Unless your credit cards carry a very low interest rate or offer an introductory financing rate, a personal loan to pay for renovations may be a better bet. Again, though, you'll be tied up in making interest payments, and that's what we're hoping to avoid -- or at least minimize. Keep reading to learn more about better options.
0% intro APR interest
Make a list of the credit cards you currently hold. One by one, log into your online account and look for any current, special offers. While credit card issuers frequently advertise a 0% introductory APR on everyday purchases to lure new customers, some card issuers offer the same intro 0% APR rate to current customers willing to transfer a balance from another credit card. If one of your existing cards is making this offer, you may just have found the way to finance home renovations without paying interest. Here's how you can do it:
- Decide which credit card you'll use to make the initial purchase. We'll call this "Card No. 1." Double check to ensure the spending limit is high enough on this card to cover the expense.
- Check the spending limit on the card offering the 0% balance transfer. We'll call this "Card No. 2." The limit on Card No. 2 needs to be high enough to cover the amount you want to transfer and the balance transfer fee (typically between 1% and 3% of the amount transferred).
- Make home improvement purchases using Card No. 1.
- Once the purchases posts to Card No. 1, transfer the balance to Card No. 2.
- As long as you pay the card off in full before the intro period expires, you'll be able to make a significant purchase without spending any of your hard-earned cash on interest.
Because most intro APR periods range from 12 to 18 months, you have that long to pay it off without incurring interest. For example, if your balance is $15,000 and you have an 18-month intro period, monthly payments of $833 would ensure the debt is paid in full, and you won't owe any interest.
Rewards
The savviest way to use a credit card is to make sure you get more from the credit card than the credit card issuer gets from you. Credit card companies make their money through the interest you pay and charging things like an annual fee.
Let's say you own a business and fly to visit customers or have family living far away and board a flight each time you want to see them. The best credit card for your home renovations is likely to be a card offering generous travel rewards. For example, the Bank of America® Travel Rewards credit card makes it easy to earn benefits just by using the card. Here's a sampling of what this card offers:
- 25,000 bonus points after making at least $1,000 in purchases within 90 days of opening the account
- Can be used to book trips how and where you want and is not limited to specific websites, blackout dates, or restrictions.
- No annual fee
- No foreign transaction fee
- Points never expire
What credit score do you need to qualify for a credit card for home improvement?
If you're looking for a credit card with all the bells and whistles, including cash back offers, 0% introductory offers, and low standard interest rates, you'll likely need a credit score of 670 or better to be in the running. It's possible to qualify for a credit card through a home improvement store with a lower score.
If your score is not as high as you would like it to be (or high enough to land a great card), take steps to build your credit fast. After all, a strong credit history will not only help you snag a useful credit card, it will also help you qualify for consumer loans when you need them and may even be a factor when you're applying for a new job.
Should I get a store credit card for home improvement?
Some home improvement stores offer their version of a credit card. Here are some of the pros and cons associated with home improvement credit cards:
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