With the spending on home improvements expected to go up reaching $110 billion in 2013, this means that businesses in the construction and building industry will expect increased returns. Credit cards are not taking these market projections for granted and they have devised reward card programs aimed at helping the consumers save money and enjoy other perks. With the home improvement cards, cardholders can get discounts, airline miles, points, cashrebates and other perks whenever they make purchases on building and construction materials and supplies.
Credit cards are ideal for those homeowners or real estate owners who spend occasionally on home improvements and remodelling. If you have long term home renovation projects, you may need one or more of these cards. Some of the cards you get in the market include;
1. Sears Gold MasterCard
Sear is major supplier of home improvement materials. Consumers can get many of the materials and supplies they need from Sears store. In order to help its customers benefit from the purchases they make, the Store offers Sears Gold MasterCard. This is a reward credit card that enables the holders to earn points which can be redeemed for Sears gift cards.
2. Chase Home Improvement Rewards Credit Card
This card is designed for home renovations and for the first 6 months, the card offers 0% APR. This means that you can pay your balance at zero interest in the first six months. With this card, every dollar you spent on materials and supplies earns you 3 points. You can redeem your points for cashrebates or rewards. This means that you can get 3% cash back on all your purchases towards home improvement.
3. Home Depot Consumer Credit Card
This card offers no payment and interest within the first 6 months but this is subject to opening an account and spending at least $299. The card is ideal if you want to purchase all your materials and supplies from one store. After the intro period, the interest rates shoot to 17.99% and 26.99% depending on your credit score.
4. Home Advantage MasterCard
Issued by Bank of America, Home Advantage MasterCard has a unique way of assisting consumers who are doing their home improvements and renovations. The card helps you pay down your mortgage loan. With this card, for event dollar you spend, you earn one point. When you earn $5,000 points, you can redeem them for cash but this amount goes directly to repayment of your mortgage. This is a good card for those with mortgage loans and excellent credit score.
5. Discover More
You can save money on home renovations by using cashback cards. Discover More is a card designed to help homeowners and real estate owners to save money on home renovations. This card starts with a 0 percent interest rate. It also offers 5 percent cashrebate on spending towards home improvements, department stores, restaurants and gas stations. Other purchases will earn you 1 percent cashrebate.
Other cards you may consider are Home Projects Visa, Lowes Project Card, and the Menards Big Credit Card. Because of the increasing number of home improvement cards, you need to select wisely the right card for you. Check on the different perks offered by each card and your spending pattern. Do not be enticed to spend more in order to gain rewards.
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