Why Home Improvement Store Credit Cards Can Be A Good Idea

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 upgrade your home.

You could borrow cash from a bank to help pay for all the work, but banks always expect you to pay back not only the loan, but also the interest. A $10,000 bathroom remodel may actually end up costing you $15,000 by the time you’ve paid back all the interest. Instead of going for a bank loan, why not look into some of those credit cards offered by the larger home improvement store chains? As long as you have decent credit and a plan to pay them back, it’s usually an option worth considering. Those credit cards have several unique advantages:

Zero 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. Some Home Depot credit cards offer no interest as soon as you open them. A year without interest accruing could save you thousands of dollars in payments depending on the size of your project!

In-Store Discounts: When you initially use home improvement store credit cards you will often get a small discount as well. You might save 3% – 10% on the total cost of the project, which could be a pretty good chunk of cash at the end of the day.

All-In-One-Solution: There is something to be said for buying all your home improvement materials for a specific project from one store. Instead of visiting a dozen stores to find a kitchen sink 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. You don’t need a big home improvement store credit card to necessarily do this, but things do seem to go much smoother this way.

These home improvement credit cards can end up being a win-win for both the customer and the store. The store sells more inventory and makes more profit while the customer is able to “borrow” more money to make home improvements without having to pay any interest for a limited time! A limited time of no interest payments, possible discounts and the ease of ordering everything in one store makes those large hardware store credit cards a pretty good idea in many cases!