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Just know that you’ll likely have to pay a 3% to 5% balance transfer fee, which will be added to the amount you transfer. The Chase Sapphire Preferred is a travel rewards credit card with a low $95 annual fee and a decent welcome bonus. You can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening, which is worth up to $750 when redeemed for travel via Chase Travel℠. All that spending on your new renovation can help you earn rewards to use to cover the cost of a quick getaway. Make sure to choose a credit card that offers generous rewards on home improvement purchases or at stores where you are likely to shop.
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The best credit cards for home improvements can score you perks like cash back, promotional financing and more.
Cardholders must select their category choice online or via the mobile banking app. When your home improvement project is done, simply switch to another category and earn high rewards on that spending. If you'll need to spread the cost of a project over several months, consider applying for a card with a 0% intro APR period, which can save you money on interest. Some of the best rewards credit cards — including those that offer high rates on home improvement — come with 0% periods of well over a year.
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If you don’t, you’ll be charged interest on the original purchase amount that’s been accruing throughout the promo period. Alternatively, someone doing a significant home makeover could see if any Synchrony HOME retail partners are offering longer term promotional financing. This would allow the homeowner to get what they need today while paying off the purchase over time. Taking it a step further, you can get a card that offers bonus cash back in relevant categories, like one of the cards described above. A card that offers 5% on home improvement, for example, generates a more-or-less-instant $50 in savings on a $1,000 project.
Do you need to pay off purchases over time?
If you cannot afford to pay for new appliances in full, using a 0% intro APR credit card can help you finance your purchases interest-free during the promotional period. Once the 0% interest period expires, any balance remaining will be subject to the card’s ongoing APR. Or, if you don’t have the cash on hand for your project and need to finance the costs over a year or more, you may want to consider applying for a new card offering a 0% intro APR.
It's inevitable — no matter how careful you are with your budget, unexpected costs will always arise with renovation projects large and small. But, if you use the right credit card, you can save on these expenses and even benefit from added perks like cash back, promotional financing and more. If you plan to make frequent trips to a specific home improvement store, a card that offers rewards and discounts at that particular retailer may yield better results.
We have partners in home categories including furniture, mattresses, electronics & appliances and more. To find Synchrony HOME Partners, check out Synchrony HOME retailers or visit our store locator to find locations near you. The Bank of America® Customized Cash Rewards credit card in this post was last updated on April 3, 2023.
Keep in mind, though, that while store cards tend to pay solid rewards for in-store shopping, they tend not to offer sign-up bonuses and they rarely come with a 0% interest period. Some of them may offer interest-deferred "special financing" on larger purchases, but be careful with these. Many credit cards offer sign-up bonuses of $150 to $200 or more when you spend a certain amount of money in the first few months after opening your account. Get a new card for your project, and you may be able to hit the requirement easily. Then you can put that “free money” toward the project and lower your overall costs even more. The best credit card for home improvement varies since many homeowners have different goals and spending habits.
Our credit cards team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back. Below, CNBC Select rounds up the best credit cards for home improvements so you can earn rewards while remodeling your home (and potentially raising the resale value) — no matter what kind of project you have planned.
U.S. Bank Shopper Cash Rewards™ Visa Signature® Card
Considering its lavish travel perks and the $325 annual travel credit, frequent travelers can easily justify the $400 annual fee. Plus, cardholders get eight free visits per year to Priority Pass airport lounges (enrollment required). The Citi Custom Cash is a great option for people looking to maximize cash back rewards without having to worry about activating or selecting bonus categories. The Synchrony Home card stands out among other co-branded store cards — and not in a good way. Many co-brands reward customers with points on purchases made at a particular store or chain of stores; the Synchrony card doesn’t. Say you purchase a $2,000 couch with your Synchrony Home card and get the 12-month deferred interest offer, but you have a $50 balance left on the card at the end of the promo period.
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Just know that once the promotional time period expires, any unpaid balance will be subject to the card’s ongoing APR. Notably, the card earns elevated rewards (on up to $1,500 in combined purchases) in categories that rotate every quarter, for which you have to opt into every three months. While these spending categories are only revealed a few weeks prior to the new quarter, national home improvement chain Lowe’s was an elevated-earning category in the second quarter of 2023. Like every promotional financing period, in order to reap the full benefits of this card you must be diligent with your repayment plan.
Consumers who want to save money on interest can also opt for cards that offer 0 percent APR on purchases for a limited time. Although these offers can easily lead to significant interest savings, it’s important to remember that they don’t last forever. Make sure you pay down your balances beforehand because once the 0 percent intro APR timeframe is up, your card’s APR will reset to a much higher variable interest rate.
Note that unlike regular 0% intro APR offers, deferred interest plans will add interest to your balance from the purchase date if it isn’t fully repaid during the promotional period. If possible, we recommend avoiding deferred interest financing. The Synchrony HOME Credit Card may be a great choice for homeowners and renters. Cardholders can enjoy promotional financing on qualifying purchases and get free access to view their credit score. With thousands of Synchrony HOME retail partner locations, you may not want to leave home without this card. The Synchrony HOME Credit Card can help you enjoy where you live even more.
Of those plans, 55% of homeowners wanted to renovate parts of their homes, 46% planned to redecorate, 35% planned on making repairs and 3% focused on home building. While 76% of homeowners relied on cash from savings to fund their projects, 35% said they would be using credit cards and only 14% would turn to a secured home loan. Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation.
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