Homeowners planning renovations or DIY projects can consider several credit cards that offer rewards and financing benefits. The Chase Freedom Unlimited card provides a minimum 1.5% cash back on all purchases and features a 0% introductory APR on purchases for 15 months. Cardholders must pay down the balance before the intro period ends to avoid standard variable APR charges.
The Blue Cash Everyday Card from American Express earns 3% cash back on U.S. online retail purchases, up to $6,000 per year, which can apply to tools, supplies, or furniture ordered online for home projects. This card also offers a 15-month 0% introductory APR on purchases.
For those seeking higher rewards in specific categories, the Bank of America Customized Cash Rewards Credit Card allows users to select home improvement and furnishings as a 3% cash back category. With the bank's Preferred Rewards program, rewards can increase by 25% to 75%. The card includes a 0% introductory APR for the first 15 billing cycles on purchases and balance transfers made within 60 days of account opening.
The Wells Fargo Reflect Card offers a 21-month 0% introductory APR on purchases and qualifying balance transfers, though it does not provide rewards. Cardholders should pay the balance in full before the intro period ends to prevent interest accrual at the standard variable APR.
The Citi Custom Cash Card automatically awards 5% cash back in the top spending category each billing cycle, up to the first $500 spent, which could benefit projects involving home improvement stores over multiple months. It has a 0% introductory APR on balance transfers for 18 months.
Individuals looking to build credit while earning rewards might consider the Chase Freedom Rise, which offers 1.5% cash back on all purchases. This card does not have an introductory 0% APR period, so balances should be paid monthly to avoid interest at the variable APR.
When selecting a card, factors like rewards rates, introductory APR periods, and spending caps should be evaluated. Some cards, such as retail store cards, may offer discounts or special financing but often use deferred interest plans, which can accrue interest retroactively if balances are not paid in full by the promotional end date.
Using credit cards for home improvement can provide savings through rewards and interest-free periods, but it requires careful management to avoid high-interest debt after introductory offers expire.