Best Capital One Credit Cards to use when remodeling your home

The best credit cards for renovation projects will offer many discounts, cashback, and rewards to the users.  

Table of Contents:

Which credit card is best for a renovation?

What is the easiest home improvement credit card to get?

Who has a Home Depot credit card?

What kind of card is Home Depot?

Can I use a credit card to pay renovation?

Can you pay for remodeling with a credit card?

Do people take loans for a renovation?

Summary

Which credit card is best for a renovation?

Most homeowners will at least once take on some sort of home renovation or upgrade project. Sometimes these renovations are essential while others are driven by the need to make a home more functional or more stylistically nice. Either way, taking on these projects can be both time-consuming and pricey. In many cases, the original budget set forth for these projects will not cover all of the costs related to the work needed, and as such, cash funding is not always possible. In cases where using cash to finish off your home renovations is not possible; you may want to turn your attention to using a credit card to cover part of the costs. 

Over the years many different credit cards have developed different reward programs that allow you to benefit from using them. This means that depending on the credit card that you have available you may be able to get better interest rates, reward points, or cashback and discounts for the purchases that you are making. What’s more, as each card tends to be most appropriate for different types of usage, the one that is best for you will depend on the type of improvements that you are in the process of making. 

The following list includes some of the best credit cards to use for renovation projects. 

Bank of America Customized Cash Rewards credit card

Pros: 

1. 3% cashback on one, of your choosing, out of a total of six categories 

2. 1% back on other purchases

3. $0 annual fee

4. Sign up Offer of a $200 cash reward bonus if you spend over $1,000 within the first 90 days of opening your account

Cons: 

1. Cap of $2,500 quarterly spending in the bonus category

• Chase Freedom Unlimited

Pros:

1. Earn 5% cashback on groceries, excluding Target and Walmart, on up to $12,000 within the first year and 3% on drugstore purchases and dining.

2. 1.5% cashback on all other purchases

3. $0 Annual Fee

4. Sign in bonus of $200 cashback if you spend over $500 in the first 90 days from opening your account

Cons:

1. 3% foreign transaction fee – this may not necessarily be important while completing renovations

• Citi Custom Cash Card

Pros: 

1. 5% cashback on up to $500 in your highest spending category for each billing cycle

2. 1% back on all purchases – excluding the ones included in the 5%

3. Sign in bonus of $200 cashback if you spend over $750 in the first 90 days after opening your account

4. $0 Annual Fee

5. 0% intro APR for the first 15 months on Purchases and Balance

Cons: 

1. $500 limit can be easy to reach during renovations if you need big-ticket items like appliances 

• Citi Double Cash Card

Pros:

1. 2% back on all purchases

2. Annual fee 0% 

3. 0% intro APR for the first 18 months on balance transfers

Cons: 

1. No sign-up bonus

• Lowe’s Advantage Card

Pros: 

1. 5% off eligible Lowe’s purchases

2. Financing options for purchases exceeding $299

3. $0 Annual Fee

Cons:

1. No sign-up bonus

2. Main benefit of this card is only available if you shop at Lowe’s

3. Deferred-interest financing option could backfire if repayment is not made on time

What is the easiest home improvement credit card to get?

The easiest home improvement cards to get approval for are the ones that are associated with big retailers and stores. Normally, these cards are easy to apply for with the application process often being fully online. The two most popular and easiest to get home improvement credit cards are the Lowe’s Advantage Credit Card and the Home Depot Credit Card. Both of these need a credit score of 640 and they require you to fill out a simple form that includes some of your personal details, such as your name, email address, address, and part of your social security number. Once, the form has been completed and you have received approval for your new credit card you will be ready to take on your next renovation project. 

Who has a Home Depot credit card?

The Home Depot Credit Card is offered through Citibank. The card is available to all individuals that fit the credit requirements set forth by the bank. In general, if you are approved for the card, it will take Citibank up to 10 days for the card to be issued. This means that you will be able to receive your new card and start on your renovation project very quickly. 

For individuals considering taking the step and starting on major renovations in their property, having access to the Hope Depot card can mean that they will be able to save money through discounts as well as arrange for interest-free installments on many of their purchases. For those who use Home Depot for a large number of their home renovation purchases, having access to the special offers and arranging for installment payments of the products you are buying, will free up more cash so that you can proceed with all of your projects faster. 

While the standard Home Depot Credit Card is for consumers and individuals, there are some Home Depot cards and initiatives that are created for commercial use and contractors. Those cards will normally have different sets of benefits that can best serve the target users of these cards.  

What kind of card is Home Depot?

The Home Depot card is a consumer credit card that can be used by those who are looking to benefit from a great balance and payment plan for their purchases. The card is provided through Citibank and in many ways, it works like a regular credit card without too many benefits associated with it. All of the benefits of this card relate to its use at Home Depot where consumers can use the card and take advantage of multiple offers. 

Those who have a Home Depot Consumer Card will need to consider the following aspects of having this type of card. 

1. Ability to defer interest and pay in installments

The Home Depot Consumer Credit Card allows you to defer interest on purchases exceeding $299 for up to 6 months. Since the interest is only deferred, you will want to ensure that the installments are paid on time to not incur any further charges.

2. Extended return period and exclusive offerors

While the Home Depot card does not provide its users with cashback, it does give them exclusive offers that they can take advantage of in the Home Depot store. What’s more, cardholders have their return period extended, which means that for a year after the initial purchases they will still be able to return the product.

3. New Cardholders benefit from a discount

For those opening new accounts, the Home Depot Consumer Credit Card offers some limited discounts. These include an offer of $25 off for purchases up to $299, $50 purchases falling between $300 to $999, or $100 off purchases exceeding $1,000. While minimal, this is a good thing to remember when considering whether to get a Home Depot Card or not.

4. Ensure that you are not carrying your balance from month to month

The ongoing APR of the Home Depot Card is both variable and quite high, often falling between 17.99%-26.99%. For this reason, you will want to ensure that you are never forgetting to pay off your balance, to avoid having to pay further.

5. Home Depot specialized card availability

For those who are not sure that the consumer card is the one that will best serve them there is another option available. Hope Depot offers the Home Depot Project Loan Card, which is directed to those looking for cards that will need a lot more funds for their renovation projects.

Can I use a credit card to pay renovation?

It is possible to pay for renovations using a credit card exclusively, however, if you are planning on doing that there are a couple of things that you may want to consider. 

1. Contractors pay a steep fee to accept credit card payments which is why they may offer you discounts if you are willing to pay in cash

2. By paying with a credit card you may be left paying a high-interest rate over a long time

3. Credit cards are a much better payment method in big stores as they offer no discounts or make price changes based on your method of payment. 

If you are considering paying for the renovations with a credit card because you need to finance the renovations you may want to look at other available financing options. Oftentimes, there are both credit cards as well as other lenders who are willing to provide you with the required amount at a far lower interest rate. If you are considering extensive renovations then it may be worth looking into what other options are available for financing them.

Can you pay for remodeling with a credit card?

Putting your home remodeling in a credit card, especially if that credit card charges 0% interest rate and allows for payments in installments or high cash-back, can be a great way of both completing the remodeling in a timely manner while also having the opportunity to spread out the cost across more months. This will allow you to also keep some of your cash flow while completing the remodeling. If while you are in the process of remodeling you find other things that you need to purchase and have the cash available to buy it can be great for finishing the project. Therefore, not only you can pay through a credit card, but also if you take proper advantage of all of the perks of using a credit card you may be able to finish the remodeling with even better results than the ones you had originally anticipated. 

Do people take loans for a renovation?

Many lenders offer home improvement loans for those looking to start renovations in their homes. Normally these loans are unsecured and there is no need to place your house as collateral to get approval for the loan. If you are looking to use a home improvement loan for renovations then you will find that your credit score is one of the most important factors in determining the amount that you will be able to receive and at what interest rate. Apart from any interest rate associated with your loan you may also be required to pay the lender an application fee and other fees relating to your loan and payments. 

While getting a home improvement loan may seem like a good way of securing the necessary funding, it is not always the best idea to take on one of these loans. This is especially true in cases where your credit score is low or where the interest rate offered by the lender is too high. Where possible, cash-flowing your home renovations project is often recommended if you want to keep complete control over your money. 

Summary

Choosing the best credit cards for your home renovation projects can be tough, especially when one considers all of the cashback and reward systems available that you could sign into. When using a credit card to renovate a house one must take into account all information regarding the interest rate that they will be called to pay to best determine whether using a credit card is truly what is best for them.