July 2nd, 2015 2:57 PM by Jackie A. Graves, President
As any homeowner will attest, buying a house is one of those
purchases that only comes with more expenses. Maintaining a budget and shopping
around for the best deals on big expenses like furniture and home repair
services will help you save money as a homeowner, but taking advantage of good
credit card offers can be another way to accomplish the same goal.
be surprised to learn about all the different credit cards out there that meet
the money-saving needs of homeowners—there are a lot of options, but you
generally need agood or excellent credit score to take advantage of the offers.
Before applying for any new credit, take a look at your credit scores to see if
you have a good chance of qualifying for it (you can see two
of your credit scores for free on Credit.com). If you’re about to
apply for a home loan, it’s not a good time to apply for a new credit card (or
any other new credit), because you want your credit to be as good as
possible when shopping for home
if you are in a position to consider opening a new credit card, there are
plenty of cards with great benefits for homeowners. This isn’t a definitive
list or ranking of any sort, but here are some cards you may want to look into
if you’re a homeowner trying to cut back on expenses.
have a lot of remodeling projects on your hands, you could save money on them
by using a home-improvement store credit card. The Lowe’s credit card allows
new cardholders to opt for one of two promotional deals: You can choose to get
5% off every transaction for 18 months, or you can get 0% financing on a
purchase of $299 or more for 18 months. There are some brand exclusions,
and the 0% financing applies only if you pay the balance in full by the end of
the 18-month period, but if you have a large household item you need to finance
or a lot of repairs to make in the next year or so, the card could help you
After the promotional period (or during it, if you choose the 5%
off), the standard APR is 24.99%, so make sure you pay your balance in full
every month to avoid the cost of high interest charges. If Lowe’s isn’t your
go-to home improvement store, see what your local option has to offer. They may
have a way for you to save money with a store-issued card, too.
with a Wells Fargo mortgage can pay down their principal with rewards from this
card, which gives a 5% rebate on gas, grocery, and drugstore net purchases for
the first six months and 1% per $1 on everyday purchases after that.
There’s no annual fee, and you can have the rebate directly applied to your
mortgage principal—you can also redeem the rebate by check, for travel or for
other things, if you prefer.
cardholders get 5% on any purchases made at Target with that card—you can buy a
wide variety of home goods and groceries at the store, so if it’s your
preferred store to visit for your home needs, you can save a lot of money over
time. Additionally, you get free shipping on Target.com. As with any rewards
card, you want to avoid carrying a balance so you don’t end up paying more in
interest than what you save.
are plenty of other store cards that may reward you for loyalty as you stock up
and decorate your living space, so shop around for what will help your budget
among the best low-interest credit cards available—it’s Credit.com’s top choice
for Best Low-Interest Credit Card in America—and a
low-interest card may be helpful if you have a lot of things to buy for your
home right now but want to spread out the expenses. Opting for a 0% financing
promotional offer would
work if you can qualify for one and you know you can pay off the balance by the
end of the promotional period, but opting for a card with a consistently low
rate may be a better alternative, depending on your plans.
cardholders receive a minimum credit limit of $5,000, and it comes with an
array of rewards, too, which is part of why this card’s low APR of 8.25% is so
want a bit more freedom in how you find savings as a homeowner, a cash-back
credit card might be your best option. The Citi Double Cash card gives you 1%
cash back on all transactions at point of purchase and another 1% when you pay
the bill. The best way to use a rewards card is to pay it in full each month to
avoid interest charges, which would then mean you’re essentially getting 2%
back on all purchases, without an annual fee. It’s currently listed as
Credit.com’s Best Cash Rewards Credit Card in America.
mind no amount of rewards can help you save money if you spend beyond your
means. Debt can end up being far more expensive than any rewards you may accrue
along the way.
It’s important to remember that interest rates, fees, and terms for credit
cards, loans, and other financial products frequently change. As a result, rates,
fees, and terms for credit cards, loans, and other financial
products cited in these articles may have changed since the date of
publication. Please be sure to verify current rates, fees, and terms with
credit card issuers, banks, or other financial institutions directly.
This article was written by Christine
DiGangi and originally
published on Credit.com.
To view the original article click here