[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned below.]
When you flip houses for a living, cash flow and a consistent source of financing are very real concerns. You’ve got to buy your fixer-upper and pay for the cost of renovations, which may include materials, equipment and contractor bills. When you’re short on cash and have immediate renovation costs, credit cards can help you move your project forward.
Credit cards with 0% intro annual percentage rate (APR) offers can help you afford those expenses and give you time to pay them off interest-free. Here are four credit cards for house flippers.
1. Home Depot Consumer Credit Card
Rewards: None
Signup Bonus: None
Annual Fee: $0
APR: 0% for qualifying purchase types, then variable 17.99% to 26.99%
Why We Picked It: If you make frequent trips to Home Depot, this card offers many financing opportunities.
For Your Flip: Home Depot purchases of $299 to $998 get six months of 0% APR. Purchases $999 to $1,998 get 18 months of 0% APR. Purchases of $1,999 or more receive 24 months of 0% APR. The home improvement retailer also offers 0% APR for periods ranging from 12 to 24 months on various purchase types including building materials and HVAC systems.
Drawbacks: If you don’t frequently shop at Home Depot, this card isn’t right for you.
2. Discover it Balance Transfer
Rewards: 5% cash back on up to $1,500 in purchases per quarter for rotating bonus categories, 1% cash back on everything else
Signup Bonus: Discover will match all cash back earned in the first year.
Annual Fee: $0
APR: , , then
Why We Picked It: Cardholders earn cash back and get 0% intro APR on purchases and balance transfers.
For Your Flip: This card earns 5% cash back on bonus categories that rotate every quarter and 1% cash back on everything else. Discover will match all cash back you earn in the first year. You’ll also get 0% APR for six months on purchases and 18 months on balance transfers.
Drawbacks: The home improvement bonus category has already come and gone for 2017.
3. Chase Freedom Unlimited
Rewards: 1.5% cash back on all purchases
Signup Bonus: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
Annual Fee: $0
APR: 0% for 15 months, then .
Why We Picked It: The card offers a flat cash back rate and 15 months interest-free.
For Your Flip: All purchases earn unlimited 1.5% cash back so you can save on all renovation expenses. Plus, you’ll get 15 months to pay off purchases and balance transfers without interest.
Drawbacks: There are better cash back rates available with other cards.
4. Citi Simplicity
Rewards: None
Signup Bonus: None
Annual Fee:
APR: , then
Why We Picked It: The length of the 0% intro APR period makes this card a strong contender (12 months for purchases and 21 months for balance transfers). (Full Disclosure: Citibank advertises on Credit.com, but that results in no preferential editorial treatment.)
For Your Flip: Purchases and balance transfers alike are interest-free for 12 months (purchases) and 21 months (balance transfers). That’s a long time to pay off your flip.
Drawbacks: There are no cash back rewards with this card.
Choosing a Card to Help Flip Houses
Try choosing a card that fits your specific renovation needs. If you want to earn cash back as you purchase supplies and pay contractors, a card with a flat cash back rate may be a good fit. If you tend to spend in one place, a brand-specific card (like the one offered by Home Depot) may be a better choice.
If you intend to use a 0% intro APR offer to avoid interest on future purchases or a balance transfer, you’ll want to look carefully at the payback period. Make sure you can realistically pay off your balance transfer or renovation purchases before the offer expires. Otherwise, interest charges will hit your credit card statement like a ton of bricks.
What Credit Is Required for a House Flipper’s Credit Card?
Credit cards with cash back rewards or 0% intro APR offers generally require good to excellent credit. Before you apply, you’ll want to be fairly confident you can get approved. You can check two of your credit scores for free on Credit.com to learn where your credit currently stands.
Image: Highwaystarz-Photography
At publishing time, the Discover it, Chase Freedom Unlimited and Citi Simplicity credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.