Contractors with line of credit? Using Credit cards for materials, etc

We are needing to be be creative here, as we have little money for the work we need to do. Have any of you had good luck with a GC offering a line of credit or taking credit cards as payment? Or how about using a major credit card for materials…do you just go with your contractor every time they go buy supplies? What about applying for a credit card from Home Depot or something?

kcc414

in Renovation 9 years and 2 months ago

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kcc414 | 9 years and 2 months ago

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Good to read through all of this advice and good ideas! We want to be smart with money, but also want to maximize on the chance to get some work done NOW before we move in our whole family. I will explore some of the credit and gift card ideas.

argylerd | 9 years and 2 months ago

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You can frequently buy Loiwes or Home Depot gift cards at a slight discount in Ebay. Check “Daily Deals” and click on other, then gift cards. If you use a Chase Ink card you get 5 points per dollar. There are also reputable gift card resellers such as Cardcash.com for which Chase also gives 5 points per dollar with Ink. If you have a 0% interest card for a few months it’s even better. I paid a large part of my contractor’s bill with Lowes and Home Depot cards and Visa gift cards from Staples when there where rebate offers.

thetinkerswagon | 9 years and 2 months ago

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there are ways to use a credit card to pay cash to someone. explore them. it can be transferred into a bank account. see if quickpay will allow you to do this as well. I recently had a customer as to pay me using quickpay and I really liked the way it worked. I have talked to contractors about the pros and cons of credit cards and there where times I thought about taking them. but most contractors who had tried them felt that they did not bring about enough increase in business to make it worth it. Steve

BobMarvin | 9 years and 2 months ago

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FWIW a Lowes credit card gives the holder a 5% discount. Of course credit cards are really only good if you can pay the balance in full each month; otherwise the interest rates are prohibitive and any other kind of financing would be preferable. I suspect that any contractor who takes credit cards is likely to charge VERY high prices.