The Best Credit Cards for New Homeowners of 2020

The Chase Freedom Unlimited can help maximize your spending on everything you'll need while you're settling in. You'll earn an unlimited 1.5% cash back on all purchases, from new window treatments to updated appliances. And if you spend $500 within the first three months of opening the account, you'll get a $200 bonus.

During the first year, the rewards rate bumps to 5% for up to $12,000 you spend on grocery hauls. (This doesn't include Target and Walmart, but if you do the bulk of your shopping there, we have some ideas for you.)

Plus, Chase offers a 0% APR for 15 months, which gives you just over a year to pay off the balance before the interest rate rises.

• Annual fee: None
• Balance transfer offer: N/A
• Bonus perk: Cash back rewards never expire as long as your account is open
• Drawback: Other cards can offer more points

Learn more about the Chase Freedom Unlimited

If you love home renovations and live by a Home Depot, this is the card for you. Chances are you’re going to be spending a lot of time at the big-box home improvement retailers, and if that store is Home Depot, signing up for this credit card can help you finance your big-ticket home improvement purchases.

• Annual fee: None
• Balance transfer fee: N/A
• Bonus perk: Cardholders get exclusive credit offers
• Drawback: Can only be used at Home Depot

Learn more about the Home Depot Consumer Credit Card

The Capital One® QuicksilverOne® card is an all-around great card with a solid mix of perks, including unlimited 1.5% cash back on all purchases, and it's open to applicants with average or less-than-stellar credit scores. You can receive your cash back as a check or apply your rewards as a statement credit. Note that there is an annual fee of $39.

• Annual fee: $39
• Balance transfer fee: None
• Bonus perk: Get access to a higher credit line in as little as six months
• Drawback: Interest level could be higher than other cards

Learn more about the Capital One QuicksilverOne

When it comes to getting cash back, the U.S. Bank Cash+ Visa Signature Card offers a great deal: 5% cash back on the first $2,000 you spend in combined eligible net purchases each quarter on two categories you choose; 2% on one everyday category (like U.S. supermarkets); and 1% on all other categories.

Plus, you’ll pocket $150 after you spend $500 in eligible purchases within the first 90 days of opening the account. There’s also 0% APR for the first year if you transfer a balance within 60 days.

• Annual fee: None
• Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
• Bonus perk: You can get your cash back one of three ways: statement credit, direct deposit into your U.S. Bank checking or savings account, or a rewards card
• Drawback: $39 fee for late payment

Learn more about the U.S. Bank Cash+ Visa Signature Card

With 6% cash back at U.S. supermarkets, this is the perfect card if you’re planning to spend a lot of time in the new kitchen you designed. (After you spend $6,000, the deal drops down to 1%.) It also lets you earn 3% cash back at U.S. gas stations for all the trips you’ll be taking to not just the grocery store but to the hardware store for home improvement errands. Through December 10, 2020, you can also earn $300 in a statement credit if you spend $3,000 in the first six months. And with 0% APR on purchases in the first year, this card has its perks.

• Annual fee: $95. The annual fee can be waived the first year through a limited offer that expires on December 10, 2020.
• Balance transfer fee: N/A
• Bonus perk: Card includes car rental insurance and roadside assistance
• Drawback: 2.7% foreign transaction fee

Learn more about the Blue Cash Preferred Card from American Express

When it comes to cash back, the Citi Double Cash card is a great option. It lets you earn 2% cash back (1% on purchases and an additional 1% as you pay for those purchases). The card also has a balance transfer offer of 0% for 18 months, but after that, the APR jumps.

There are also a number of provisions for the offer. Namely, that balance transfers do not earn cash back, and if you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. There is also a fee of either $5 or 3% of the amount of each balance transfer, whichever is greater.

• Annual fee: None
• Balance transfer offer: 0% for 18 months
• Bonus perk: Includes a Citi Concierge expert for booking travel and restaurants
• Drawback: Balance transfers don’t earn cash back

Learn more about the Citi Double Cash

If your idea of home spending involves online purchases, you might want to consider the Amazon Rewards Visa, which gives 3% cash back at Amazon.com; 2% cash back at restaurants, gas stations, and drugstores; and 1% for everything else. Every time you check out at Amazon.com, you see your rewards. Plus, there’s no minimum rewards balance to redeem.

• Annual fee: None
• Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
• Bonus perk: You’ll receive a $70 Amazon.com gift card upon approval
• Drawback: Closing your Amazon.com account may lower your cash back (to 3% back from 5% on Amazon.com purchases)

Learn more about the Amazon Rewards Visa

If you’re the type of person who can’t remember what perks your credit card company gives you, the Citi Simplicity card is pretty straightforward. There are no late fees, no annual fee, and 0% APR for the first year. Plus, if you want to transfer a big balance from that new grill or claw-foot tub you purchased using a different credit card, Citi Simplicity offers 0% APR for 21 months (but you have to complete the transfer within the first four months).

• Annual fee: None
• Balance transfer fee: Either $5 or 5% of the amount of each credit card balance transfer, whichever is greater
• Bonus perk: Choose your own due date every month
• Drawback: 3% foreign transaction fee

Learn more about the Citi Simplicity

Got high-interest debt from home renovations? If you’ve never had the U.S. Bank Visa Platinum Card, you might want to check out the 0% intro APR offer available for your first 18 billing cycles. (After that, a variable rate applies.) The 0% APR offer only applies to balance transfers made within 60 days of when you open the account.

• Annual fee: None
• Balance transfer fee: The balance transfer fee is 3% for each transfer amount ($5 minimum)
• Bonus perk: Detects and notifies you of any unusual card activity to help prevent fraud
• Drawback: The introductory rate does not apply to cash advances

Learn more about the U.S. Bank Visa Platinum Card

Let’s face it—you’re going to need a vacation after all the work you’ve done on your home. The Wells Fargo Propel American Express Card gives you 20,000 bonus points if you spend $1,000 during the first three months. Plus, there’s no blackout dates on air travel when redeemed through Go Far Rewards.

You’ll also earn three times the points when paying for eating out and ordering in (for those nights you’re too tired from gardening to go out), along with gas, hotels, flights, and car rentals (for the trip to Hawaii you deserve for all your hard work). And you can still earn points on other purchases, with 0% APR for the first year, including a balance transfer.

• Annual fee: None
• Balance transfer fee: Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater
• Bonus perk: Points never expire when your account stays open
• Drawback: Fee of up to $37 for a late payment

Learn more about this Wells Fargo card