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Once your HELOC enters repayment, you’ll pay back your outstanding debt on a set schedule. Secured personal loans typically have lower rates than unsecured personal loans. They require collateral to back the loan, like a car or other assets. If you have a lower credit score, searching for a secured loan can be a viable path to funding your home improvement project. Although there are bad credit personal loans, these can have extremely high rates that make them much less affordable compared to the other options discussed here. APR17.99%-26.99% variable APR17.99%-26.99% variable RewardsN/A Key featuresNo interest if paid in full within six months on purchases of $299 or more.
Applying for any credit product is a decision you always should make carefully, since credit checks often lower your credit score by a few points. Prequalification or preapproval are not guarantees of approval for any credit card or loan. Home Depot does not disclose the qualification requirements for their credit card, but generally, it is easier to qualify for a store credit card than a regular credit card.
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If you’re a business owner and need to load up on supplies for a specific building project, one of the Commercial or Pro accounts might provide more benefit to you. Yes, Home Depot’s business and consumer credit card services let you pay for some purchases over up to 24 months. Customers can use one of the store’s credit cards to get Home Depot financing. Please note that 24-month financing is available on items like appliances, lighting, tools, and building materials on sale (i.e., paint). The Home Depot Consumer Credit Card may be a good fit for your needs if you’re certain that you can pay off the balance before the introductory period ends. Your card can also be used at a large variety of stores, allowing you to comparison shop for your home improvement project.
But you’ll usually need at least good credit to get a 0% intro APR. The Home Depot project loan card is ideal for individuals undertaking large renovation or building projects. The card gives you up to a $55,000 line of credit that you can pay off in 84 months. If you are approved for a Home Depot consumer credit card, your purchases will likely be reported by the card issuer, Citibank, to the three major credit bureaus.
What's the Home Depot Credit Card APR?
After a year of good credit management, credit scores and histories usually go back up. So, customers are encouraged to try again 6 to 12 months after their first application was denied. Financing from Home Depot is good for people who shop there often. Options for financing are the same as with other credit cards on the market.
A credit score is a number from 300 to 850 that rates a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. At NextAdvisor we’re firm believers in transparency and editorial independence.
Does the Home Depot Consumer Credit Card earn any rewards?
But for people with good credit, the approval process is quick and easy. A credit score of about 640 almost always means you will be approved immediately. Similar to a personal loan, borrowers receive money in a lump-sum payment. After paying closing costs (usually 2% to 5% of the loan amount), you’re then responsible for repaying the principal and interest over a set period of time, usually five to 15 years. Since unsecured personal loans don’t require collateral, your credit score is heavily weighed to determine loan eligibility and your rate.
It offers no interest for six months on eligible purchases, and there's also an introductory discount offer. Outside of that, benefits are limited and don't measure up to other card offers. Learn more about the pros and cons of this Home Depot® Credit Card in our detailed review. Just bear in mind that the credit score needed for a Home Depot® Credit Card could also get you a number of good credit cards that can be used anywhere.
The typical six-month financing period is relatively short, so you should be comfortable paying off your balance within that time frame to avoid deferred interest. The Home Depot credit card can entice consumers looking to make a major renovation. The retailer also offers various commercial cards for contractors.
If you need a more considerable sum, opt for Home Depot Project Loan. It allows loans between $2,500 and $55,000 and up to 7 years for repayment. The project loan option offers quick and reliable financial services but charges relatively high interest. As alternative you can use some cards in the list of the best credit cards in Canada. The best 0% intro APR credit cards typically offer waived interest.
Many require a high credit score, and those that don't often have all kinds of unnecessary fees. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Renovating your home can be a fun and rewarding process, but paying for it may come with stress and anxiety. With so many financing options for your home improvement project, choosing the best one will depend on your financial situation and purchasing needs. Your interest rate is variable, however, meaning you won’t know how your payments might fluctuate in the future.
The Home Depot credit card does not offer any cash back or related rewards. It does offer zero interest for six months on purchases above $299. It also has special offers that include initial statement credits and promotion discounts for certain products. The Home Depot consumer credit card offers an initial zero-percent interest rate for six months on purchases above $299. As of February 2021, Home Depot is also offering various rewards to consumers, including discounts and statement credit for certain purchases. In particular, Home Depot is offering free stain and 5% statement credit for certain pergolas and pavilions, as well as up to $500 off and 5% statement credit for particular sheds and garages.
However, be careful because you will be charged the full interest even if you are only late by one day. Specifically for Home Depot’s professional customers, the Pro Xtra Commercial Revolving Charge Card allows authorized employees to use the card for company purchases at any U.S. The Home Depot has special financing deals for certain items or amounts of purchases. From time to time, its store cards can be used for special deals. NerdWallet strives to keep its information accurate and up to date.
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However, the annual percentage rate is high, and if you don’t pay off your balance within the allotted period, you’ll be charged interest from the purchase date. If you’re not a contractor receiving discounts or benefits for brand loyalty, then many individuals may instead opt to shop at Lowe’s—one of the major Home Depot competitors. Lowe’s offers a consumer store-only card too, as well as cards for contractors. The Lowe’s credit card, also called the Lowe’s Advantage Card, comes with an APR of 26.99% and an introductory rate of 7.99% for 84 months on purchases above $2,000. Depending on the size and expense of your home project, a 0% APR card with a long introductory period might make more sense than a branded store card.
It’s Home Depot’s Project Loan, which offers up to $55,000 with a fixed APR and payoff period that depends on your creditworthiness. The deal gives you 6 months to make purchases for your project. Then, you have anywhere from 66 to 114 months to pay it off, with an APR from 7.42% to 19.96%. Available repayment periods are also long, giving you plenty of time to pay down your debt.
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