A new home can be cause for celebration. It might also cause some financial stress, depending on how much is left in your bank account after the settlement. And the bills don't end there. If you’re a new homeowner, you might be looking for ways to help you save money on home-related expenses after you move in. Furniture, renovations, and emergency repairs can quickly add up.
While experts advise that people shouldn't apply for new lines of credit before closing a mortgage in order to qualify for the best rate, a new—and appropriately targeted—credit card could be an option for you once you've settled in. Consider how you’ll do most of your spending. If your new house needs a few touch-ups, for example, then a branded card from a dedicated home improvement retailer could be the right choice. If you need more flexibility in your spending, banks offer credit cards with generous cash-back deals or introductory 0% APR periods.
If you’re going to do a lot of online shopping, you might want to get a card that rewards you for purchases from a specific website. Or maybe you’ll be eating out a bunch while the kitchen is remodeled, and you can rack up dining rewards. But if you plan to spend a lot of time cooking now that you finally have your new place, you might want to choose a card that gives you more cash back on groceries.
Opening a new mortgage might have just dinged your credit score, in which case you'll want to look for cards for average or imperfect credit. But, no matter your score, your best bet is to look at cards with a 0% introductory APR period—you won’t have to pay interest on your purchases until the offer expires, which, in many cases, can be more than a year from the time you open the account. You will still need to pay back everything you put on the card, but that introductory time frame could give you the breathing room you’ll need to get your new life settled.
Things to Know About Credit Cards
How We Evaluated
Chase Freedom Unlimited
Home Depot Consumer Credit
Capital One QuicksilverOne
U.S. Bank Cash+ Visa Signature
Blue Cash Preferred Card from American Express
Citi Double Cash
Amazon Rewards Visa Signature
Citi Simplicity
U.S. Bank Visa Platinum Card
Wells Fargo Propel American Express
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Long introductory period APR rates are only a short-term incentive. Potentially high APR rates snap into effect after the card’s intro period ends, which could cost you a lot in interest if you’ve left your balance unpaid. It’s really important to keep an eye on your finances and keep an eye on the calendar.
APR rates and credit limits vary based on your individual credit. Credit limits and interest rates for each card are determined based on each cardholder's personal situation, so we did not take that information into account when evaluating these cards. One thing to remember is that if you pay your card off in full every month you will not be charged interest.
Banks have final say on who they accept for a credit card. These recommendations were put together with the assumption that applicants would have average credit or above, and you should note that your credit score can take a hit after you take out a mortgage. That being said, banks decide who they will issue credit cards to using criteria including, but not always limited to, an individual's credit score when evaluating each applicant.
I've been covering personal finance for the past decade as a business and real estate writer for the Associated Press, Bankrate, and the New York Times. Using my knowledge of the credit card landscape, I chose cards that new homeowners might find useful after they purchase a home, from generous cash-back offers to rewards for online shopping.
Please note: The offers mentioned above are subject to change at any time and some may no longer be available.
Reviewed has partnered with CardRatings for our coverage of credit card products. Reviewed and CardRatings may receive a commission from card issuers.
See rates and fees for the Blue Cash Preferred Card from American Express.
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Betsy Vereckey
Contributor
Betsy Vereckey is a valued contributor to the Reviewed.com family of sites.
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