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Millions of Americans enjoy repairing and maintaining their homes in their spare time. Many do it to save money on necessary repairs or to increase the value of their properties. And some just find the work itself to be rewarding.
When it comes time to invest in your own home renovation, you’ll want to use the right tools and materials for the job, including the right credit card. The best credit cards for a home renovation can offer you rewards for your purchases, promotional financing options, and perhaps both.
Here are the best credit cards to use for a home renovation.
1. Lowe’s Consumer Credit Card
Lowe’s is one of the largest home improvement stores, and while this card’s standard APR is a high 26.99%, it offers attractive rewards and promotional financing options. When you use this card, you can receive one of the following three benefits:
- 5% off all purchases, OR
- Six months of deferred-interest financing on purchases of $299 or more. Interest is waived if you pay off the entire amount within six months of purchase, OR
- Project financing on purchases of $2,000 or more, for 36, 60 or 84 months, with rates of 3.99%, 5.99%, and 7.99% respectively (cannot be used at Lowes.com). Fixed monthly payments are required.
If you’ve got a big project that you can pay off within seven years or less, the card is a pretty good deal. It carries no annual fee, but it is not part of a larger payment network so you can only use it at Lowe’s.
2. The Home Depot Consumer Credit Card
If you prefer The Home Depot to Lowe’s, this card might make sense for you, though you won’t be able to get the long-term financing the Lowe’s card offers….