by Jason Miller
If you?re looking at making home renovations or considering a large-scale house remodeling project, you know how costly it can be. The costs for construction supplies, hiring a qualified work force and paying the various fees for permits can quickly add up.
Most people think of banks as the only place to get a home improvement loan, but hardware store credit cards are essentially loaning you money to upgrade your dwelling. Credit cards from hardware stores have some unique advantages.
Zero Interest Credit Card Offers: Many of those hardware stores offer you a period of time in which you can pay off your loan with zero interest. Those savings could add up to big money if you are able to pay back part of the amount you borrowed on the credit card. Using these cards is actually a like getting a home improvement loan for your project with no equity.
In-Store Discounts: When you initially use home improvement store credit cards you will often get a small discount as well. You might save 5% - 10% on the total cost of the project, which could be a pretty good chunk of money at the end of the day.
Convenience of Shopping For Everything At Once: These large home improvement stores now offer just about everything you could need to upgrade your home and most offer lots of contractor services to actually do the work for you. Instead of visiting a dozen stores to find a kitchen faucet you can go to one store and buy a faucet, a sink, a refrigerator, all the other appliances and even hire and schedule the installers all at one time. With one store credit card you can purchase the materials you need as well as hire someone to do all the work for you!
Why do home improvement stores offer these cards with such great rates? Normal banks make their money by giving you a loan and charging you interest. These home improvement stores don?t have to make money on interest because they will make a profit on you buying items from their store for retail price. These hardware stores are essentially giving you a no-interest loan for a short period of time so that you can buy more of their items!
Tags: Credit cards, credit rating, equity, finances, home, home depot, home improvement, home improvement credit card, home improvement financing, home improvement loan, house, Loans, lowe's, money
Source: http://loansandcredit4all.info/loans/why-home-improvement-store-credit-cards-can-be-a-good-idea
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