Home renovations are exciting. It’s a chance to refresh your space, add value to your property, or finally build that kitchen you’ve been dreaming of. But let’s be honest–it’s not cheap. The cost of renovations can add up fast, no matter what kind of improvement you’re making. 

The common solution? People start looking into home improvement loans or other home reno financing options. But here’s the thing: you might not need to take on more debt just to cover your reno costs.

With Chexy’s One-Time Payment feature, you can use your credit card to pay contractors and vendors who only accept e-Transfer, and earn rewards while you’re at it.

Common Home Renovation Expenses You Can Pay with a Credit Card Using Chexy

Most contractors and small businesses in the renovation industry don’t accept credit cards due to the fees and inconvenience that come with them. However, they do accept e-Transfer. 

That’s where Chexy comes in. You can pay these professionals to do your home renovations through Chexy using your credit card. They receive a regular e-Transfer while you rack up travel points or cashback. 

Here are just a few renovation-related payments you can make with Chexy’s OTP feature:

• General contractors

• Kitchen and bathroom remodelers

• Electricians and plumbers

• Interior designers

• Flooring and tiling professionals

• HVAC installers

• Painters

• Window and door installers

• Roofers

• Landscape designers

Bottom line: if they accept e-Transfer, you can pay them through Chexy and earn rewards in the process.

Why Use a Credit Card for Home Improvement Financing?

If you’re wondering about the best way to finance home renovations in Canada, using a rewards credit card with Chexy is a smarter, flexible option that lets you avoid taking out large home renovation loans. Here’s why it just makes sense:

• Earn Credit Card Rewards: Use a credit card that earns a high amount of points or cashback to actually earn something back on your renovations. For example, the Scotia Momentum Visa Infinite earns 4% cashback on all payments with Chexy. If you like to travel, the American Express Cobalt earns 1 point for every dollar spent. With big spending, these points can easily turn into free flights. 

• Hit Welcome Bonuses Faster: Many top credit cards offer high welcome bonuses ($500+ or 100,000+ points) when you meet a minimum spend. Your home reno budget can help you reach that spend threshold easily, unlocking even more rewards. 

• Skip the Home Improvement Loan: You don’t always need to take out a large home improvement loan or line of credit. With Chexy, you can finance large parts of your project more flexibly using a credit card, all without the hefty paperwork or interest rates of traditional loans. 

• Get Purchase Protection and Warranty: Premium credit cards usually come with extended warranties on appliances and materials, as well as purchase protection against damage or theft. 

Real-Life Example: Just How Much You Can Save on a Home Reno 

Let’s say you paid your contractors a total of $20,000 for a home renovation. Here’s how much you could earn using a few top credit cards.

Case #1: The Scotia Momentum Visa Infinite Card:

• You’d earn $800 in cashback 

• - $350 (1.75% Chexy fee)

• = $450 net cashback 

Case #2: The American Express Aeroplan Reserve Card

• You’d earn 25,000 Aeroplan points (~ $550 in value)

• - $350 (1.75% Chexy fee)

• = $200 in net value 

Case #3: The American Express Cobalt Card

• You’d earn 20,000 Amex MR points (~ $440 in value)

• - $350 (1.75% Chexy fee)

• = $90 in net value 

How to Pay Your Home Renovation Team with Chexy

Paying your renovation contractors through Chexy is easy. All you need to do is:

1. Log into your account or sign up for Chexy. 

2. Select “Set up a one-time payment.”

3. Select the payment category, and enter the contractor’s e-Transfer details. 

4. Add your credit card information or choose the correct one on file. 

5. We send the payment directly by e-Transfer. 

6. You earn points or cashback, just like any other credit transaction. 

There’s no need for them to sign up, meaning no awkward conversations. 

Note that Chexy charges a 1.75% fee on all transactions, so ensure you use a credit card that earns more points or cash back than this to come out ahead. 

Chexy: The Smarter Way to Finance Your Home Renovation

The cost of renovating your home doesn’t have to drain your savings or push you into debt with a high-interest home renovation loan. By using your credit card to pay your contractors via Chexy, you’re ensuring you stay on budget, earning rewards while doing so, and keeping all payments organized. 

What are you waiting for? Get started with Chexy today.