Author Topic: Which cc for home addition?  (Read 567 times)

texastumbleweed

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Which cc for home addition?
« on: October 09, 2018, 06:38:00 AM »
I posted previously about our options for our house:

https://forum.mrmoneymustache.com/welcome-to-the-forum/80k-renovation-or/?topicseen

I didn't know how to add the layout, but we decided to go with a small addition of a master bedroom, multipurpose space and bathroom at about 400 sq ft. 

We will be purchasing the lumber, etc on a credit card and was wondering what we should use for a big project.  We currently have the southwest card, the Starwood hotels card and the American Express blue cash everyday.  We've already gotten the initial "get this card" rewards, so wondering if we should just pile on to one of those or get a whole new card to max out reward options since we will be putting 10k plus on the card.

Thanks!


mathlete

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Re: Which cc for home addition?
« Reply #1 on: October 09, 2018, 07:22:04 AM »
I say pick a whole new card and get that bonus money.

The Point Guy lays out some good options here: https://thepointsguy.com/cards/

Just a head up, they get a commission on the cards listed, so if you'd like to do more research outside of that page, that's definitely encouraged. But I've found it to be a pretty good resource.

kpd905

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Re: Which cc for home addition?
« Reply #2 on: October 09, 2018, 07:33:04 PM »
I'd probably go with the Chase Sapphire Preferred, it'll give you $590 cash back or ~$740 toward travel after spending $4k and adding an authorized user.  I didn't see how much you think you'll be spending.  If you are going to go over $4k, then you could get one for you, one for your spouse.  It ends up being somewhere between 14-18% back on your spending.

partgypsy

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Re: Which cc for home addition?
« Reply #3 on: October 10, 2018, 09:30:18 AM »
So, are you building it yourself, getting a contractor, or what? It seems like what you are proposing will cost more than 10K all-in.

FallenTimber

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Re: Which cc for home addition?
« Reply #4 on: October 11, 2018, 05:04:40 AM »
You may want to consider a Lowes credit card if thereís any chance of you buying your lumber or building materials from there. The closest Lowes to me is about 110 miles, but the prices are so much better than local lumber yards that I simply canít afford to shop local when the difference is in the thousands of dollars on many of my projects.

With the Lowes credit card, I get 5% off at Lowes, and they have frequent specials that bump that up to 10% off. Also, the cost for delivery for 220 miles round trip is only a flat rate $20 because I have the card. And finally, on top of that, I get 1-2% as points, which you can exchange for Lowes gift cards, or AMEX Gas Cards (which actually work anywhere AMEX is accepted, I use mine for groceries or date nights with my wife). I put around $50-60k per year on the Lowes card for business and personal, and I havenít found a card that can come close to competing with it.

kpd905

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Re: Which cc for home addition?
« Reply #5 on: October 11, 2018, 06:27:14 AM »
I'm not sure how much the delivery charge saves you with the Lowe's card, but almost any sign up bonus should get you more than 10% back.  As I said above, the CSP gets you 14-18% back.  The Barclays Arrival+ would be roughly 14% back on another $5k of spend.  So if you and the spouse both grab one of each you'll get 14-16% back on $18k of spend.

seahawk2k

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Re: Which cc for home addition?
« Reply #6 on: October 11, 2018, 01:53:28 PM »
I am a huge fan of the Chase cards that earn ultimate rewards. The best bonus right now IMO is the Chase Ink Business Preferred. It gets you 80k points after spending $5,000 after first 3 months. You do have to have a "business" but you can just apply with your social and personal name. Lots of online resources. Here is my referral link if you decide to apply!

https://www.referyourchasecard.com/21/8ZQX857XT3

bacchi

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Re: Which cc for home addition?
« Reply #7 on: October 11, 2018, 02:54:08 PM »
Yep, go big with some of the Chase cards.

Me and SO had a lot of cards in play when we were building. Our GC let us use our cards for purchases, from lumber to drywall to even the concrete.