No Equity? Consider A Home Improvement Store Credit Cards

Almost any house improvement project ends up being much more expensive than you think it will be. The cost of materials, labor and permits all add up to large sums of money by the time everything is said and done. It’s not cheap to work on your house.

Banks lend money all the time to individuals who want to improve their houses, but most banks require you to have some sort of equity before you can get a loan. Even if you do have equity built up in your house some banks may charge additional loan fees and higher interest rates than normal based on your credit score and a number of other factors. Credit cards from hardware stores have some extra advantages.

No Interest for a Limited Time: Many of those hardware store credit cards give you a period of 6 to 12 months with no interest charges as long as you use the credit card in their store. Those savings could add up to big money if you are able to pay back part of the amount you borrowed on the credit card. Even more importantly, big stores like Lowe’s Home Centers may have several different credit cards available for your unique personal situation.

Store Discounts: Hardware store credit cards often give you lower prices on building supplies and even service jobs you may order from the store. Sometimes these discounts are for a limited time, but they can add up to big cost savings if you purchase what you need at the right moment.

Convenience of Shopping For Everything At Once: These large home improvement stores now offer just about everything you could need to improve your home and most offer lots of contractor services to actually do the work for you. Instead of visiting a dozen stores to find a kitchen faucet you can go to one store and buy a faucet, a sink, a refrigerator, all the cabinets and even hire and schedule the installers all at one time. With one store credit card you can purchase the supplies you need as well as hire someone to do all the work for you!

Why do home improvement stores offer these cards with such great rates? Normal banks make their money by giving you a loan and charging you interest. These home improvement stores don’t have to make money on interest because they will make a profit on you buying items from their store for retail price. These hardware stores are essentially giving you a no-interest loan for a short period of time so that you can buy more of their items!

Looking to do some work on your home this year? Be sure to look for the home improvement credit cards that best fit your needs.

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What To Look For With a Points Credit Card

When you buy something with a credit card from your wallet you taking out a loan on money that you don’t readily have available. Debit cards force you to have the money in your checking account, but credit cards allow you to borrow money in advance. One of the easiest ways to actually borrow cash for just about any kind of purchase is to pay with a credit card. Most regular credit cards are actually just instruments which allow someone access to a loan without putting up collateral.

Some cards give you reward points for buying certain items and you can then spend those rewards to receive additional prizes. If you are able to buy something with money then you can often also get it for a reduced price by spending credit card reward points. There are reward programs for travel, home improvement, electronics, theme parks and obviously travel miles. But you should be careful when choosing a new credit card because not all cards are the same. There are thousands of different types of credit cards, but “rewards” cards are among the most common.

If you do no travel, then using a credit card that gives travel miles is most likely useless to you. Some rewards cards have a restricted selection of services you can use their rewards points for, but some have thousands of different products and services. You will want to pick a credit card that has a point system that you will use.

You will also want to watch for large annual fees just for using the card. Not all rewards cards offer the same points ratios and redemption plans. Some points programs will only give you points for certain types of purchases but some are less restrictive and will give you rewards for any kind purchase.

A lot of people purposely use reward point credit cards when they have a large or costly purchase planned. Rewards cards are often the best home improvement credit cards because you can easily accumulate a lot of points in a short time. When used properly reward program credit cards can give you lots of benefits and can actually make a large purchase or series of purchases much less painful in the wallet.

Want more guidance in deciding which card is the right card for you? You should read more about how to choose the best points credit card before you apply for any single card or have your credit score checked.

categories:

What To Look For With a Points Credit Card

When you buy something with a credit card from your wallet you taking out a loan on money that you don’t readily have available. Debit cards force you to have the money in your checking account, but credit cards allow you to borrow money in advance. One of the easiest ways to actually borrow cash for just about any kind of purchase is to pay with a credit card. Most regular credit cards are actually just instruments which allow someone access to a loan without putting up collateral.

Some cards give you reward points for buying certain items and you can then spend those rewards to receive additional prizes. If you are able to buy something with money then you can often also get it for a reduced price by spending credit card reward points. There are reward programs for travel, home improvement, electronics, theme parks and obviously travel miles. But you should be careful when choosing a new credit card because not all cards are the same. There are thousands of different types of credit cards, but “rewards” cards are among the most common.

If you do no travel, then using a credit card that gives travel miles is most likely useless to you. Some rewards cards have a restricted selection of services you can use their rewards points for, but some have thousands of different products and services. You will want to pick a credit card that has a point system that you will use.

You will also want to watch for large annual fees just for using the card. Not all rewards cards offer the same points ratios and redemption plans. Some points programs will only give you points for certain types of purchases but some are less restrictive and will give you rewards for any kind purchase.

A lot of people purposely use reward point credit cards when they have a large or costly purchase planned. Rewards cards are often the best home improvement credit cards because you can easily accumulate a lot of points in a short time. When used properly reward program credit cards can give you lots of benefits and can actually make a large purchase or series of purchases much less painful in the wallet.

Want more guidance in deciding which card is the right card for you? You should read more about how to choose the best points credit card before you apply for any single card or have your credit score checked.