Best Rewards Credit Card For Home Improvement – We recommend products based on unbiased research by our editors. If you click a link, we may receive compensation. Read more.
Has the warm weather inspired you to update the interior of your home? We’ve all been spending a lot more time at home lately, so there’s no better time than now to get work done.
Best Rewards Credit Card For Home Improvement
This time, we are not talking about a new coat of paint, new furniture or just new pictures on the wall. We’re thinking about removing that wall completely or finally getting started on that addition you’ve been dreaming of. Or maybe put up the kitchen island you’ve always wanted instead.
The 4 Best Store Cards For Small Businesses In 2022
Sure, you could get a home equity line of credit. But have you ever considered putting your carefully planned project on a credit card? This approach has many advantages. Provided, of course, that the lumber, labor, and other aspects of the project are carefully planned and that all debt is repaid in full and on time.
In this article, we present the three best home improvement credit cards with some guidance on choosing the card that’s right for you and your project.
For home improvement projects large and small, the right credit card can offer many benefits and perks beyond those available with a home equity line of credit or other types of financing.
We’ll tell you more about those benefits later, but for now, here are the three best home improvement credit cards:
Best Credit Card Combinations To Maximize Rewards
Keep reading to find out what we like about each card, but first, let’s talk about how to choose a home improvement credit card.
Home renovations, alterations and upgrades are expensive. You don’t need to be told that. That’s why you’re here. You can save some money by doing some or all of the work yourself. But another way to save some money is to put some or all of the work on the right credit card. Here’s why:
However, if you decide to finance your home renovation with a credit card, it is always important to carefully plan the project and have a plan to repay the debt without any additional costs.
A 0% APR introductory period is an enticing reason to pay for a job in plastic (or basically an interest-free loan!), but once that introductory period ends, average credit card interest rates exceed 20%!
The 11 Best Credit Cards For Home Improvement Stores [2022]
Before you decide on the best credit card for your home improvement goals, it’s helpful to have some idea of how much remodeling could cost you in 2021. It’s impossible to budget for everyone, but in our next section, we’ll give you some ideas of what you can spend on home upgrades.
The final bill for your remodeling project will vary greatly depending on the nature of the work, whether you will be doing the work yourself or paying other people to do it. The size and complexity of your home also makes a big difference.
In general, here are some of the specific tasks involved in home remodeling and how much you should expect to pay for each:
Wall removal: $300-$10K. Don’t start swinging the hammer before consulting a structural engineer. The last thing you want is to remove an important load-bearing wall. However, if it is a non-load-bearing wall, its demolition will probably cost you less.
Credit Card Extended Warranty Policies: A Guide
Home Rewiring: $4K-$20K. Wiring can be a lot cheaper in a new addition and before all the new walls are sealed, so that’s something to consider. While refurbishing an old home or even just a room in a home can be quite expensive.
Plumbing: $400-$1900. Similar to electrical work, upgrading old plumbing costs a lot more than new pipes. Regardless of the type of plumbing work you need done, expect to pay anywhere from about $400 to $1,900
Now that you have a sense of how much a renovation can cost, let’s talk about the best way to pay for the work.
We recommend the Wells Fargo Cash Wise Visa card for minor home remodeling. It’s also a great choice for getting a lot of work done on the weekend or just in your spare time. Among the things that make this card so great for minor home renovations is the 0% interest rate on purchases and qualified balance transfers.
Things You Need To Know About Your Credit Card
What’s more, this rate is valid for the first 15 months after opening the account. After that point, however, the interest rate jumps to a variable APR of 14.49% to 24.99%, so it’s important to pay off all of that debt on time. But if you have, then you have actually received an interest-free loan to renovate your home.
In terms of cash rewards, the Cash Wise card offers a respectable flat rate of 1.5% on all purchases. Yes, that’s right: everything. Since you have enough to worry about when organizing your house, you don’t want to keep track of what you’re spending and where you’re spending it.
Plus, spend $500 and get $150 back to help fund other aspects of the renovation, like new furniture. What kind of loan does he just give?
Plus, buy inventory at a retailer that accepts Google or Apple Pay within the first 12 months of account opening and earn an additional three points or 1.8% on all your purchases.
Best Credit Card Combos: Maximize Rewards For Every Dollar You Spend
There’s no annual fee with the card, which is nice, but there’s also no annual bonus to be aware of. Overall, the purchase flexibility and generous 0% interest period make this a great no-drama credit card for smaller home improvement projects.
Best of all, there is no limit to the amount of cash rewards you can earn and they never expire as long as the account is open. With the card’s flexibility and list of benefits, it’s time to start swinging that hammer, because financing the interior of your new-look house is easier than ever: on your schedule and at your own pace.
But if you have a big home improvement project that needs to be done quickly, consider the next pick on our list, the Bank of America Customized Cash Rewards Credit Card. What makes it a great choice for a big project is the 3% cash back on select categories, including home improvement and even furniture. The bigger the project, the bigger the purchase, the bigger the benefits.
That alone makes the Customized Cash Cash Rewards card hard to beat. And with Bank of America, you also get 2% in wholesale clubs up to $2,500 per quarter in the combined 2% and 3% categories. Wholesale clubs, in case you didn’t know, offer great deals on supplies that are key to your home renovation, helping you save even more on the project. After that, you continue to enjoy 1% cash back on all other purchases.
Home Renovation Loan Options In Canada
There is an extended period of 0% APR for purchases made within 60 days of account opening and lasting for the first 15 billing cycles. After that time, the APR jumps to a variable 13.99% to 23.99% and there is a 3% fee with a $10 minimum.
Plan carefully, though, and you should be able to pay off all your home improvement purchases without accruing extra interest. You can also enjoy a healthy infusion of cash back into your pocket to help fund other aspects of the project.
Other than home improvement, available 3% cash back categories include fuel, online shopping and dining, and Preferred Rewards members earn up to an additional 75% on all cash back rewards.
All of this makes the Bank of America Customized Cash Rewards Credit Card truly a card that keeps on giving when you’re remodeling your kitchen, bathroom or living room.
The 4 Types Of Cash Back Credit Cards And How To Decide Which Is Best
But what if your project requires more than just knocking down a wall or finally finishing the basement bathroom?
The next credit card on our list has a lot to offer those adding an entire addition to their home. What makes the Alliant Credit Union Visa Signature Card a great choice for both a large project and an add-on is the generous 2.5% cash back on eligible purchases up to $10,000 per month.
What’s more, this generous offer is free of complicated categories, although you must be a member of the credit union to take advantage of this benefit. Alternatively, you can join after approval, but the card is only available to those with excellent credit.
Back to the good stuff, the card’s estimated average annual rewards are estimated to be around $360, and there’s no annual fee for the first year after account opening (it jumps to $99 annually each year thereafter).
Best Credit Cards For Home Remodeling, Construction, And Expansion
On the other hand, there is no 0% APR introductory period, but at 12.24% to 22.24%, the card’s interest rate is slightly lower than average for other cards. You can also deposit these generous cash prizes directly into an Alliant checking or savings account to further support your project’s bottom line.
Taking all of this as a whole, it’s clear for the biggest home improvement projects
Best home improvement credit card, best credit card rewards for restaurants, best credit card for cash back rewards, best credit card for home improvement, which credit card is best for rewards, credit card with best rewards for travel, the best rewards credit card for travel, best credit card for home improvement 2020, best credit card for home improvement purchases, best credit card rewards for home improvement, best credit card for cashback rewards, best rewards card for home improvement
