repair costs. Your incentives will be worth less if you put the project’s expenses on high-interest credit cards and don’t pay them off because of the interest that will accrue. However, you might be able to gain significant benefits without paying interest provided you have the cash on hand to make these payments.
The qualities you want in a credit card are the second thing you should consider. Do you wish to accumulate worthwhile travel benefits so that after making your alterations, you can go on vacation? Do you want to use the cashback to increase your bottom line? Or do you need a credit card with a lengthy introductory 0% APR period?
Whatever your objectives, it’s critical to start with the end in mind and work backward to identify a product that will support them. The top two business cards and the top five personal credit cards are on the list below to assist you in sorting through all of your alternatives for your home or office improvement projects.
How to Make the Most of Credit Cards for Home Improvement
- Purchase gift cards to take advantage of extra categories for home improvement projects. If your credit card offers bonus categories at a retailer that sells gift cards, using this strategy may help you earn more points. You should be aware that office supply retailers commonly provide gift cards for home improvement stores both offline and online. You can benefit from grocery stores by locating a choice of gift cards for home improvement businesses that also have cards that provide additional savings on supermarket purchases. Because certain credit cards forbid you from collecting rewards when you purchase gift cards, your results may vary.
- When shopping online, use the gateways that are appropriate for your card. Make sure your credit card has a bonus portal before you shop online. When making purchases at HomeDepot.com or Lowes.com using a Chase credit card, for instance, you can occasionally click over to your Chase Ultimate Rewards account to occasionally earn more points.
What is The Easiest Home Improvement Credit Card to Get?
The Lowe’s Store Card or the Home Depot Credit Card is the most straightforward home improvement credit cards to obtain, as you can get both even with fair credit with a credit card of at least 640
What is The Highest Credit Limit on a Home Depot Card?
The Home Depot Project Loan offers cardholders a very sizable line of credit (up to $55,000), six months to make purchases, and up to 9.5 years to pay it all off.
Best Credit Card for Home Improvement Projects
The following are the list of the best credit card for home improvement projects in 2023:
#1. Chase Sapphire Preferred Credit Card
For every dollar you spend on travel, you could earn 5x the points with Chase Ultimate Rewards. No matter if you eat at home, in a restaurant, or both, you will get three times as many points for eating. On some streaming services, you can earn three times as many points. More miles traveled will result in doubling the points. Earn two points for every additional $1 spent. This credit card is among the top-ranking cards for home improvement projects.
#2. Bank of America Credit Card
Therefore, you receive 3% cash back in one of your preferred qualifying categories. Among the authorized categories are travel, restaurants, pharmacies, gas stations, home renovation, and online shopping. In addition to getting 2% cash back in supermarkets and wholesale clubs, you will also get 1% cash back on all other purchases. The combined quarterly purchasing cap for the 2% and 3% categories is however $2,500. You will receive $75 back every three months ($300 total) in cash if you use the entire 3% of your Bank of America Customized Cash Rewards towards home upgrades. Additionally, because customers who have Bank of America Preferred Incentives receive 25 to 75% more points overall, your benefits could be considerably bigger. Additionally, you will get a $200 welcome bonus that can be applied to home repair costs if you spend $1,000 within the first 90 days of opening your account.
#3. Citi Custom Cash Card
The Citi Custom CashSM Card offers 5% cash back on your top spending category each billing cycle, similar to the U.S. Bank Cash+ (up to $500 each billing cycle, 1% back). A 5% rebate is available for any of the 10 authorized spending categories, including home improvements. The Citi Custom Cash card doesn’t let you choose your own category, like the U.S. Bank Cash+ card, but it still ensures that you’ll get a lot of rewards in an area where you spend a lot of money.
Additionally, Citi Custom Cash offers a 0% introductory APR on new purchases and balance transfers for the first 15 months. The APR increases from 16.99 to 26.99 percent after that. After spending $1,500 in the first six months after opening your account, you can also get a welcome bonus of 20,000 ThankYou points, which are worth $200 in cash back.
#4. Wells Fargo Active Cash Card
Customers who want a sizable flat rate on purchases may use the Wells Fargo Active Cash® Card. With this card, you can make transactions and get a constant 2 percent cash reward. A $200 cash rewards incentive is also available if you spend $1,000 in the first three months of card membership and have many home improvement projects to complete. You will also get a 0% intro APR on new purchases for the first 15 months after opening your account.
The Wells Fargo Active cash credit card for home improvement projects is a great choice if you want to earn a high cash rewards rate without keeping track of bonus categories or changing categories. Because the majority of cards only offer 1 percent cash back on all purchases, you will receive 2 percent cash returns on your purchases, which is unusual in the rewards sector. A great addition to any wallet, it.
#5. Chase Freedom Unlimited
The Chase Freedom Unlimited is a great choice if you’re looking for a credit card that will provide you with long-term value, extra perks, and a brief interest-free time on purchases. You will always get at least 1.5 percent cash back and won’t have to keep up with category changes. When you use this credit card, you might get 5% cash back on flights booked through Chase Ultimate Rewards, 5% cash back on Lyft rides, 3% cash back on dining and pharmacy purchases, and 1.5% cash back on all other purchases. On up to $20,000 in purchases in the first year, you can get an extra 1.5 percent cash back on top of the standard cashback rate. This additional payment could be worth up to $300.
Homeowners who want to save money on interest should be attracted by the 15-month 0% APR on purchases (followed by a variable APR of 18.74 percent to 27.49 percent). Finding a long-term 0% offer will help you save money in the long run if you need to take your time paying off a sizable upcoming home improvement project.
#6. Amazon Prime Rewards Visa Signature Card
This could be quite helpful if you want to buy tools and home improvement items from Amazon.com. There are various home improvement products available on Amazon, including kitchen islands, flooring, light fixtures, and dishwashers. Someone who frequently makes significant purchases at Whole Foods and Amazon should be the one to select this card.
The cashback rates for this card are 5% at Whole Foods Market and Amazon.com, 2% at restaurants, gas stations, and pharmacies, and 1% on all other purchases. You might be qualified for an immediate $100 or $150 Amazon.com gift card upon card approval. This card does not have an annual charge, but you can only get one if you have Amazon Prime.
#7. The American Express Platinum Card
A solid card with several travel benefits is the Platinum Card® from American Express. For someone who travels frequently (i.e., more than five times a year), this card is excellent. Even though the card has a high $695 annual charge, frequent travelers may be able to largely offset that cost.
You should be informed that getting this card is not an easy undertaking. Therefore, if you have high to excellent credit and the money to cover your monthly home repair costs in full, this card is a wonderful option for you.
#8. Chase Freedom Flex℠
The reward tiers for the Chase Freedom Flex℠ are updated every three months. You can earn 5% on several quarterly categories on up to $1,500 in purchases and travel bookings made on the Chase Ultimate Rewards website each quarter. In addition, you can get 3% off at pharmacies and restaurants (including delivery and takeout), and 1% off of everything else. A $75 rebate is included with the $1,500 maximum.
After spending $500 in the first three months, you can also receive $200 in cash back. If you require additional time to pay for your renovation costs, you will also receive a 15-month period of 0% APR on purchases (followed by a variable APR ranging from 18.74% to 27.49%). For someone who needs flexible payment choices for the costs associated with home renovation projects, this card is fantastic.
What Credit Score Do You Need to Be Approved at Home Depot?
A Home Depot® Credit Card requires a credit score of 640 or better; therefore, in order to be approved, you must have a respectable credit rating.
What is so Special About The Black Card?
Access to some of the most stunning hotel rooms in difficult-to-reach locations is one of the benefits of having a black card, along with upgrades and unique rental vehicle privileges. A few black cards are in existence to offer charter aircraft service. Black Cards also offer specialized concierge services.
What is The Hardest Amex Card to Get?
American Express’ Centurion® Card is the most difficult to obtain of its credit cards. This Amex card, also referred to as the “Black Card,” is difficult to obtain because it can only be obtained by invitation, and applicants are purportedly required to earn at least $1 million in annual revenue.
How Long Does it Take to Get an 800 Credit Score?
It may take a number of years or more to get your credit score to 800, depending on where you are starting from.
What FICO Score Do You Need to Buy a House?
If you’re applying for a conventional loan, it’s advised that your credit score be at least 620. Your loan application may not be approved by lenders if your credit score is below 620, or they may be compelled to provide you with a loan with a higher interest rate, which could mean higher monthly payments.
What is The Average Credit Score in The US?
Although the ranges vary based on the credit scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.
How Do You Get a 720 Credit Score in 6 Months?
- Check Your Credit Reports and Scores.
- Prevent paying bills late.
- Reduce the percentage of your credit you are using.
- to your credit report, adding reputable accounts.
Conclusion
Renovating your home with a credit card is a simple and convenient way to get the money you need (assuming you can quickly pay off the card). Although other credit cards provide more incentives for home repairs, if you want the most value for your money, stick with one of these cards.
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