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.