Need to renovate your home but don’t know where to start? Check out our list of the best credit cards for home renovations!
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The best credit cards for home renovations
There are a lot of great credit cards out there that can help you get the money you need to make your project a success.
- The Chase Sapphire Preferred is one of the best cards out there when it comes to home renovations. It has an excellent rate for cash back and has no annual fees. Plus, it offers great rewards like travel and dining. This makes it an ideal card for people who want to save money on their projects while also getting great rewards.
- The Citi Premier Card is another great option if you’re looking for a card that won’t have any annual fees. It offers great rates on purchases and has an excellent cash back rate of 3%. Plus, it comes with valuable benefits like travel insurance and airport lounge access. This makes it an ideal choice for people who want to save money on their projects and get some extra perks along the way.
- The American Express Centurion Card is perfect if you’re looking for a card that will help you get the most out of your home renovation project. It offers excellent rates on all types of purchases, as well as bonus points for luxury items like hotels and car rentals.
The best way to finance your home renovation
There are a few factors to consider when selecting a home renovation credit card: the APR, the interest rate, and the fees associated with the card.
APRs for home renovation credit cards can be variable, which means that they can change depending on your credit score. The interest rates for these cards can also be variable, but they are usually lower than regular interest rates. Fees associated with these cards can also vary, but most charge a fee for annual fees and some charge a fee for foreign transactions.
Below are four of the best home renovation credit cards:
- American Express® Gold Card from American Express OPEN Forum
The American Express Gold Card from American Express OPEN Forum has an APR of 14.24% – 25.24%. This card has no annual fees and offers a 0% introductory APR for six months on purchases and balance transfers made within 90 days of account opening. This card also offers 3X points on travel and dining and 2X points on all other purchases.
- Chase Sapphire Preferred® Card from Chase
The Chase Sapphire Preferred® Card from Chase has an APR of 14.99% – 24.99%. This card has no annual fees and offers a 0% introductory APR for six months on purchases and balance transfers made within 90 days of account opening.
The most important things to consider when choosing a credit card for home renovations
- The interest rate: One of the most important factors to consider when choosing a credit card for home renovations is the interest rate. Many cards have very high interest rates, which can really add up over time if you’re not careful. It’s important to find a card with a low interest rate so that you don’t have to worry about paying high bills in the long run.
- The rewards program: Another important factor to consider is the rewards program offered by the card. Many cards offer great rewards for spending money on home renovations projects, such as cash back or points that can be used towards future purchases. It’s worth checking out all of the available rewards programs before making your decision.
- The length of the introductory offer: Another factor to consider is whether or not the card offers an introductory offer that’s long enough for your needs. Some cards offer a promotional period of 6 months or longer, which can be a great option if you’re planning on doing a lot of renovation work over time.
- The coverage: It’s also important to check out the coverage provided by the card in regards to home renovations projects. Many cards now include comprehensive coverage for most home renovation types, from painting and repairs to installing new flooring and cabinets.
Top tips for using your credit card to finance your home renovation
- Chase Sapphire Preferred® Card: This card has a generous annual percentage rate (APR) and provides great benefits, like double points on travel and dining, a $100 bonus after spending $500 in the first three months, and more.
- American Express® Gold Card: This card has an APR of 0% for the first 12 months and then a variable APR that ranges from 14.24% to 24.99%. Plus, it offers valuable rewards including 2x points on all purchases, a $200 bonus after spending $500 in the first three months, and more.
- Citi® Double Cash Card: This card has an APR of 0% for 18 months and then a variable APR that ranges from 15.24% – 25.24%. Plus, it offers valuable rewards, like 2x cash back on every purchase and 1x cash back on all other spending categories.
- Discover It® Credit Card: This card offers great bonuses, like 50,000 bonus points after you spend $1,000 in the first 90 days and 20% bonus cash back on all Purchases – including those made with your credit card. Plus, it has an APR of 0% for the first year and then a variable APR that ranges from 14.
The pros and cons of using a credit card to finance your home renovation
You’ll want to find a credit card that offers great rates and terms. Make sure you’re aware of what qualify for the card’s approval process and which renovations are eligible. Once you have your approved credit card, be sure to read the fine print carefully so you know what you’re getting yourself into. Always budget responsibly and understand that any long-term debt taken on to finance a home renovation may have serious consequences down the road.
Pros:
- Great rates and terms – Many credit cards offer great rates and terms for home renovations, making it an affordable option for many people.
- Easy application process – Many credit cards require no collateral or verification of your income or assets, making the application process quick and easy.
- Quick access to funds – Most credit cards allow you to access funds within days of approval, making it easy to get started on your renovation project.
- No need for expensive repairs – If something goes wrong with your home renovation project while you’re paying off the credit card debt, you won’t have to worry about costly repairs or replacement costs.