Banking and Finance

The 5 Best Credit Cards for Home Improvement 2020

July 27, 2021

Americans spend over $7,000 a year on home improvements, which means that if you can find ways to save one those expenses, you should. And, the good news is that it’s actually not that hard to find ways to save at your local home improvement store.

Co-branded credit cards are one way to go, offering store-specific savings at places like Lowe’s and Home Depot. But you’ve also got other options, such as cashback credit cards and cards that offer bonuses for spending money at select retailers.

Before starting any home renovation project this year, take a look at our five picks for the best credit cards for home improvement in 2020.

Best Credit Cards for Home Improvement

1. Lowe’s Advantage Credit Card

Lowe’s Credit Card | Cheese Debit Card
Image: Lowe’s

As a co-branded credit card, you’re definitely going to enjoy these benefits more if you shop exclusively at Lowe’s. Savings up to 5% off at Lowe’s are hard to beat if you’re frequently visiting this home improvement store to purchase paint, tools, and other renovation supplies. On top of no annual fee, the card also comes with built-in special financing on Lowe’s purchases over $299.

💸  Annual Fee: $0

📈 APR: 26.99% APR; no introductory APR.

💰  Cashback: 5% off eligible purchases when charged to your Lowe's account connected to the card.

🤑  Other Perks: No foreign transaction fee; special financing on orders over $299 (great for those interested in larger and more costly home renovation projects); currently offer a sign-up bonus for 10% off your first purchase after signing up for the card.

2. Citi Double Cash Card

Citibank Double Cash | Cheese Debit Card
Image: Citi Double Cash Card

Offering a pretty lengthy 0% APR period and the chance to save across different categories, the Citi Double Cash Card is the one of the best credit cards for home improvement if your goal is to add more to your savings over time. Use the card to make big purchases and earn up to 3% cashback on all of your spendings. Then, put that money back into the renovations and home upgrades.

💸  Annual Fee: $0

📈 APR: 0% APR for the first 18 months; 13.99%-23.99% APY after the first 18 months.

💰  Cashback: Earn 2% cashback on every purchase: 1% when you buy, and an additional 1% when you pay your credit card bill.

🤑  Other Perks: No spending categories and no caps to cashback.

3. IKEA Visa Credit Card

IKEA Credit Card | Cheese Debit Card
Image: IKEA

Planning to purchase all of your home’s furniture and hardware at IKEA? If so, signing up for the IKEA Visa credit card is a great idea. Similar to the Lowe’s credit card, you’ll earn 5% back on IKEA purchases plus 3% cashback on dining, groceries, and utilities, and 1% cashback on all other purchases. Seeing as IKEA offers pretty much everything you could need to construct and decorate your home, that’s not a bad deal.

💸  Annual Fee: $0

📈 APR: 21.99%

💰  Cashback: 5% cashback on IKEA purchases (including at Traemand and TaskRabbit); 3% back on grocery, dining, and utilities; 1% back on all other purchases.

🤑  Other Perks: No cashback caps!

4. Store Card

Amazon | Cheese Debit Card
Image: Amazon

Home improvement isn’t always about power tools and new paint. Sometimes, improving your home means updating its furniture and completely changing the decorations. Amazon, as we all know, is a great place to shop for home decor and other accessories. The Store Card can help you save as you do so, making home improvements less costly.

💸  Annual Fee: $0

📈 APR: 0% APR during financing periods; 25.99% APR normally.

💰  Cashback: As an Amazon Prime member using this card, you’re eligible to receive 5% cashback on all of your Amazon purchases.

🤑  Other Perks: Special financing on orders of $149 or more.

5. Cheese Debit Card

We’re cheating a bit with this one as it’s not a credit card, rather a savings-optimized debit card that allows you to earn cashback on purchases while also saving by spending with our partners. By charging no fees, we allow you to save more of your money while also earning up to 10% cashback every time you swipe the card at one of our partners’ establishments.

💸  Banking Fee: $0

📈 Saving Bonus: Up to 3% by referring friends

💰  Cashback: Up to 10% for now

🤑  Other Perks: Early Paycheck, No fees for incoming international wire transfers, bilingual customer service in-app, more cashback affiliate brands to be unlocked, and more...

❌ No Monthly Fee                                    🧀️ $5 cash bonus    

❌ No ATM Fee                                           🧀️ Up to 10% cashback with every purchase/transaction

❌ No Overdraft Fee                                   🧀️ Potential Double Cheese Cashback

❌ No Insufficient Fund Fee                       🧀️ Up to 3% Saving Bonus

❌ No Minimum Balance Requirement      🧀️ Early Paychck

When you refer friends and family you can get up to a 3% savings bonus. And, you can receive up to 10% cashback when you shop with our exclusive partners, including Postmates, Hulu, Groupon, and more. Your account will accrue interest on top of earning you cashback each time you swipe it when spending with one of our partners.