Buying a house is a life event that comes with plenty of additional expenses, so finding a credit card that rewards your everyday purchases can help you save money in the long run.
You may have spent a significant portion of your savings on a down payment, but if you just bought a home, chances are your spending is about to increase big time.
From moving expenses to new furniture to home repairs, owning a home costs a bunch. So it’s a smart move as a homeowner to look for a credit card that rewards you for the things that you spend money on every day.
Keep in mind that if you are still in the process of applying for a home loan, it may not be the right time to apply for a new credit card.
You’ll want your credit scores to be as high as possible when shopping for a home loan and finalizing the paperwork — and applying for a new credit card can negatively affect your scores.
When you apply for a credit card, a hard inquiry will appear on your credit reports. One hard inquiry may result in a slight drop in your credit scores. But if you have excellent credit, the effect of one credit card application will likely be minimal.
However, if you’ve already closed on your loan, here are a few cards you may want to check out.
Bottom line
Once you buy a home, chances are you’ll find yourself making frequent trips to your nearest home improvement store.
Neither card offers points or cash back rewards. The main benefit of these cards is the interest-free financing for larger purchases.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the card shown, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.