Best Credit Cards for Home Improvements
Are you getting ready to tackle a big home improvement project?
Whether you’re going the DIY route or calling in a contractor, if there are home renovations in your future, there’s one tool you’ll need to make sure you have: A credit card that will reward you for every dollar you spend in pursuit of a more beautiful home.
In other words: you’ll want to make sure you research one of these best credit cards for home improvements as you budget your renovations.
Best Home Improvement Credit Cards for 2021
- Chase Freedom Unlimited
- Chase Freedom Flex
- Wells Fargo Cash Wise Visa®
- Blue Cash Preferred® Card from American Express
- Capital One® Quicksilver® Cash Rewards
In our list of the best home improvement credit cards, we focused specifically on cards with cash welcome bonuses, cash back rewards for travel and shopping, and 0% introductory APR offers.
No matter what your financial situation is like, there’s usually a credit card that would be a good option for financing home improvements. We recommend that you do the research ahead of time to learn what kinds of bonuses you want most, then determine your budget factoring these rewards into your plan.
As always, estimate to spend about 10-20% more than would be ideal, because lots of unexpected surprises happen during home renovations. Then, save as much cash as possible so that you can ultimately pay off your purchases either right away, or within your 0% interest welcome period.
Now that you have your home renovation strategy, here is all the information you need to find the best credit card for your home improvements:
Chase Freedom Unlimited
Chase Freedom Unlimited is first on our list of best home improvement credit cards because it is so well-rounded. It’s basically the best to “triple-dip” and get a little bit of each kind of reward you could want.
For starters, you’ll be able to pay off your home improvement over the course of 15 months with its 0% introductory APR, after that the APR increases to 14.99% – 23.74% APR variable.
Chase Freedom Unlimited is currently offering a $200 cash bonus after spending $500 on purchases in your first 3 months of opening the account. It also offers unlimited 1.5% cash back on all spending, so if you’ve got a major home improvement coming up, like a kitchen renovation or a finished basement, it’s worth considering this card.
If you don’t want to use your points for travel, buy yourself some Home Depot or Amazon gift cards. Every little bit helps cover the surprises that come with home renovations, plus some new decor to celebrate all your hard work.
Also – did we mention? – there’s no annual fee.
Chase Freedom Flex
What’s better than earning $200 cash back when you spend $500 on home improvements?
A whopping 5% cash back on rotating categories like gasoline, groceries, department stores, streaming services, and restaurants up to $1,500 each quarter.
There’s also a 0% Introductory APR period that, like the Chase Freedom Unlimited, allows you to pay for your home renovations over 15 months. Be mindful though that afterwards the rate becomes a variable APR of 14.99% – 23.74%. So if you’re budgeting $5,000 to upgrade your bathrooms, you can pay it all off with a reasonable payment of $333 per month without owing a penny of interest. Not bad.
Outside of the quarterly incentives, you’ll also earn 5% cash back on travel purchases through Chase, 3% on dining and drug stores, and an unlimited 1% cash back on every other purchase.
Wells Fargo Cash Wise Visa®
The Wells Fargo Cash Wise Visa credit card earns its spot on our list of best home improvement credit cards because of its $150 cash reward after spending $500 in the first 3 months and its 0% APR for 12 months.
With no annual fee, this card will continue to add cash to your wallet even after your introductory period is over.
You’ll earn 1.5% on every purchase, so even when the walls are painted and you’ve found the perfect shower curtains, this card will reward you as you shop.
Blue Cash Preferred® Card From American Express
Did you know that the average cost to install a new shower is about $3,000? No matter the size of your home renovation, the Blue Cash Everyday Card from American Express will reward you.
The most obvious benefit is the $250 welcome bonus when you spend your first $1,000 within the first 3 months.
You will also have 12 months to pay for your renovations with a 0% Introductory APR on purchases.
There is a $95 annual fee, but the stellar cash back benefits will more than pay for themselves in just a few trips to the grocery store.
Behold – This card showers you (pun intended) with 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more, 3% Cash Back at U.S. gas stations. And at the end of the day, no matter what you’re buying, you’ll earn 1% Cash Back on every other purchase.
Pro Tip: Check out all of our Best Credit Cards for Groceries in 2021.
Capital One® Quicksilver® Cash Rewards Credit Card
So even though you’re upgrading your home, you’re still a person who likely enjoys travel.
If you find yourself wanting to travel away from home, even when home is beautiful – this card has got your back. How?
The Capital One Quicksilver Cash Rewards Credit Card has a 0% foreign transaction fee so you can seamlessly make purchases abroad.
But until then, this card makes home improvements a breeze with 0% APR for 15 months, a $200 cash bonus after spending $500 in your first 3 months, and unlimited 1.5% cash back.
Why Should I Get a Credit Card for Home Improvement Purchases?
Let’s face it: Home improvements are expensive, and when it’s your own house, you won’t want to cut corners.
Between 2015 and 2017, Americans spent almost $450 billion on improving our homes, according to U.S. Census Bureau data from the American Housing Survey. Just think of how many free hotels Americans could book with all those reward points if they had all used rewards credit cards.
Financing your own home renovations can sometimes be a great way to raise the resale value of your house, but if you use one of the following best credit cards for home improvements, you can even enjoy some other benefits that add money to your pocket regardless of the real estate market.
Unlike a home renovation loan or a home equity line of credit(HELOC) loan – using a credit card to finance your home repairs comes with perks like travel reward points and sometimes even cash bonuses.
If you don’t have the dough to pay off your home improvement credit card, finding a card with a 0% introductory APR offer can buy you time to pay off the renovations, usually over 12-18 months.