No matter how careful you are with your budget, remodeling your home is expensive. While it’s always best to plan ahead and save up the funds you need, unexpected costs aren’t uncommon.
A home equity loan or line of credit is an option for financing upgrades and needed home repairs, but if you qualify for the right credit card, you can save on interest with a 0% intro APR offer. Large home renovation expenses can also be a great way to earn a big sign-up bonus on a new credit card, which could boost your renovation budget.
Below, CNBC Select rounds up the best home improvement credit cards.
Best credit cards for home renovations
Best for 0% intro APR
Who’s this for? The Wells Fargo Reflect® Card is a top option for financing home upgrades because it features a best-in-class 0% intro APR offer and no annual fee.
Standout benefits: You can receive a 0% intro APR for nearly two years. New cardholders receive 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. After that, a variable APR of 17.49%, 23.99% or 28.24% applies. To qualify for the intro APR, balance transfers must be completed within 120 days from account opening. There is a balance transfer fee of 5% with a $5 minimum.
Spotlight
This card offers one of the longest introductory APR periods for purchases and qualifying balance transfers.
Good to Excellent670–850
17.49%, 23.99%, or 28.24% Variable APR
Our expert take
The Wells Fargo Reflect® Card can help you save on interest charges thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
Pros & cons
- Best-in-class intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
More details
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It’s an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
Foreign transaction fee
Best for cash back
Who’s this for? The Citi Double Cash Card is an excellent choice if you want to earn cash back on home repairs because it earns at least 2% cash back on all purchases (1% when you buy and 1% when you pay).
Standout benefits: In addition to generous flat-rate rewards, the Citi Double Cash comes with a 0% intro APR for the first 18 months on balance transfers completed in the first four months of account opening. Once the intro APR ends, a variable APR of 17.49% to 27.49% applies. There’s an intro balance transfer fee of 3% of each transfer ($5 minimum) within the first four months, then the balance transfer fee increases to 5% of any amount you transfer ($5 minimum).
Spotlight
Receive a 0% intro APR for 18 months on balance transfers.
Good to Excellent670–850
Our expert take
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure. Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
More details
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn $200 cash back after you spend $1,500 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.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% – 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
Best for travel bonus
Who’s this for? Anyone interested in turning their home upgrade expenses into a big chunk of travel rewards will want to take a good look at what the Chase Sapphire Preferred Card offers.
Standout benefits: Often, the most valuable feature of a credit card (especially for the first year) is the welcome bonus. However, you rarely receive an intro bonus just for getting approved for the card, and that’s where your big renovation expenses can come in handy. The Sapphire Preferred offers 75,000 bonus points after you spend $5,000 on purchases in the first three months of account opening. It wouldn’t be unrealistic to qualify for this card’s welcome bonus by using it to pay for a single home renovation project.
Spotlight
With Points Boost, your rewards will be worth up to 1.5x on thousands of top-booked hotels and flights from select airlines through Chase TravelSM.
Good to Excellent670–850
Our expert take
The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections and more.
More details
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- Earn 75,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- Enjoy benefits such as 5x on travel purchased through Chase TravelSM, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases
- Earn up to $50 in statement credits each account anniversary year for hotel stays through Chase TravelSM
- 10% anniversary points boost – each account anniversary you’ll earn bonus points equal to 10% of your total purchases made the previous year.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Complimentary DashPass which unlocks $0 delivery fees & lower service fees for a min. of one year when you activate by 12/31/27. Plus, a $10 promo each month on non-restaurant orders.
- Member FDIC
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Best home improvement store card
Who’s this for? Typically, store cards aren’t as valuable as the best rewards credit cards, but they can have their uses. If you’re planning to make a big Lowe’s purchase for your home, the MyLowe’s Rewards™ Credit Card offers a strong savings of 5% off eligible purchases.
Standout benefits: New cardholders qualify for a 20% discount on eligible purchases, up to $100 off. You can opt for special financing in lieu of the card’s 5% discount. However, the financing offers provided by this card are deferred interest offers, which aren’t as valuable as stand 0% intro APR deals.
MyLowe’s Rewards Credit Card
Information about the Lowe’s Advantage Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
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Rewards
5% off eligible purchases
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Welcome bonus
For a limited time, new accounts get 20% off a qualifying purchase, up to $100
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
How to earn welcome bonuses with home improvement projects
Whenever you have a big purchase you can plan for in advance, it can make sense to open a new credit card and use that expense to qualify for a massive welcome bonus. Home improvement expenses are an opportunity to earn bonuses worth $1,000+ in travel or hundreds in cash back.
If you want to earn a welcome bonus with a home repair, first ask yourself whether the expense can be paid for with a credit card. You can typically use your credit card when purchasing appliances or supplies from a home improvement store, but the same may not apply to contractors.
If the team replacing your floors or siding doesn’t accept credit cards as payment, you have options. You may be able to use services such as Plastiq or Melio to send a payment; however, you’ll typically pay a surcharge of around 3%.
All in all, be sure the rewards you’re earning are worth it — which is generally only the case if you’re earning a big, limited-time welcome bonus.
Intro APR credit card offers vs. store card deferred financing offers
If you have a strong enough credit score to qualify, intro APR credit cards are one of the best options for financing home renovations.
But there are caveats. For example, you need a credit limit high enough to cover your expenses, and if you use contractors, they’ll need to accept credit cards as payment. Otherwise, you may only be able to finance part of the cost and need to use a bill pay service to pay your contractors. Still, the best intro APR credit cards provide no-interest financing for 18 to 21 months, which can be worth the cost.
For all the potential drawbacks, intro APR offers are distinctly better than the deferred interest financing, which is typically available through store credit cards. Deferred interest offers charge you no interest for the duration of the offer. However, if you haven’t paid off your balance in full by the time the deferred-interest offer expires, you are retroactively charged interest for the entire time.
So if you have six months of deferred-interest financing and only pay off 90% of it in those six months, you’ll owe interest for the full six months. If you were in the same situation with an intro APR, you would only start paying interest on the remaining 10% once the six-month intro APR expires.
FAQs
What home improvement store has the best credit card?
There is no home improvement store credit card that stands out from the rest. A strong rewards credit card can offer more value than a store card. However, if you’re making a large purchase with a home improvement store, a co-branded card like the MyLowe’s Rewards™ Credit Card (5% discount) can offer worthwhile savings. Just be sure to pay attention to any exclusions and restrictions.
Is there a credit card for home repairs?
Credit cards designed for home repairs are rare, and they typically offer little additional value compared to the top 0% intro APR credit cards. You’ll probably be better off getting a card with a generous intro APR or a big welcome bonus as opposed to looking for one that’s specific to home renovations.
What is the 30% rule for home renovations?
The 30% rule for home renovations and upgrades is a rule of thumb that suggests the cost of upgrades to your home shouldn’t exceed 30% of its value. This principle serves as a guideline to protect you from over-investing in renovations that won’t add to your property’s value.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best home improvement credit cards.
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Our methodology
To determine which cards offer the best value for travel, CNBC Select analyzed over 250 major credit cards issued by U.S. banks and credit unions.
We compared each card on a range of features, including rewards (e.g., cash back, points and miles), annual fees, welcome bonuses, introductory and standard APR, balance transfer fees and foreign transaction fees.
When choosing the best cards, we focused on those with travel-centered rewards and benefits, including flexible travel programs that let you redeem rewards for travel and transfer rewards to travel programs. We paid special attention to cards with travel perks, such as travel insurance, elite status benefits or airport lounge access.
We considered additional perks (e.g., ongoing travel or merchant statement credits), cardholder protections, the application process and how easy it is to redeem points.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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Information about the Lowe’s Advantage Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.