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.
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 excellent credit, you’d be best off with a rewards card such as Chase Freedom Unlimited. It gives you 1.5% 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.
The best home improvement credit card is the Capital One Quicksilver card because it offers a 0% APR for 15 months and 1.5% cash back on purchases. Plus, there’s a $150 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.… read full answer
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 6-24 months). Both offer special financing, but it’s not as good as the 0% APR for 20 months available from the U.S. Bank Visa Platinum card.
Here are the best home improvement credit cards:
Capital One Quicksilver: 0% APR on purchases for 15 months. 1.5% cash back on all purchases. $150 bonus when you spend $500 in the first 3 months. $0 annual fee. Good credit needed.
U.S. Bank Visa Platinum: 0% APR on purchases for 20 months. No rewards. $0 annual fee. Excellent credit needed.
Citi Double Cash: 2% cash back on all purchases, 1% when you buy and 1% when you pay your balance. $0 annual fee. Good credit needed.
Lowe’s Store Card: 5% off all Lowe’s purchases OR 0% deferred interest for 6 months on purchases of $299+. Equal monthly payment financing of 3.99%, 5.99% or 7.99% for 36, 60 or 84 months respectively on purchases of $2,000+. $0 annual fee. Fair credit needed.
Home Depot Credit Card: 0% deferred interest for 6-24 months, depending on the amount spent. $0 annual fee. Fair credit needed.
Amazon.com Credit Card: 3-5 points per $1 on all Amazon purchases, including tools, other home-improvement supplies and decor. $50-$70 gift card after approval. $0 annual fee. Good credit needed.
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.
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