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Serious home remodelers spend money on everything from tools and paint to cabinets and flooring. So if you're thinking about tackling some renovations, you should get rewarded for the purchases you make. We rounded up five of the best credit cards for home improvement projects, and you can check them out below.
The Lowe's Advantage Card offers the best rewards out of the cards we selected. One of the best benefits is that you'll receive the rewards now in the form of a discount, instead of waiting months or longer for them. And if you're a do-it-yourselfer, you're probably wandering the aisles of home improvement stores regularly anyway. You might as well carry a card that pays you back for being a loyal customer.
This card currently offers an additional discount on one purchase as a sign-up bonus, and it has no annual fee. However, the Lowes Advantage Card has a moderately high APR if you carry a balance. But if you're doing major projects, you may qualify for special financing at a lower rate.
If you're more likely to spend your home improvement dollars at IKEA, you can't go wrong by getting its no-annual-fee credit card. IKEA has expanded its home improvement offerings over the years, even offering kitchen and bathroom cabinet remodeling advice at its stores and installation at shoppers' homes. With the IKEA Visa Card, you get a competitive rewards program on store purchases, as well as rewards for dining, groceries, and utilities and minimum rewards on everything else.
If you carry a balance on your IKEA card, the APR is moderate compared to other home improvement cards. The only catch is that you must redeem your rewards at IKEA.
If you need motivation to pay off your card balances, the Citi Double Cash Card may be for you. It gives you a cashback reward when you make a purchase using your card, and then an additional reward when you pay it off.
You may qualify for this card if your credit score isn't quite high enough for some of the other cards; it's generally available to customers with good and better credit scores. The Citi Double Cash Card also offers a generous introductory APR balance transfer offer, although balance transfer fees apply.
You'll have to play the game just right to get the high rewards rate on the Discover it Cash Back Card. The top rate applies only to certain categories, and those categories are different each quarter. They may include purchases at places as varied as Amazon or gas stations. Your total rewards amount for each period is limited. However, if you can keep an eye on the current categories and time your purchases accordingly, you can earn some great rewards.
At the end of your first year, Discover automatically matches your rewards earned so far, with no minimum spending or maximum rewards. The no-fee Discover It Cash Back Card also offers a generous introductory period for both purchases and balance transfers (balance transfer fees apply).
The Lowe's Advantage Card offers the best rewards out of all the cards we selected.
We chose five credit cards with above average rewards rates on home improvement and related purchases. The best card for you depends on your buying habits, how much you will spend, and how quickly you will pay off the balance. These cards all have no annual fee.
Cards may have average or higher interest rates (APRs). If you carry a balance, you may be better off looking for a low APR card or special financing deal. High interest rates will cost you far more than you can save with cash rewards cards.
All of our credit card choices for home improvement purchases can also be used anywhere else you use major credit cards.
Some retailers offer great deals on store financing on everything from appliances to carpet. However, you should read the contract carefully. If it offers "90 days same as cash," for example, and you don't actually pay it off before the 90 days end, you may owe a high rate of interest from the date of purchase and going forward.
You may be better off using a card with an introductory low- or no-interest rate. At least then you only pay interest after the introductory period ends.
Always pay more attention to the interest rate you pay than to rewards rates. Rewards are great, but paying high interest rates will cost you far more than you save.
You can spend as much time maximizing your rewards as you like. It's even possible to have multiple rewards cards for different purposes, allowing you to reach the rewards caps for each one. However, most people with busy lives will want to choose the card that works best with their spending habits, letting it work for them automatically.
There's probably no harm in having a few rewards cards, although your credit score may take a temporary dip when you first apply for them. However, try not to go overboard. Too many cards means more accounts to keep track of and pay each month. It's better to choose a card or cards that work best for you instead of taking advantage of every offer that comes along.
We chose five credit cards with above average rewards rates on purchases related to home improvement and decor. Some cards offer the best rewards at certain stores, while others have good rewards at a wider selection of stores. They all have no annual fee, but interest rates vary by card.
Below are a couple other cards you should check out: