There are better options available to finance a renovation or construction project than using the Home Depot consumer credit card. One alternative is to consider another card from Home Depot, such as the Home Depot Project Loan card. This card functions more like an installment loan with fixed monthly payments and longer repayment terms.
The Home Depot consumer credit card offers little in the way of benefits for cardholders, aside from some rebates and potential savings at Home Depot. While there are promotions for $25 off a purchase of $25 or more, $50 off a purchase of $300 or more, or $100 off a purchase of $1,000 or more through a specific date, it’s important to note that the six-month financing offer may not be enough time to pay off the balance in full. If the balance is not paid in full within six months, a high interest charge will be added to the original balance.
The Home Depot Project Loan card, on the other hand, provides more advantages and benefits. It offers extended repayment terms, the option to return items for up to a year after purchase, and a standard zero fraud liability policy. Additionally, it may be possible to get approved for the card with a fair credit score and use it to build credit for future credit card applications.
If building credit is the primary goal, there are other cards designed specifically for that purpose which offer additional perks. It’s worth exploring those options rather than relying on the limited benefits of the Home Depot consumer credit card.
In comparison to other cards, like Lowe’s Advantage Card, Costco Anywhere Visa Card, and Visa Petal 2 credit card, the Home Depot consumer credit card falls short in terms of rewards, financial flexibility, and building credit. These other cards offer cashback rewards, lower APRs, and more favorable terms.
Overall, there are better ways to finance a renovation or construction project than using the Home Depot consumer credit card, and it’s advisable to explore alternative options that provide more value and benefits.
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There are better ways to finance a renovation or construction project than with this card, including another card from Home Depot.
Home Depot consumer credit card
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Information for the Home Depot consumer credit card was independently collected by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
basics
- Annual fee: $0.
- Welcome Bonus: $25 off a purchase of $25 or more, $50 off a purchase of $300 or more, or $100 off a purchase of $1,000 or more through 7/26/23. Plus, 12 months of financing for appliance purchases of $299 or more through 7/12/23.
- Awards: Nobody.
- Introductory APRIL: 0% APR on purchases over $299 if balance is paid in full within 6 months. Otherwise, regular interest is charged from the date of purchase. This is an interest deferred offer and is not the same as a typical 0% APR offer which does not have the balance paid in full and instead any remaining balance is subject to the card’s normal APR.
- APRIL: 17.99%, 21.99%, 25.99% or 26.99% APR on purchases.
- Other advantages and benefits: One year returns, up to 24 months of special financing during promotions, zero liability on unauthorized chargebacks.
- Does the issuer offer a pre-approval tool? No, but it does offer a pre-qualification tool which will indicate likelihood of approval but is not a guarantee.
- Recommended credit score: Fair to excellent.
Home Depot consumer credit card information
The Home Depot consumer credit card barely has a leg to stand on when it comes to offering value. While the card doesn’t have an annual fee, there’s little in the way of benefits for cardholders. Mainly, it dangles the promise of some rebates and potential savings on your Home Depot groceries. You can get $25 off a purchase of $25 or more, $50 off a purchase of $300 or more, or $100 off a purchase of $1,000 or more through 7/26/23. Plus, 12 months of financing for appliance purchases of $299 or more through 7/12/23.
If your goal is to get some breathing room on a large project, consider whether the six-month offer will really be enough to pay off the balance in full. Otherwise you will be hit after six months with a hefty interest charge on top of your original balance. A better choice might be the Home Depot Project Loan
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The Home Depot Project loan information was independently collected by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
card, which works like an installment loan with the dealer, offering fixed monthly payments and much longer repayment terms.
There are no significant benefits to this card, aside from the discounts and the option of deferred interest, plus the option to return items for up to a year after purchase, and a standard zero fraud liability policy. The other potential benefit is that it may be possible to get accepted for the card with fair credit score and then use the card to build your credit score to eventually apply for a different and better card. But if building credit is your goal, there are many better ways to tackle that project than with this card. Go for a card designed to help you build credit which comes with some handy perks to boot.
Professionals
- No annual fee: You don’t have to worry about paying an annual fee for this card.
- Special funding: Purchases over $299 receive an introductory APR as long as the balance is paid within six months.
- Extended return period: Cardholders can return items up to one year after purchase, which is four times longer than non-cardholders.
Against
- No reward system: You are not getting much benefit from the card, as there is no earning potential.
- Deferred interest: If balances are not paid in full within six months, the standard APR of 17.99%, 21.99%, 25.99%, or 26.99% based on creditworthiness applies from the date of purchase.
- Other cards offer more. There are better ways to fund a major project than with this card.
Home Depot Consumer Credit Card APR
Receive 17.99%, 21.99%, 25.99% or 26.99% APR on purchases. If they are not paid, the regular APR will apply from the date of purchase. Balance transfers are not allowed and the minimum interest charged is $2. If you miss your payment, a late payment fee of up to $40 may be applied to your account.
Benefits for cardholders
The Home Depot Card has two benefits outside of the delayed interest: an extended return window and a $0 fraud liability. Cardholders can return up to a year after the date of purchase, which is significantly more longer than the 90-day return window for those who don’t own a Home Depot card. Cardholders are not held responsible for unauthorized purchases made with their card.
Occasionally, promotional offers extend funding up to 24 months, but these cannot be predicted.
How to get the Home Depot consumer credit card
To get the Home Depot consumer credit card, you fill out an online store check application to see if you’re prequalified. Your basic information including legal name, address and social security number are required to apply. If you are sure you want to get the card, you can go ahead and apply, but please note that it will result in a hard credit application.
How the Home Depot Consumer Credit Card Compares to Other Cards
Consumer Credit Card Home Depot Vs. Lowe’s® Advantage Card
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Information for Lowe’s® Advantage Card was independently collected by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Home Depot’s largest retail competitor is Lowe’s. The Lowe’s Advantage Card is a store card, like the Home Depot Consumer Card, but offers a little more financial flexibility. Lowe’s cardholders can choose from a 5% upfront discount on eligible purchases or orders placed at US stores and Lowes.com, six-month special financing or 84 flat monthly payments with a low APR. This already makes it more advantageous than the Home Depot card, as it offers the possibility of making payments over several years at a lower APR or simply getting a discount with each purchase. Lowe’s card has no annual fee.
Consumer Credit Card Home Depot Vs. Costco Anywhere Visa® card from Citi
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Information for Citi’s Costco Anywhere Visa® card was independently collected by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
You can do moderate home shopping at Costco. With the Costco Anywhere Visa Card, cardholders can earn 4% cashback on gas and EV refills for the first $7,000 annually, then 1%, 3% cashback on dining and travel purchases, 2% cashback cashback at Costco and Costco.com and 1% cashback on all other purchases. A Costco membership is required to apply. While there’s no annual fee, you’ll need a Costco membership, which starts at $60.
The ability to earn cash puts this card ahead of the Home Depot card. The card has a variable APR of 19.74% on purchases and balance transfers. Balance transfers must be completed within two months of account opening and a fee of $5 or 5% of each transfer, whichever is greater, applies, so larger purchases may need to be spaced apart to avoid overpaying high interest rates.
Consumer Credit Card Home Depot Vs. Visa® Petal® 2 credit card “Cash Back, No Fees”.
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Information for the Visa® Petal® 2 “Cash Back, No Fees” credit card was independently collected by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If your goal is a card that can help you build your credit, consider the Petal card 2 (issued by WebBank). It does not charge annual fees, foreign transaction fees or returned payments, or late fees. The APR on purchases is from 17.99% to 31.99% APR variable based on creditworthiness. You can get 1% cash back right away and up to 1.5% cash back on qualifying purchases after you make 12 on-time monthly payments. Plus, earn 2% to 10% cash back at select merchants.
The Petal 2 is designed to help you build a positive credit history, so report to everyone three major credit bureaus. You can track your score and learn about credit right in the app. This is a great example of a card that offers significant pearls while helping you build your credit profile.
Should You Get The Home Depot Consumer Credit Card?
The Home Depot consumer credit card is like using a flat head screwdriver in a Phillips head screw. Sure, it can get the job done, but there are far better tools out there to use. The tight timeline to repay the deferred interest offer is restrictive for any major renovations you may want a longer runway to pay off.
Also, the fact that you can’t use the card in any other store or earn any kind of points for in-store purchases is a huge drawback. There are other cards that offer longer low introductory APR periods and also offer points on purchases. If you have a fair credit score and want to use the card to build credit, it’s certainly an option, but it’s unlikely to yield the best value.
Home Depot consumer credit card summary
Frequently Asked Questions (FAQ)
Yes, the Home Depot Consumer Card has a credit limit. It is based on your creditworthiness and will be given to you upon approval. It can change at any time, so pay close attention to your account. Credit limits start at $300.
Yes, responsible card use can improve your credit score over time.
The issuer doesn’t reveal which credit profile is right for the card, but they do offer a pre-qualification tool so you can check if you have any concerns about your eligibility for the card. Many store cards like this one offer credit to consumers with fair or better credit which FICO typically defines as a FICO score of 580 or better. Keep in mind that there is no credit score that guarantees that any line of credit will be approved as issuers consider a number of factors.
Approval can be obtained within minutes of applying online or in-store, but this feature may not be available to all applicants.
You can only use your card at Home Depot stores, so you should have a purchase or renovation in mind before applying.
You have the option to pre-qualify for the Home Depot Consumer Card, which will have no impact on your credit score. However, if you are approved and accept the offer, there will be a tough investigation into your credit, which can result in a temporary drop in your credit score.
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