Whether you’re a contractor or just doing a big home improvement project, you should use the right credit card at home improvement stores. Depending on the credit card, you may be able to earn increased cash back.
We’ll explain which credit cards offer increased rewards at popular home improvement stores and touch on store-specific co-branded credit cards. We’ll also mention your non-credit card financing options, so you can save some money and complete your project.
Key Takeaways
- You can use credit cards that offer increased earn rates for home improvement stores to help fund your renovations.
- Store-branded credit cards may offer short-term financing for projects.
- Consider other options like personal loans, lines of credit, and gift cards to pay for your home improvement plans.
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Best credit cards for home improvement
You’ve got some solid options when it comes to shopping at hardware stores. Take a look at your best choices.
| Card name | Welcome offer | Annual fee/income requirements | Features | Apply Now |
|---|---|---|---|---|
| Scotiabank Scene+ Visa Card |  $50 GeniusCash + 5,000 bonus points (terms) | * $0 | * Earn extra Scene+ points at Home Hardware * 4 ways to redeem points for high value | Apply Now |
| Tangerine Money-Back Credit Card | $120 GeniusCash + 10% extra cash back for the first 2 months (terms) | * $0 | * Can earn increased rates in the hardware category * Can adjust high earning categories | Apply Now |
| SimplyCash Preferred Card from American Express | 10% cash back for the first 3 months + $50 (terms) | * $119.88 | * High earn rate * Solid insurance package | Apply Now |
| Triangle World Elite Mastercard | None | * $0 | * High earn rates at Canadian Tire * Free roadside assistance | Apply Now |
| Walmart Rewards Mastercard | 25 Walmart Dollars (terms) | * $0 | * High earn rate at Walmart * Up to 5% back on select Walmart brands | Apply Now |
Scotiabank Scene+ Visa Card
GC: $50
The Scene+ rewards program is one of the most valuable loyalty programs in Canada and this card earns you 2 Scene+ points per $1 spent at Home Hardware (along with Sobeys, Safeway, and Cineplex). When you’re ready to redeem your points, put them towards travel, movie tickets and concessions, restaurants, merchandise, and gift cards.
Pros:
- Up to 5,000 bonus points
- Up to 2 points per $1 spent on purchases
- 4 ways to redeem points for high value
- No annual fee
Cons:
- Limited insurance coverage
Tangerine Money-Back Credit Card
×1 Award winner GC: $120
1x Award winner You may be surprised to hear this, but one of the best credit card for home improvement is a no fee card – the
Pros:
- 1.95% on balance transfers for 6 months
- Earn an extra 10% cash back for the first 2 months, up to $1,000 spent
- Adjust your high earning categories as needed
Cons:
- Only earns 0.5% cash back on non-category purchases
- Limited insurance included
SimplyCash Preferred Card from American Express
Want to earn a high flat rate on everything? There's a cash back credit card for you – the
With this card, you'll earn a simple 2% cash back everywhere you shop (including hardware stores) with no caps or limits on how much you can earn back.
And if you're worried about Amex acceptance, it’s much better than you think – all of the major home improvement stores accept American Express cards.
Pros:
- 4% cash back on gas and groceries
- 10 types of insurance
- Annual fee charged monthly
Cons:
- Cash back only paid out once per year
Triangle World Elite Mastercard
If Canadian Tire is your go to stop for home improvement supplies, check out the Triangle World Elite Mastercard. Although the eligibility requirements are tough, you’ll earn 4% CT Money on your Canadian Tire purchases (and 1% or 3% on grocery and all other purchases, respectively). Plus you’ll earn 5 cents per litre of CT money on mid-grade fuel (7 CT cents on premium) at Gas+ and Husky stations.
Pros:
- Up to 4% back in CT money on purchases
- Free roadside assistance
- No annual fee
Cons:
- High income requirements of $80,000 personal or $150,000 household
- Low insurance compared to other World Elite Mastercards
Walmart Rewards World Mastercard
If you purchase all your home improvement supplies at Walmart, then it’s worth looking into the co-branded Mastercard. You’ll earn 3% back on Walmart purchases, and 1% on everything else.
That said, this card’s income requirement is high and you’ll only be able to cash in your rewards at Walmart.
Pros:
- No annual fee
- High earn rate on Walmart purchases
Cons:
- Rewards can only be redeemed at Walmart
- High income requirements of $60,000 personal or $100,000 household
- Minimal insurance included
Best store credit cards for home improvement
Some of the major home improvement stores offer their own credit cards.
But don't be fooled – these are very bare bones cards that only offer interest-free financing for a set period of time. And if you don't meet the terms of your financing arrangement, you'll be subjected to extremely high interest rates, so tread cautiously with these cards.
Here is what they are, and what they offer:
| Credit Card | Special Features | Learn More |
|---|---|---|
| Home Depot card | * Deferred interest on purchases of $299 or more * No annual fee | Apply Now |
| Rona or Castle Building Centres Flexiti card | * Split up payments over $300 into installments and pay no interest * Equal monthly payment or deferred payment plans available | Apply Now |
| Timber Mart Card | * Three months no payment financing | Apply Now |
Home Depot card
The Home Depot card offers deferred interest on any purchase greater than $299 at Home Depot stores.
As long as you meet your payment obligations, you won't be charged interest for 6 months on your purchase. However, if you fail to make even one payment or don't finish paying for your purchase, you'll be subjected to the card's standard interest rate of 28.8%.
This card is available for no annual fee.
Rona or Castle Flexiti card
Apply for a Flexiti card that you can use with dozens of merchants, including Rona and Castle Building Centres. The card offers interest free financing for up to 12 months.
To take advantage, you'll need to make a purchase of at least $300. You can charge a single purchase and split it into 6, 12, or 18 installment payments interest-free or choose a buy now pay later option to defer payment interest free for 12 months.
You can also select project loan plans that currently have a promotion. You won’t be charged interest or be required to make payments for 90 days.
Timber Mart credit card
The last one available is the Timber Mart card.
On purchases of $299 or more, for the first 3 months, you won't have to make any minimum payment or pay interest. However, once it's over, you'll be subjected to a stunning interest rate of 29.99%.
Alternatives to home improvement credit cards
A credit card isn’t your only solution for paying for home renovations. You could also use:
- A personal loan: Work with any bank or credit union to take out a personal loan that you repay in installments.
- A line of credit: This is similar to a personal loan, but it’s revolving. You can make purchases up to a limit and repay only what you actually used.
- A home equity line of credit (HELOC): To get a HELOC, you borrow against the equity you’ve built up in your home.
- A home improvement store gift card: If your credit card offers increased earn rates (like 5x back at grocery stores), work around the category restrictions to buy gift cards you can use at your hardware store of choice.
FAQ
What is the best credit card for home improvement?
The best credit card to use at a home improvement store really depends on where you prefer to shop, since some retailers, like Walmart and Canadian Tire, offer co-branded cards that have increased earn rates.
What is the smartest way to pay for a home renovation?
Whatever you do, have a budget for your renovation and a plan to pay off the costs. If you’re charging it to a credit card, use one that offers increased rewards or allows you to pay in installments.
How to save on renovation costs?
Start with a budget and try to source materials from inexpensive stores (or use donated materials). You can also save by spreading out the project so you complete steps as you have the funds.
Is a home equity loan a good idea?
Home equity loans generally come with some lower interest rates than other types of loans, but the risk is much higher. Be absolutely sure you can handle a home equity loan before you apply for one, as failure to pay can cause the foreclosure of your home.
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