A construction credit card can help you finance your business needs, like buying materials and get the job done.

We’ll tell you everything you need to know about traditional credit cards and store credit cards that best fit the needs of contractors and construction businesses. We list interest rates, fees, perks, and rewards so you can decide which one is right for you.

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Top 5 Business Credit Cards for Construction Companies

Lowe’s Home Improvement

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

Lowe’s Advantage Credit Card

Ideal for

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

Details and benefits

The rewards credit card offered by Lowe’s, one of the leading home improvement retailers in the US, gives you 5% off each purchase. However, you can’t combine it 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. There is no interest if you pay the total 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

Remember that it is not an automated service but on demand.

Lowe’s Business Rewards Card from American Express

Ideal for

Construction businesses that make Lowe’s purchases want retail rewards and the best cashback. One of the best credit cards because it mixes store credit and the experience of AMEX.

Details and benefits

The card from this financial institution 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.

Home Depot Store Credit

Home Depot offers two types of store cards.

Home Depot Project Loan Card

Ideal for

Construction companies often shop at Home Depot.

Details and benefits

This construction credit 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 must pay interest on the funds you borrow. After that period, you have seven years to pay the balance off.

Home Depot Consumer Card

Ideal for

Individuals who make regular mid-size purchases at Home Depot.

Details and benefits

This card provides you with 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.

Amazon Store Credit Card

Ideal for

Construction companies that prefer getting their supplies online.

Details and benefits

This construction 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 must subscribe to Amazon Prime, which costs $99.

Local retailer credit

Apart from Amazon and the two big national 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 as cards, like getting more money for making combined purchases or making expenses at gas stations and rental cars, for example, but it will certainly allow you to keep a strong cash flow.

Pros of Builders’ Business Cards From a Store

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 of builders’ business cards with some of the longest payment terms. 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 money on purchases.

0% Intro APR in some of them

This means that on the purchases of a year, you will not have an interest. That’s why checking your APR (annual percentage rate) and how it will affect your debts is important.

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 of having a construction credit card

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 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.

Are Construction Store Credit Cards 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, business credit cards for a construction company may not be the right choice since they have high-interest rates and different fees. Plus, if you don’t use them correctly, cards can hurt your credit and your business in the long run.

These credit products are for large purchases and regular or small expenses. So if you need to finance the purchase of equipment, for example, most likely you’ll need something different.

Best 7 Business Credit Cards for Contractors and Builders

Capital One Spark Cash Card for Business

Ideal for

Flat-rate rewards and cash back

Details and benefits

Unlimited 2% cash back, free employee cards, and new card member offer.

Chase Ink Business Cash Credit Card

Ideal for

Businesses with fewer expenses and that want to earn rewards

Details and benefits

This construction 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.

Also, it has an initial APR of 0% for 12 months and a balance transfer fee of $5 or 5%, whichever is greater.

Chase Ink Business Preferred Credit Card

Ideal for

Construction businesses that need rewards credit cards and are investing in an advertisement.

Details and 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
• Balance transfer fee of$5 or 5%, whichever is greater.

Plum Card from American Express

Ideal for

Businesses with an irregular cash flow

Details and 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.

Cash Freedom Unlimited

Ideal for

Usual business expenses.

Details and benefits

The chase card has a variety of bonuses, including 5% back on travel booked through their respective rewards program. They also offer 3% for dining and drugstore purchases and 1/2%. This means you can earn up to 15 months’ worth (1%) in cash if your account is open at the time of purchase.

American Express Cash Magnet Card

Ideal for

General business expenses.

Details and 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.
• An intro APR of 0% on purchases and balance transfers for 15 months.
• A balance transfer fee of $5 or 3% of the amount of each transfer.

Discover it Cash Back

Ideal for

Constructors who need more cash back.

Details and benefits

• They will increase their cash-back rewards to 5%. You can earn up to $1,500 in purchases each quarter after activating the J Power Card and then 1% afterward.
• The company’s renowned customer satisfaction survey track record makes it one of America’s best issuers when looking at credit cards.

• Intro APR: 0% on purchases and balance transfers for 14 months.

• Balance transfer fee: 3% of the amount of each transfer.

Alternative financing options for construction businesses

Traditional Banks

Traditional bank loans are often the first choice for businesses seeking financing. Banks offer a variety of loan products, and they’re typically willing to work with companies to tailor a loan that meets their specific needs.

However, bank loans can be difficult to qualify for and often come with high-interest rates.

Private lenders

Private lenders are another option for businesses seeking financing. Private lenders typically offer more flexible terms than banks and are often willing to work with companies that may not qualify for a traditional bank loan.

Government Programs

Government-backed programs can also provide financing for businesses. These programs typically have more favorable terms than private loans, but they can be difficult to qualify.

Additionally, government-backed programs may have strict requirements that businesses must meet to receive funding.

The best alternative: a Camino business loan

A construction credit card might be helpful on sporadic occasions, but we know that your business won’t always buy what it needs from the same store, and having multiple credit cards will play against you.

First, you must write a growth plan for your business and what you need to see realized. If a loan is an answer for you, it’s time to forget about multiple credit cards and take the next step.

You need to find a reliable lender with affordable terms for all those looking for the best business loan alternative. 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.
• You can apply with ITIN if you don’t have an SSN.
• We accept applicants with no previous credit history.
• Possibility to get a new loan after only 12 months of timely payments, other requirements may apply.

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