Looking To Get A Home Improvement Credit Card

Richard

I'm sure tons of you guys have a home depot or lowes card or even something else. Can you give me any suggestions on the best card to get and why? Thanks

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Rich

Teetorbilt

Check out their interest rates You'll be much better off with a business Visa/Mastercard.

Pay it off every month to avoid paying the interest, it will wreak havoc with your bottom line.

Watch the fine print. Citi can bump you to the 30% rate if you're late on your mortgage or truck payment.

I have one card that I don't use except for the occasional car rental or plane ticket. Cash on the barrelhead keeps all of your markups in YOUR pocket.

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You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

mdshunk

I find generous credit lines of all types fundamental to doing business. Just make sure you have your duck's in a row to pay them when the time comes. The interest rate matters little in the end, as you're not carrying the debt for long at all.

Richard

Oh, forgot to mention the card will be primarily used for the renovation/remodel of a condo were purchasing.

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Rich

mdshunk

Why don't you just borrow extra when you get the house note, then?

Zatol

I like Advanta master card. I pay it off each month and receive a small rebate. This year, I believe my rebate will be around $400.

Teetorbilt

Sounds like a plan to me.

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

OsNap

Go with Amex there are the best. They have the best comester service ever, they go above and beyond. When my mom lost there money and stuff, they got there card back and stuff, and then helped them get there luggage back. So I say go with the Amex bussiness card.

Teetorbilt

I had really bad luck with Advanta, 14% rate when I was getting 7-9% with other co's. No dealing with those folks either, they thought they were really giving me a break @14%. That was the first card to go.

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

CE1

I'm with you, just got one and use it for basics. If you don't have the money don't use it. With an American Express card YOU have to pay it off every month.

Teetorbilt

Not everyone takes AE or Discover. Ol'#2 has both and they are frequently turned down. BTW, I think that she has one of everything.

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

CE1

What happened to the "Never Leave Home Without It"? did it go south?

Teetorbilt

AE might be fine in restaurants and such but not so hot for business. I haven't had one since the mid-80's, never missed it.

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

OsNap

I am was going by what I have heard, I know that a friend has one, the OPEN AE and he likes it, you get cash back or something. I am not to good with the rates and stuff yet

dougchips

I use Amex and have yet to find someone who will not take it. I had an Avanta card and dumped it when they set a max on the cash back.

Teetorbilt

To heck with the cashback, air miles, etc. Give me the best rate without all of the jimcracks and geegaws!

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

mahlere

we've been using amex as our primary method of payment for 10 yrs. Only 2 or 3 vendors don't accept it (none that we use on a daily/regular basis)
there is no rate to worry about, since we pay it off every month. However it does give us an extra 30 days to collect from slow pay customers. Also, we generate about 500,000 pts a year. Haven't bought a plane ticket in years, or a hotel room. It's simply found money. You can get gift cards or anything else.

Stay away from any card that will let you carry a balance, you will quickly go into big debt unless you have ridiculous self control.

Teetorbilt

IT'S NOT 'FOUND MONEY'! It's YOUR money that they're hanging on to hoping that you don't claim it and making interest on it the entire time!

It's the same racket as mail-in rebates. Buy this and get a $50 mail-in rebate. In the meantime they have YOUR $50 to invest for a few months, multiply that by a few million and you have a cash cow.

How many people actually send in the rebates? That takes time and effort, many don't. It's free money for the corp. How many will fully exploit their FF miles? FEW! More free money!

__________________
You can't solve you're problems with the same level of thinking that created the problems.

Albert Einstein

dougchips

you must have one of those "black" amex cards? 500,000 points a year--omg I thought my my 10k a month was alot. I think you can now redem the point for their pre-paid credit cards for gifts or personnel use.

mahlere

Hey Teetor,

Explain that to me...

If I have a $1000 bill with the supply house, and I pay on Jan 1 with my Amex card, I pay $1000.

If I pay on Jan 1 with a check or any other card, I pay $1000.

When my amex statement comes on Jan 30th, I send them a check for $1000.

So far, it hasn't cost me a dime, plus I got to keep my cash in the bank for an extra 30 days earning interest.

Now, I just earned 1000 points with Amex. After I accumulate enough points, from purchasing items that I need to purchase anyway, I can redeem those points for products.

So, if I purchase $100,000 of material with my Amex card or with a company check, it costs me the same $100,000. The only difference is, by purchasing it with my Amex card, I get 2 plane tickets to las vegas for nothing more than a nominal processing fee (around $50)

If I paid that $100,000 by check, I would then shell out another $600-$1000 for those 2 plane tickets.

So yes, it is found money.