The Best Business Financing Options And Alternatives
Business financing is the lifeblood that fuels growth and innovation in the corporate landscape. Whether you’re a startup entrepreneur... Read More
Features | Description |
---|---|
Required Credit Score | 620 |
Regular APR | 26.99% (fixed) |
Annual Fee | No annual fee |
Late Payment Fee | Up to $38Ideal 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:Features | Description |
---|---|
Required Credit Score | 670 |
Regular APR | 15.74% – 24.74% (variable) |
Annual Fee | No annual fee |
Late Payment Fee | Up to $39 |
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:Home Depot offers two types of store cards.
Features | Description |
---|---|
Required Credit Score | 600 |
Regular APR | 7.42% to 19.96% |
Annual Fee | No annual fee |
Late Payment Fee | No late payment fees |
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.
Features | Description |
---|---|
Required Credit Score | Above 600 |
Regular APR | 17.99% – 26.99% |
Annual Fee | No annual fee |
Late Payment Fee | Up to $38 |
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.
Features | Description |
---|---|
Required Credit Score | 640 |
Regular APR | 25.99% |
Annual Fee | No annual fee |
Late Payment Fee | Up to $38 |
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.
Features | Description |
---|---|
Required Credit Score | 580 |
Regular APR | 20.99% (variable) |
Annual Fee | Up to $39 |
Late Payment Fee | $0 the first year, $95 after |
Flat-rate rewards and cash back
Details and benefitsUnlimited 2% cash back, free employee cards, and new card member offer.
Features | Description |
---|---|
Required Credit Score | 690 |
Regular APR | 13.24% – 19.24% (variable) |
Annual Fee | No annual fee |
Late Payment Fee | $39 |
Businesses with fewer expenses and that want to earn rewards
Details and benefitsThis 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.
Features | Description |
---|---|
Required Credit Score | 740 |
Regular APR | 15.99% – 20.99% |
Annual Fee | $95 |
Late Payment Fee | $39 |
Construction businesses that need rewards credit cards and are investing in an advertisement.
Details and benefitsFeatures | Description |
---|---|
Required Credit Score | 800 |
Regular APR | 0% (variable) |
Annual Fee | $0 the first year, $250 after |
Late Payment Fee | $39 or 1.5%, whichever is greater |
Businesses with an irregular cash flow
Details and benefitsFeatures | Description |
---|---|
Required Credit Score | Above 750 |
Regular APR | 14.99%–23.74% (variable). |
Annual Fee | No annual fee |
Late Payment Fee | Up to $40 |
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.Features | Description |
---|---|
Required Credit Score | Above 700 |
Regular APR | 13.99% to 23.99% (variable) |
Annual Fee | No annual fee |
Late Payment Fee | Up to $39 |
General business expenses.
Details and benefitsBecause this is a card from American Express, you can expect great benefits.
Features | Description |
---|---|
Required Credit Score | Above 700 |
Regular APR | 11.99% – 22.99% (variable) |
Annual Fee | No annual fee |
Late Payment Fee | None the first time you pay late. After that, up to $39. |
Constructors who need more cash back.
Details and benefitsIntro APR: 0% on purchases and balance transfers for 14 months.
Balance transfer fee: 3% of the amount of each transfer.
FAQs |
---|
What is the best construction credit card?Choosing the best credit card for contractors will depend on your construction business's needs and purchasing habits. While the Costco Anywhere Visa® Card by Citi is good for consumers, it won't cover the needs of businesses in the construction industry. The Amazon.com Store Credit Card recommended above is a good option if you frequent online purchases. 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 are store credit cards?A store credit card is a type of credit card used to make purchases at a particular store or group of stores. Store credit cards are typically co-branded with either Visa or Mastercard, meaning you can use them anywhere these cards are accepted. This makes them a convenient option for people who shop at certain stores, as they can earn rewards and discounts on their purchases. |
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 they may not fit your business needs. Home Depot Consumer Card is probably your best choice among the list above since it has the lowest minimum credit score required to qualify. |
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 regular construction credit cards, but they can still help improve your credit score if you manage them properly. |
How should I use a store credit card?
|
Can I get a credit card if I'm an independent contractor?es, you can get a credit card if you are an independent contractor. In fact, many different types of credit cards exist specifically for independent contractors. Some factors that you should consider are the contractor's credit score, work history, and income. |
What are the financial challenges facing builders and contractors?One of the main challenges facing builders and contractors is the lack of available credit. In recent years, banks have been tightening their lending standards, which has made it more challenging to get financing. Another challenge is the high cost of materials. In particular, the price of steel and aluminum has been increasing lately, which has caused the cost of construction projects to go up. Finally, they face competition from foreign competitors who can build projects at a lower cost because they are not subject to the same labor regulations and tax rates as American companies. |
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