Skilled people working in construction site. Hispanic man at work in new house. Portrait of happy latino worker using manual forklift to move hardware and smiling at camera concept: construction credit cards
Maja Mirosavljevic
By: mmirosavljevic
Read in 19 minutes

Best Store Credit Cards for Your Construction Company

If you run a construction company, you probably get some of your building materials and equipment at large retailers specialized in home improvements and construction tools. So naturally, you’ve noticed that they offer store business credit cards to be used in their stores, with great cash back rewards.

And now, you’re wondering whether it is the best option for your construction company.

Luckily, you are in the right place. After reading this article, you’ll be on your way to learning which ones are the best credit cards for your construction company’s financial situation and needs.

Learn here how Camino Financial small business loans compare to credit cards, and check for yourself we can be a better alternative!

team of contractors discussing credit cards for construction

Best Store Credit Cards for Your Construction Company

If you still think that a store credit card is the right choice for your construction company, below, you’ll find detailed information about each of the best business credit cards where the card issuers are stores, or they work in tandem with a financial institution, like American Express.

Here, you’ll definitely find the best credit card for small construction business.

1. Lowe’s Home Improvement

If you want a business credit card from Lowe’s, there are 2 types you can find.

1.1. Lowe’s Advantage Credit Card

Lowe's Advantage Credit Card, one of the best credit cards for construction

Ideal for: this is a great business credit card for contractors who usually go to Lowe’s to buy materials and light equipment.

Minimum score required to qualify: 620

Regular APR: 26.99% (fixed)

Late payment fee: up to $38

No annual fee.

How it works: The rewards credit card offered by Lowe’s, one of the main home improvement retailers in the US, gives you 5% off each purchase. However, this discount can’t be combined with other discounts or coupons. For purchases of $299 or more, instead of a 5% discount, you can opt for six months of deferred interest financing. Meaning that there is no interest if you pay the full amount within six months. Also, for purchases of $2,000 or more, Lowe’s Advantage Credit Card gives you:

  • 36 fixed monthly payments at 3.99% APR
  • 60 fixed monthly payments at 5.99% APR
  • 84 fixed monthly payments at 7.99% APR

Just have in mind that this isn’t automated services but on request.

1.2. Lowe’s Business Rewards Card from American Express

Lowe’s Business Rewards Card from American Express, one of the best credit cards for construction

Ideal for: construction businesses that make Lowe’s purchases and want retail rewards and the best cash back. One of the best credit cards because it mixes store credit and the experience of AMEX.

Introductory APR: 0% for 6 months

Regular APR: 15.74% – 24.74% (variable)

Late payment fee: up to $39

No annual fee.

How it works: This card from American Express is great for contractors that want to save big. The Lowe’s business rewards card offers a 5% discount whenever you shop at Lowe’s; plus, you can even get 5x rewards points at Lowe’s during the first 6 months. The card also offers exclusive access to Lowe’s ProServices (which includes discounted delivery, bulk rate pricing, and you’ll be part of Lowe’s Business Replenishment Program). The AMEX Lowe’s Credit Card gives you:

  • 1x points on all purchases
  • 2x points when you shop at Lowe’s
  • 3x points in certain spending categories (restaurants, office supply stores, and wireless telephone services providers)

You can spend all these points on American Express or Lowe’s gift cards.

And if you have employees, you can get employee cards at no extra cost.

2. Home Depot Store Credit

 Home Depot offers two types of store cards.

2.1. Home Depot Project Loan Card

Home Depot Project Loan Card, one of the best credit cards for construction

Ideal for: construction companies that often shop at Home Depot.

Minimum score required to qualify: 600.

Regular APR: 7.42% to 19.96%

No late payment fees.

No annual fee.

How it works: This card doesn’t offer any rewards or discounts, but it gives you a loan amount of up to $55,000 and a six-month window to spend that money. During that period, you need to pay interest on the funds you borrow. After that period, you have seven years to pay the balance off.

2.2. Home Depot Consumer Card

Home Depot Consumer Card, one of the best credit cards for construction

Ideal for: individuals who make regular mid-size purchases at Home Depot.

Minimum score required to qualify: above 600.

Regular APR: 17.99% – 26.99%

Late payment fee: up to $38.

No annual fee.

How it works: this card provides you six months of deferred interest on purchases of $299 or above. Besides, it makes you eligible for more extended deferred interest periods during special promotions.

3. Amazon Store Credit Card

Amazon Store Credit Card, one of the best credit cards for construction

Ideal for: construction companies that prefer getting their supplies online.

Minimum score required to qualify: 640

Regular APR: 25.99%.

Late payment fee: up to $38.

No annual fee.

How it works: this credit card offers 5% cash back rewards on Amazon purchases for Prime members and a special financing period on purchases of $149 and more. To become a Premium member, you need to subscribe to Amazon Prime, which costs $99.

Local retailer credit

Apart from Amazon and the two national big chains dedicated to home improvement and construction materials, there are probably local stores and suppliers near you that may also offer credit programs, so make sure you look into it.

Sure, their credit programs might not have the same benefits that cards have, like getting more money for making combined purchases or make expenses at gas stations and rental cars, for example, but it will certainly allow you to keep a strong cash flow.

contractor smiling while he holds a credit card for his construction business

Other Construction Business Credit Cards

If you thought that would be all, you are wrong. There are some of the other best credit cards that could be a perfect solution for your construction company, even if they’re not store cards.

So scroll down to learn more about these credit products and the most relevant card details of each financial product.

4. Capital One Spark Cash Card for Business

Capital One Spark Cash Card for Business, one of the best credit cards for construction

  • Ideal for: flat-rate rewards and cash back
  • Minimum score required to qualify: 580
  • Regular APR: 20.99% (variable)
  • Annual fee: $0 the first year, $95 after
  • Benefits: unlimited 2% cash back, free employee cards, new cardmember offer
  • Late payment fee: up to $39.

5. Chase Ink Business Cash Credit Card

Chase Ink Business Cash Credit Card, one of the best credit cards for construction

  • Ideal for: businesses with fewer expenses and that want to earn rewards
  • Minimum score required to qualify: 690
  • Intro APR: 0% for 12 months
  • Regular APR: 13.24% – 19.24% (variable)
  • No annual fee
  • Benefits: the Ink Business Cash Credit Card offers 5% cash back on the first $25,000 at office supply stores and internet, cable, and phone services; 2% cash back on the first $25,000 at gas stations and restaurants; 1% cash back on all other purchases; free employee cards
  • Late payment fee: $39
  • Balance transfer fee: $5 or 5%, whichever is greater

6. Chase Ink Business Preferred Credit Card

Chase Ink Business Preferred Credit Card, one of the best credit cards for construction

  • Ideal for: construction businesses that need rewards credit cards and are investing in advertisement
  • Minimum score required to qualify: 740
  • Regular APR: 15.99% – 20.99%
  • Annual fee: $95
  • Benefits: Sign up bonus (100,000 points if you spend $15,000 in the first 3 months); 3x rewards points on the first $150,000 in eligible purchases, like shipping, advertising with social media sites and search engines, travel, and internet, cable, and phone services; 1x points on all other purchases; free employee cards
  • Late payment fee: $39
  • Balance transfer fee: $5 or 5%, whichever is greater

7. Plum Card from American Express

Plum Card from American Express, one of the best credit cards for construction

  • Ideal for: businesses with an irregular cash flow
  • Minimum score required to qualify: 800
  • Regular APR: 0% (variable)
  • Annual fee: $0 the first year, $250 after
  • Benefits: 1.5% early-pay discount, an extended 60 days to pay, unlimited 1.5% cash back for purchases made 10 days before your statement closing date
  • Late payment fee: $39 or 1.5%, whichever is greater

8. Cash Freedom Unlimited

Cash Freedom Unlimited, one of the best credit cards for construction

  • Ideal for: usual business expenses.
  • Minimum score required to qualify: Above 750
  • Intro APR: 0% on purchases and balance transfers for 15 months.
  • Regular APR: 14.99%–23.74% (variable).
  • No annual fee.

5. American Express Cash Magnet Card

American Express Cash Magnet Card, one of the best credit cards for construction

  • Ideal for: general business expenses.
  • Minimum score required to qualify: Above 700.
  • Intro APR: 0% on purchases and balance transfers for 15 months.
  • Regular APR: 13.99% to 23.99% (variable)
  • No annual fee.
  • Benefits: Because this is a card from American Express, you can expect great benefits. Sign up bonus (earn $200 back after spending $1,000 during your first 3 months); unlimited 1.5% cash back, add additional American Express cards to accelerate cash back
  • Late payment fee: up to $39.
  • Balance transfer fee: $5 or 3% of the amount of each transfer.

6. Discover it Cash Back

Discover it Cash Back, one of the best credit cards for construction

  • Ideal for: constructors who need more cash back.
  • Minimum score required to qualify: Above 700
  • Intro APR: 0% on purchases and balance transfers for 14 months.
  • Regular APR: 11.99% – 22.99% (variable)
  • No annual fee.
  • Late payment fee: None the first time you pay late. After that, up to $39.
  • Balance transfer fee: 3% of the amount of each transfer.

Read this article if you want to check more options for the best best credit cards for your small business.

icon representing the best Construction Business Credit Cards

Pros and Cons of a Store Business Credit Card for Contractor and Construction Companies

Store cards are very similar to a regular credit card, so it’s not difficult to understand how they work. A retailer usually issues them to pay with credit for the goods your construction company needs. In other words, you use this card to purchase building materials or equipment that you can pay off over time, making a minimum payment every month.

Pros:

  • Easy way to make purchases and track your expenses

You always have funds in your pocket to make purchases, even if you currently don’t have the cash. This is a great benefit for construction companies that have some of the longest payment terms (they have to wait longer than most industries to get paid by clients for finished projects). Cards, in general, can be a good solution for the lack of cash flow faced by many construction companies.

  • You can get discounts and earn points to redeem on future purchases

Construction retailers offer discounts and perks only for people who use credit store cards. For instance, you can get up to 20% off and save some money on your purchases.

  • 0% Intro APR in some of them

This means that you won’t be charged interest on your purchases for a year. That’s why it’s important to check what your APR (annual percentage rate) will be and how it will affect your debts.

  • You don’t need to have a high credit score required to qualify

Therefore, you can quickly get a store credit card without a hitch.

Cons:

  • You can only use them in the brick and mortar store or the online one

Their use is pretty limited if you need to buy some supplies for your construction company somewhere else.

  • They don’t build your credit

Remember that having a solid credit history will increase your chances of qualifying for other financing types, like a business loan.

  • Higher interest rates than regular cards

This means that you will pay more interest when you carry a balance, and it will probably take you longer to pay back your debts.

  • They tend to have low credit limits

Therefore, store cards are not very helpful for you to make a big purchase.

home construction with team talking about construction financing

Are Construction Credit Cards from Stores Your Only option? 

The more informed you are in the business world, the more tools you have, and there are more and better alternatives to finance your construction company. However, maybe a credit card won’t be the right option for every construction company, given that they come with high interests and different fees. Moreover, if they aren’t used properly, cards can hurt your credit and harm your business in the long run.

Plus, these credit products are not meant for large purchases, rather for regular or small expenses. So if you need to finance the purchase of equipment, for example, most likely you’ll need something different.

The best alternative: a Camino business loan

Store credit cards might be useful on sporadic occasions, but we know that your business won’t always buy what it needs from the same store, and definitely having multiple credit cards will play against you. First, you need to write a growth plan for your business and what you need to see realized. If a loan is the answer for you, then it’s time to forget about multiple credit cards and take the next step.

How to get a business loan for your construction company and ensure the growth of your business

For all of those looking for the best business loan alternative, you need to find a reliable lender with affordable terms. We are such lenders.

At Camino Financial, we can offer you business loans with:

  • A wide range of options in loan amounts and payment terms to match the unique needs of your business.
  • Fixed monthly payments so you can avoid the unpleasant surprises often associated with credit cards.
  • Only the closing fee.
  • Reasonable interest rates.
  • No SSN or credit history is required.
  • Possibility to upgrade to a second loan for a larger amount and at a lower interest rate after only 9 months of timely payments.
  • Safe and quick loan process: you can get the funds for your construction company in just 2 days.

Use our business loan calculator to learn how much one of our loans would cost you:

Term Loan Calculator


female contractor smiling in her construction business

Other FAQs About Credit Cards for Construction and Contractors

What is the best credit card for construction business?

Choosing the best credit card for contractors will depend on the needs of your construction business and your purchasing habits. While the Costco Anywhere Visa® Card by Citi is one of the preferred store cards among consumers, obviously, it won’t cover the needs of businesses in the construction industry. If you make frequent purchases online, the Amazon.com Store Credit Card recommended above is a good option. On the other hand, if you have a Lowes or a Home Depot nearby and like getting your supplies in person, the other options are good alternatives.

What is the easiest credit card to get approved for?

Target REDcard and Walmart Credit Card have fewer requirements than other store credit cards, but again, they may not fit your business needs. Among the list above, probably Home Depot Consumer Card is your best choice since it has the lowest minimum credit score required to qualify.

What is the easiest credit card to get with bad credit?

If you have bad credit, we recommend selecting a credit card from this list of the best credit cards for bad credit. After a while, and once your credit score is stronger, you can upgrade to any of the credit cards of your choice. Although almost every single card issuer has options for bad credit, you’ll have to find one that fits your specific needs.

Do store credit cards help your credit?

Yes, a store credit card can help you build solid credit. Store cards offer lower credit limits than a regular construction credit card, but they still can help improve your credit score if you manage them properly. Remember to keep your utilization ratio as low as possible, and also follow the tips below.

How should I use a store credit card?

  1. Always pay your credit card bills on time to avoid late payments and additional fees.
  2. Maintain the usage of your credit card below 30% of the total credit limit.
  3. Use your credit card for smaller business purchases since with expensive assets come high interests.
  4. Don’t get carried away with shopping just to get rewards.
  5. Don’t use a business credit card for your personal expenses.
  6. Research carefully terms and fees to avoid unnecessary expenses.

For more useful tips on the proper use of your credit cards, read this comprehensive guide Do’s and Don’ts When Using a Business Credit Card.

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