The best home improvement credit card is the Capital One Quicksilver Cash Rewards Credit Card because it offers an introductory APR of 0% for 15 months and gives 1.5% cash back on purchases. Capital One Quicksilver also offers a $200 bonus for spending $500 in the first 3 months. By using this card for home improvements, you’ll have over a year to pay back a costly project and will recoup some of the expense through rewards.
If you’re looking to buy everything in one place, the best home improvement store credit cards are the Lowe's Store Card (5% back on all purchases) and the Home Depot® Credit Card (0% deferred interest for 6-12 months).
If you choose to go with a store-branded home improvement credit card, beware of deferred interest. While it might let you go a long time without paying interest, it’s dangerous. You only owe no interest if you pay in full by the end of the 0% APR period. If you don’t pay in full, you owe all the interest you would have been charged during the intro period if the regular APR had been in place.
Cards like Quicksilver, which have true 0% APRs, only charge interest on any remaining balance after the 0% APR ends.
The best construction credit cards are Chase Ink Business Cash and American Express Blue Business Plus because they both have $0 annual fees, give rewards on every purchase, and offer 1-year 0% intro APR periods. This is great for construction companies because cash flow is a common problem in the industry. Construction businesses often have projects with a lot of upfront costs, and 92% of construction companies report delayed payments from their clients, according to a 2018 survey. A credit card with a 0% intro APR can be an asset when you need to carry a large balance.… read full answer
The Chase Ink Business Cash card is notable for more than just offering a 0% APR on new purchases for 12 months. There’s also an above-average welcome bonus of $500 after spending $3,000 on the card in the first 3 months, which shouldn’t be much of a hurdle for a construction business. The business-related savings roll in after the initial bonus, too, with up to 5% cash back on office supplies, telecom expenses, and other purchases.
Similarly, new American Express Blue Business Plus cardholders enjoy 0% APR for 12 months, so carrying a balance for a while on this card is no sweat. The Blue Business Plus card offers 2 rewards points per $1 spent, up to $50,000 spent each year, then 1 point per $1.
Credit cards specifically for construction do exist, and the Comdata Construction Mastercard is one example. It’s an industry-specific fleet card that comes with rewards on gas and building materials. But it also has a high APR and monthly fees for each cardholder in the fleet, which probably won’t work in a construction company’s favor. The late fees are steep for this card, at $150 per occurrence, and the fine print suggests a possible $0.10 per gallon administration charge, which seems to negate the gas rewards.
On the other side of the coin, Home Depot offers a Project Loan, which essentially is a fixed 7.99% APR credit card with a set buying window of 6 months, aimed at helping people finance remodeling projects. The card’s credit limits go up to $55,000, and cardholders have 84 months to repay the balance. Construction business owners may be able to use a Project Loan to their benefit, but they won’t be able to make purchases outside of Home Depot.
Overall, you’re better off getting a normal business credit card with rewards or rates well-suited to your work than something advertised specifically as a construction credit card. A personal credit card may also be worth a look, especially if you’re trying to find a great 0% APR intro period. One option is the U.S. Bank Visa Platinum, which offers a way-above-average 18 months of 0% APR.
The Wells Fargo Home Improvement credit card – officially, the Home Improvement Projects Card – is designed for roofing, construction, HVAC and other related companies, which can enroll in the Home Projects credit card program and offer the card to their customers. If customers apply for the card and are approved, they can finance purchases at the store with no annual fee. The card is not affiliated with a major credit card network, meaning its use is limited to participating home improvement stores that accept the card. Wells Fargo offers a number of deferred interest financing options. But each participating store sets details such as minimum purchase amounts and expiration dates on financing. The card's regular APR is extremely high.… read full answer
There are better options for home improvement purchases and financing. For example, the Lowe's Store Card offers 5% back on all in-store purchases and has a None annual fee. Plus, you’ll have access to a wider selection of items. And the card is accepted at Lowe’s stores nationwide. If you have good credit, you’d be best off with a rewards card such as the Chase Freedom Unlimited® card. It gives you 1.5 - 5% cash back on everything you buy. There’s also an promotional APR of 0% for 15 months. True interest-free financing, like Freedom has, is different from deferred interest.
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