Annual percentage rate

Best Credit Cards to Use For a Home Renovation

This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.

Millions of Americans enjoy repairing and maintaining their homes in their spare time. Many do it to save money on necessary repairs or to increase the value of their properties. And some just find the work itself to be rewarding.

When it comes time to invest in your own home renovation, you’ll want to use the right tools and materials for the job, including the right credit card. The best credit cards for a home renovation can offer you rewards for your purchases, promotional financing options, and perhaps both.

Here are the best credit cards to use for a home renovation.

1. Lowe’s Consumer Credit Card

Lowe’s is one of the largest home improvement stores, and while this card’s standard APR is a high 26.99%, it offers attractive rewards and promotional financing options. When you use this card, you can receive one of the following three benefits:

  • 5% off all purchases, OR
  • Six months of deferred-interest financing on purchases of $299 or more. Interest is waived if you pay off the entire amount within six months of purchase, OR
  • Project financing on purchases of $2,000 or more, for 36, 60 or 84 months, with rates of 3.99%, 5.99%, and 7.99% respectively (cannot be used at Lowes.com). Fixed monthly payments are required.

If you’ve got a big project that you can pay off within seven years or less, the card is a pretty good deal. It carries no annual fee, but it is not part of a larger payment network so you can only use it at Lowe’s.

2. The Home Depot Consumer Credit Card

If you prefer The Home Depot to Lowe’s, this card might make sense for you, though you won’t be able to get the long-term financing the Lowe’s card offers….

8 Most Common Mistakes When Doing a Balance Transfer to Eliminate Debt

This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.

Many credit cards offer 0% APR promotional financing on balance transfers, allowing you to move debt from high-interest cards onto one that offers zero interest for an introductory promotional period. These promo periods are nothing to sneeze at. They can last as long 21 months.

So what’s the catch? The truth is that balance transfer offers can be incredibly valuable, but only when you use them properly and avoid making some common mistakes.

1. Assuming You’ll Get the Best Balance Transfer Deal

You might not always be approved for the balance transfer card you want. For example, the best 0% APR deals are only given to those with excellent credit. While you may have had excellent credit in the past, having a large balance for a long time might have caused your credit score to slip. (See also: One Ratio Is Key to a Good Credit Score)

Even if you are approved for the card, it may come with a credit line that’s substantially lower than you need. If that’s the case, you may want to consider applying for a second balance transfer card.

2. Trying to Transfer a Balance From the Wrong Card

Consumers sometimes don’t realize that you can’t transfer a balance between two cards issued by the same bank. So if you have an outstanding balance on your Chase Freedom Unlimited card, you can’t open up a new Chase Slate card and expect to transfer your balance to it.

Keep this in mind before you apply for a balance transfer card. Every time you apply for a credit card your credit score takes a little hit. It can usually recover fairly quickly, but there’s no need to ding it unnecessarily for a card that doesn’t even serve your needs. (See…

Avoid These 6 Mistakes Newbies Make With Their First Credit Cards

This post contains references to products from our advertisers. We may receive compensation when you click on links to those products. The content is not provided by the advertiser and any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain. Please visit our Advertiser Disclosure to view our partners, and for additional details.

Getting your first credit card is a financial milestone. Your credit card can become an essential tool that builds your credit and helps you manage your money. But too many credit card rookies have gotten in trouble with debt and fees, while others simply miss out on important benefits. (See also: What You Need to Know Before Getting Your First Credit Card)

If you are about to apply for your first credit card, or are already using it, be careful not to make these six common mistakes.

1. Failing to Read the “Fine Print”

Getting a credit card is an important financial decision, and you need to read the details before choosing one. Thankfully, the most important terms and conditions of credit cards aren’t even written in fine print anymore. By law, credit card offers must show all of the interest rates and fees in a standard format and in large print, in what’s called the Schumer Box. And while you don’t need to hire a lawyer to go over every single sentence, you should understand the interest rates being charged and all of the fees you could incur.

2. Applying for the First Offer Without Comparing Interest Rates

When you are considering a credit card offer, you should take a close look at the standard APR (annual percentage rate) for purchases, and compare it to competing cards. Interest rates vary widely from card to card. If your account…