How to save on home renovations with credit cards

To the point Here's how to save money on your home improvement purchases with the right credit card in Canada!

Avoiding debt

Grants of up to $5,000 and tax credits are available to reduce the cost of environmentally responsible renovations. There is also a loan, a personal line of credit or a mortgage line of credit.

In fact, by being a member of a contractor program, savings can also be realized for large projects. You don’t even need to have a company!

Purchasing materials

Using a credit card to purchase materials and tools is an option.

The right credit card will be used to optimize spending. This is only valid if your credit card balance is at zero each month. The best ones offer air, hotel, travel or cash back rewards.

In addition, they offer excellent insurance benefits, such as extended warranty and purchase protection.

Also remember to check out the Best Price Guarantee for Home Depot, Home Hardware, Rona and Réno Dépôt! There are savings of up to 10% at some businesses.

It’s as if your renovations could finance your next vacation!

Choosing the right credit cards

Here are our suggestions for the best credit cards for home improvement expenses. First, there are a few questions to ask:

  • Does the business accept American Express, Visa and/or Mastercard?
  • Are you looking for points to save on hotels? on airline tickets? cash back? or for Disney?

If you have an RBC credit card, check your RBC offers. A few times a year, there are credits of up to 10% on purchases at RONA.

For contractors who do not accept credit cards directly, there is a way to go through Paypal, PaySimply or Plastiq. However, you will incur additional costs with these options.

Offre RBC Rona

TD Special Offer

Through July 31, 2023, TD First Class Travel Visa Infinite* CardholdersMD can take advantage of a special offer by earning 25% more TD Rewards points on home improvement purchases.

offre TD rénovation 1
offre TD rénovation 2

With the TD First Class Travel® Visa Infinite* Card, you can get up to 115,000 TD Points and a first-year annual fee rebate:

  • Welcome Bonus of 20,000 TD Points when you make your first Purchase with your Card
  • 95,000 TD Rewards Points if you spend $5,000 within 180 days of Account opening
  • A Birthday Bonus of up to 10,000 TD Rewards Points

Get an Annual Fee Rebate for the first year.

With the TD First Class Travel® Visa Infinite* Card, you get:

  • 8 TD Rewards Points for every $1 you spend when you book travel through Expedia® For TD
  • 6 TD Rewards Points for every $1 you spend on Groceries and Restaurants
  • 4 TD Rewards Points for every $1 you spend on regularly recurring bill payments set up on your Account
  • 2 TD Rewards Points For every $1 you spend on other Purchases

This TD credit card is one of the best TD travel rewards cards.

TD First Class Travel Visa Infinite* CardholdersMD should have received an email, from which it is imperative to register their card in order to take advantage of the offer. Here you can see all the merchant categories that are included in the offer. Then,

this promotion also applies to eligible gas and transportation purchases (public transit, Uber, electric vehicle charging, etc.) and will be in effect until July 31, 2023.

offre TD rénovation

A credit card with cash back

Those new to the world of credit cards will also appreciate the NBC mycredit Mastercardwhich offers a $75 welcome bonus, as well as a one-year extended warranty and up to $1,000 in mobile device insurance.

A credit card with points for travel

The National Bank’s World Elite Mastercard® is the Best National Bank Mastercard credit card.

This National Bank credit card is rarely on promotion. However, until January 31, 2024, you can earn up to 50,000 welcome bonus points! So, now’s the best time to get it with this exclusive promotion.

With this card, you earn up to 5 points per dollar on your purchases:

  • 5 points per dollar on grocery and restaurant purchases
  • 2 points per dollar on gas and electric recharge purchases
  • 2 points per dollar on recurring bills
  • 2 points per dollar on À la carte Travel
  • 1 point per dollar on all other purchases

And since it’s a National Bank Mastercard credit card, you can use it at Costco.

With this card, you have access to a $150 annual travel credit that you can use in any of these categories:

  • Airport parking
  • Baggage fees
  • Seat selection
  • Access to airport lounges
  • Flight upgrades

In addition, you can enjoy access to DragonPass airport lounges and free Wi-Fi with Boingo. And unlimited access to the National Bank Lounge at Montreal-Trudeau.

Finally, Milesopedia voted National Bank’s World Elite Mastercard the Best Credit Card for Travel and the Best Credit Card for Insurance in 2023.

A credit card with points for free hotel nights

The Marriott Bonvoy® American Express®* Card is the best credit card for free hotel nights.

With this welcome offer, you can earn 50,000 Marriott Bonvoy points.

It’s a Card we recommend keeping because each year at renewal, you get an Annual Free Night Award (for up to 35,000 points at hotels worldwide) and 15 Elite Night Credits per year, counting towards your Marriott Bonvoy Elite status.

With this Card, you earn 5 points per dollar on all purchases at Marriott Bonvoy properties and 2 points per dollar on all other purchases.

Finally, this Card comes with comprehensive insurance: baggage delay, lost or stolen baggage, $500,000 travel accident, flight delay, hotel or motel burglary, rental car theft and damage, Purchase Security, Purchase Protection.

Like all American Express Canada Cards, there is no minimum income requirement.

Airline points credit card for airline tickets

With the TD® Aeroplan® Visa Infinite* Card, you can earn up to 50,000 Aeroplan points with no annual fee for the first year:

  • A welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card
  • 25,000 Aeroplan points when you spend $5,000 within 180 days of Account opening
  • 15,000 Aeroplan points when you spend $7,500 within 12 months of Account opening
  • $100 NEXUS fee rebate
  • Up to eight passengers travelling on the same reservation will all enjoy their first checked bag free (up to 23kg/50lb) when your travel originates on an Air Canada flight

It’s the best TD credit card for occasional Air Canada travellers.

With the TD® Aeroplan® Visa Infinite* Card, you earn 1.5 points per dollar of eligible purchases for:

  • Grocery stores
  • Gas stations
  • Air Canada purchases, including Air Canada Vacations

Home improvement store gift cards

You can earn more points, miles or cash back by purchasing home improvement store gift cards at multiplier stores!

For example, you could use the American Express Cobalt CardMC to earn 5 points per dollar on grocery and convenience store gift cards.

Home Depot, Home Hardware or Canadian Tire gift cards are available at Super C or IGA stores. By purchasing them there along with your grocery cart, it’s like getting 5 points per dollar for your home improvement purchases too!

500 in gift cards purchased at your Metro or Super C grocery store with this Card = 2,500 points = $25 towards travel! Got a big $10,000 renovation project? That’s $500 back!

5X The Points On For Cobalt Cardmembers!

Or, you could use the American ExpressMD Gold Rewards Card to earn 2 points per dollar when purchasing gift cards at drugstores, grocery stores, or gas stations.

For more information on this tip, check out this article.

Think of the welcome bonuses!

Renovations are a major expense in the life of a household. It is also a time when these expenses happen over a few months (between 1 and 6 months generally).

You need to leverage this great expense by unlocking welcome bonuses. Especially for cards that you would not have targeted first due to the high level of spending required!

Since July 2023, more and more Patrick Morin renovation centers have been accepting American Express cards.

One example is all those business credit cards that require you to spend several thousand dollars in 3 months. And even individuals can apply for them.

Bottom line

There are several ways to take advantage of this important expense! Again, we remind you to pay your credit card in full each month. Otherwise, the interest paid will wipe out any points earned.

Come to discuss that topic in our Facebook Group!

Suggested Reading