Best Credit Cards to Use For a Home Renovation
This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.
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.
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.
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. For shorter-term financing on home repairs and improvements, the Home Depot card has similar terms to the Lowe’s card: six months of deferred interest financing on purchases of $299 or more. If you don’t pay off the purchases within six months, you’ll be responsible for interest charges going back to the date of purchase. The standard APR is 17.99% – 26.99%.
If you need more than six months to pay off a purchase, you may be better off waiting for promotions that occur throughout the year offering special financing for up to 24 months.
One bonus of the card is that it gives you one year for returns, which is four times longer than the standard return policy allows. There is no annual fee, and this card can only be used for purchases in stores and online.
For even longer term financing, you can apply for the Home Depot Project Loan card, which gives you 84 months to pay off your purchase with fixed monthly payments at a 7.99% fixed APR.
Chase Freedom Unlimited℠
The Chase Freedom Unlimited℠ offers 1.5% cash back on all purchases, plus some additional features that can be useful for those embarking on a major home renovation project. First, you’ll get a $150 bonus when you spend $500 on purchases in your first three months of account opening. Also, new accounts receive 15 months of interest-free financing on both new purchases and balance transfers (a variable APR of 15.74%-24.49% applies after the intro period). Balance transfers have a fee of either $5 or 5% of the amount of each transfer, whichever is greater..
Citi® Double Cash Card - 18 month BT offer
Citi® Double Cash Card - 18 month BT offer from our partner Citi, offers a simple way of earning cash back on your home renovation. It features 1% cash back when you make a purchase, plus another 1% cash back when the purchase is paid. It also offers an intro 0% APR for 18 months on balance transfers made from the date of first transfer when transfers are completed within four months of account opening (with a 3% balance transfer fee). There's no annual fee for this card.