How to Save Big While Furnishing Your New Condo

The following is a guest post by RateHub.ca

Moving into a brand new condo in Toronto is an exciting experience – especially for a first-time homebuyer. Everything smells new and the stainless steel shines. But your new condo will be lacking something: your personal touch.

Before you make your first trip to a furniture store, save up the money you need and then arm yourself with one of the best credit cards in Canada. By paying for these big purchases with a rewards credit card, you can see some great returns, in the form of cash back and even free flights and hotels.

Here are some of the best credit cards you can use, when making your new condo feel like home.

Couches and Beds

Easily the most expensive two pieces of furniture you’ll own, couches and beds are also the most important. Because they are the two pieces of furniture you’ll spend the most time on (especially your bed), don’t skimp on quality. Depending on where you buy, a decent couch and bed can easily cost a combined total of $3,000 or more.

To make the most of this big purchase, consider using a rewards credit card to maximize your benefit. For example, if you used the SimplyCash Card from American Express to make that $3,000 purchase, you would get 1.25% cash back – that’s $37.50 back in your pocket just for using a credit card! The card has no annual fee and, as a bonus, you’ll also earn 5% cash back on gas, groceries and restaurants, for the first six months.

Pots and Pans

If you love to cook, you’ve probably chosen a condo with a spacious kitchen. And since you’ve just purchased your first dream home, it’s not uncommon to want to splurge on new small appliances, dishware, cutlery, and high-quality pots and pans.

While you’re shopping, maximize your travel rewards so that you can get away on your next vacation (and have someone else do the cooking) sooner. Try the Scotiabank Gold American Express Card, which yields 1 point for every $1 spent on kitchen gear, along with 4 points per $1 spent on restaurants, gas, groceries and entertainment. If you want a hotel rewards card, specifically, we’re big fans of the Marriott Rewards Premier Visa from Chase, which comes with 30,000 points + 1 free night stay.

Barbeques and Bistro Sets

Outdoor spaces on condos are becoming more common, but we still consider them a serious score. If you’re lucky enough to be settling into a condo with an outdoor space, don’t neglect it – enjoy it! Whether you want to buy a small barbeque (make sure to check your condo board’s rules first) or an outdoor dining set, consider using the Scotia Momentum Visa Infinite to maximize your cash back potential. This credit card gives you 1% cash back on condo furnishings, along with 4% cash back on groceries and gas, and 2% cash back at the pharmacy and when you set up recurring bill payments.

Whether you love to hang out on the couch, are an amateur chef or just want to relax on your new balcony, any of these credit cards will help you get a little further ahead. Just make sure you have the cash to pay off your balances in full. The value of your rewards can be quickly outweighed by interest charged on balances that can’t be paid off each month. Happy shopping!

Photo Credits:
Visa & Mastercard – frankieleon
Living Room – Brian Johnson & Dane Kantner
Kitchen – Andy Piper
Patio – Brad Coy