Best Credit Cards for Home Improvements in 2020
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Americans pay a pretty penny to upgrade their homes every year.
In 2019 alone, homeowners spent an average of $7,560 per year on home improvement renovations, according to a HomeAdvisor report.
It’s inevitable — no matter how careful you are with your budget, unexpected costs will always arise with renovation projects large and small. But, if you use the right credit card, you can save on these expenses and even benefit from added perks like cash back, promotional financing and more.
Below, CNBC Select rounds up the best credit cards for home improvements so you can earn rewards while remodeling your home (and potentially raising the resale value) — no matter what kind of project you have planned.
Best credit cards for home renovations
Best home improvement store card
Lowe’s Advantage Card

Information about the Lowe’s Advantage Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.
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Rewards
5% off eligible purchases
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Welcome bonus
Save 10% on a qualifying purchase, up to $100. Valid though 7/31/20
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
Who’s this for? Though store cards can have their drawbacks, such as low credit limits and high interest rates, homeowners who find themselves visiting home improvement stores often may want to take advantage of the benefits offered the Lowe’s Advantage Credit Card.
The Lowe’s credit card offers an everyday 5% discount on eligible in-store and online purchases. It can’t be combined with other promotions and discounts, nor can it be used to pay for service charges like delivery and installation fees. Yet, this 5% can go a long way when you’re racking up a large bill on expensive items like light fixtures, tiling and cabinets.
If you have a larger project to finance, the Lowe’s Advantage Credit Card can also provide a decent 84-month fixed payment plan that acts similar to what you may get with a personal loan. If your project is not large enough for such a long financing period, you can opt for a more basic option of no interest on purchases of $299 or more when paid in full within six months.
Like every promotional financing period, in order to reap the full benefits of this card you must be diligent with your repayment plan. Make sure you pay the balance in full before the six-month offer ends to avoid interest charges. Continuing to carry a balance after six months will cause you to incur deferred interest, which is a charge for all the interest you accrued since the date you made your purchase.
Though this card has no annual fee, it has a high 26.99% variable APR, making it crucial that you pay your balance on time and in full each month.
Check out how the