How Does the Home Depot Credit Card Work: Benefits and Rewards

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How Does the Home Depot Credit Card Work: Benefits and Rewards

How the Home Depot Credit Card Works

Home remodeling isn’t inexpensive, but it may become a “must do” rather than a “want to.” In such scenario, a Home Depot credit card may be precisely what the doctor ordered, particularly for costly situations.

Home Depot provides a number of credit cards, including consumer and business cards. On the consumer side, Home Depot provides a consumer credit card that may be used in its shops. This card offers six months of interest-free financing on purchases of $299 or more.

Commercial cards are also available from Home Depot for contractors and companies. A commercial charge card and a business line of credit account are among its commercial cards (due in full each month).Citibank provides Home Depot credit cards.

Key Takeaways

  • Home Depot provides two credit cards to customers.
  • The standard Home Depot credit card has a special 0% interest rate for the first six months, after which the annual percentage rate (APR) varies from 17.99% to 26.99%.
  • Home Depot also has a project loan credit card that works more like a line of credit, with a limited period to repay a sum of up to $55,000.

The Home Depot Consumer Credit Card

The Home Depot consumer credit card, like other store cards, may be used to make ordinary transactions at Home Depot. Home Depot provides 0% APR for six months on purchases of more than $299, as well as various incentives throughout the year. You may often find 12-month interest-free financing on appliances costing $299 or more, 24-month special financing for heating and air conditioning, and seasonal deals like $25 off snow blowers in the autumn.

However, be wary of the promotions. The 0% financing sounds fantastic, but it’s only free provided you follow the restrictions. 0% for six months, like any other “delayed interest” deal, requires you to settle the debt in full before the six months are up. If you are even one day late, Citi (the bank that issues the Home Depot credit cards) will charge you the entire interest amount for the previous six months, as if the deal never occurred.

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Banks provide such deals because they know that most customers want to pay off their balances before the promotional period expires, but many do not. If you don’t have a history of paying your credit card bills in full at the end of the month, you should avoid promotional offers like these.

Store credit cards, unlike general use credit cards with a MasterCard or Visa logo, are “private label” and can only be used at the retailer, while general use cards may be used at any merchant that accepts them.

The Home Depot Project Loan Credit Card

Home Depot provides a project loan credit card with credit limits of up to $55,000 if you’re planning a significant remodeling or construction project. This card includes no annual fees, a balance-transfer period of up to 84 months, and a six-month purchasing window.

The card has no benefits and a beginning annual percentage rate (APR) of 7.42% (for the six-month repayment). Consider it more of a loan or a line of credit than a credit card. Although the interest rate is far lower than that of a consumer credit card, if you wait the entire 84 months to pay off the loan, your project will be much more costly.

The Home Depot Project Loan Card functions more like a line of credit. There are no benefits or prizes, but you may borrow up to $55,000 for house upgrades and renovations.

Rewards and Benefits

On purchases of $299 or more, the Home Depot consumer credit card provides a six-month interest-free period. As of February 2021, Home Depot will also provide different customer benefits, such as discounts and bill credit for specific purchases. Home Depot, in instance, is providing free stain and a 5% bill credit on select pergolas and pavilions, as well as up to $500 off and a 5% statement credit on some sheds and garages.

Where Can Someone Get the Home Depot Credit Card?

Those interested in applying for the Home Depot credit card may do so on their website. The card may also be applied for in-store. Both processes are normally quick, however it might take up to 10 days to obtain the card.

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What Kind of Credit Is Required for the Home Depot Credit Card?

The Home Depot card’s qualifications are not specified, however keep in mind that credit standards for store cards are often less stringent than those for conventional credit cards. The credit required, like with most shop credit cards, is normally fair to excellent.

Where Can the Home Depot Credit Card Be Used?

The Home Depot credit card, a private label card, may be used both online and in-store. Because it is not a general-use credit card, Home Depot’s two consumer credit cards cannot be used at other shops or merchants.

Alternatives to the Home Depot Credit Card

If you are not a contractor who receives discounts or advantages for brand loyalty, many people may choose to buy at Lowe’s—one of Home Depot’s main rivals. Lowe’s also has a consumer store-only card, as well as contractor cards. The Lowe’s credit card, commonly known as the Lowe’s Advantage Card, offers a 26.99% APR and a 7.99% introductory rate on transactions over $2,000.

Terms and Conditions of the Home Depot Credit Card

Based on creditworthiness, the Home Depot card has APRs of 17.99%, 21.99%, 25.99%, or 26.99%. The card has a regular 25-day grace period and late payment penalties of up to $40.

Expect no incentives like rewards points or cash back with this card, other from the special deals. If you use your credit card properly, a card with cash back or rewards points may be a better choice than a retail card, unless the special offers appeal to you. The Home Depot Project Loan Card functions more like a line of credit. There are no benefits or prizes, but you may borrow up to $55,000 for house upgrades and renovations.

Who Should Consider the Home Depot Credit Card?

If you buy at Home Depot often, the card may be useful to you. The card does not provide cash back, but it may be appealing to individuals who are interested in the current introductory incentives. If customers are heading to the home improvement store for regular repairs, they may want to consider one of the top cash back credit cards.

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Is It Hard to Get a Home Depot Credit Card?

Home Depot does not specify credit criteria, but its customer APR will range from 17.99% to 26.99%. The application procedure is simple and may be completed online.

Is the Home Depot Card Worth It?

The Home Depot credit card provides no cash back or other perks. It does, however, offer 0% interest for six months on transactions above $299. It also features unique incentives like as first statement credits and product promotion discounts.

Does Home Depot Have a Rewards Card?

Home Depot provides an individual credit card, as well as business and contractor cards. However, there are no incentives or cash back associated with the card. Certain statement credits and discounts are included.

How Do I Get a Home Depot Card?

Although you may apply for a Home Depot card in-store, it is far quicker to do it online. If you fulfill the credit conditions, Citibank, Home Depot’s credit provider, will send you a card within 10 days.

The Bottom Line

The Home Depot credit card may tempt customers who are planning a large remodel. Contractors may also take use of the retailer’s different commercial cards. It’s worth noting that the card offers free interest for six months on purchases above $299. The card may be used for zero-interest financing for repairs such as repairing heat or air conditioning, replacing a water heater, or repairing plumbing.

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