Table of Content
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.
The card does not offer any cash back, but it could be enticing for those interested in the introduction offers currently being made. With that, consumers may want to consider one of the best cash back credit cards if they are going to be shopping at the home improvement store for routine fixes. Banks offer promotions like these because they know that consumers will have every intention of paying the balance long before the promotional period ends, but many will not.
Annual Fee
For example, the Capital One QuicksilverOne offers 1.5% cash back on all purchases, but comes with a $39 annual fee. For business owners, Capital One Spark Classic gives 1% cash back on all purchases and has a $0 annual fee. You may qualify for six months of deferred-interest financing on purchases of $299 or higher. If your balance is paid in full during the financing period, you won’t be charged interest.
Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. The Home Depot credit card is a store card, so please keep that in mind.
Your Session Is About to Time Out
The Lowe’s Advantage Card is another shop credit card that offers an automatic 5% discount on eligible purchases online and offline. You can also get up to 24 months of interest-free credit during special financing offers. This fact makes the depot consumer credit card an excellent solution for those who struggle with credit and don’t have an excellent credit history. The Home Depot® Credit Card doesn't earn rewards points, cash back, or any other type of rewards on your purchases. This is a significant disadvantage compared to the best credit cards, and even compared to other store credit cards.
Difference between deferred interest and a true 0% intro APR offer. The former merely "sets aside" interest, while the latter waives it for a period of time. © 2022 NextAdvisor, LLC A Red Ventures Company All Rights Reserved.
Best Offers
Unlike your typical credit card, it cannot be used at other stores. However, during select promotional periods, cardholders can get up to 24 months of special financing. Similar to other store cards, the Home Depot consumer credit card can be used to make everyday purchases at Home Depot. For purchases of more than $299, Home Depot offers 0% interest for six months and other promotions throughout the year.
While certain borrowers may be able to take advantage of no-fee personal loan lenders, origination fees can range from 1%-8%. Still, unlike many store-branded credit cards, there are no ongoing rewards for in-store purchases. If you’re an avid Home Depot shopper, the card may make sense for you.
The Home Depot Project Loan Credit Card
Home Depot offers a credit card for individual consumers, as well as various commercial and contractor cards. If your second card also offers these services, you can use them to repay your debt. Home depot consumer credit sets zero APR for a 6-month term for purchases of $299. Home Depot consumer credit is an excellent alternative for people who regularly spend more than $299 on home improvement purchases. As a card holder, you can use a 6-month promotional period for home improvements purchases. During this term, you will pay off your debt with deferred interest.
You can choose between ongoing 5% off every day, 6-month deferred interest on purchases of $299 or more , or up to 84 monthly fixed payments at a reduced rate on purchases of $2,000 or more. There’s no annual fee, but after the special financing period you’ll take on an ongoing 26.99% APR. Many others earn rewards points that can be redeemed for a gift card. Rewards like these are a nice way to get something of value on your spending and can help make store credit cards worth it. Because this Home Depot® Credit Card doesn't offer rewards, the only reason to use it is for its financing offers. Whether a professional or a homeowner working on a personal project, the Project Loan card offers a six-month period to purchase Home Depot materials with loan values up to $55,000.
If you don’t have a history of consistently paying your credit card balances in full at the end of the month, it’s best to steer clear of promotional offers like these. If you’re considering a big home renovation project, a credit card may not be your best resource, or can be a tool to use in tandem with other methods. Even if you use a credit card for the financing perks or rewards, it’s smart to have money saved that you can put toward your project before any interest charges kick in. The Home Depot Consumer Credit Card, issued by Citi, charges no interest for the first six months on purchases of $299 or more. During special promotional periods, you may qualify for up to 24 months of no interest on certain larger purchases.
Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within six months. Cardholders also enjoy rotating exclusive offers, such as 10% off a certain brand for a limited time, or 24-month financing offers during special promotions. That’s because the store-branded card doesn't earn ongoing rewards and offers little in the way of perks. Even the most loyal Home Depot fan would probably be better off with a flat-rate cash-back or rewards card. But it's not a true 0% offer, and you won't earn any ongoing rewards. A credit card issuer charges a balance transfer fee to transfer a balance from another creditor.
Use of this site constitutes acceptance of our Terms of Use, Privacy Policy and California Do Not Sell My Personal Information. NextAdvisor may receive compensation for some links to products and services on this website. If your Home Depot Consumer Credit Card is used to make unauthorized purchases, you won't be held liable for those charges.
Luckily, there are no annual fees for running a Home Depot account. The annual fee is the amount a financial institution charges a cardholder for using its credits. It may seem like an entirely beneficial offer, but you shouldn’t lose your vigilance. Home depot consumer credit doesn’t have cash back, bonuses, gift cards, or other rewards. This disappointing fact often makes customers opt for other alternative options. However, most claim that the card’s rewards rate is too simple.
Home Depot Credit Card Review: Only If You Need to Finance Home Improvement Purchases
If you don't miss any payments and you pay off the purchase by the end of that time period (normally six months with this Home Depot® Credit Card), then you pay no interest. If you miss a payment or don't pay off the purchase in time, the card issuer can charge you interest going back to the purchase date. Legally, there actually is no highest credit card interest rate that’s possible.
There's no interest for the introductory period, and if you have a balance left over afterward, you're only charged interest going forward. If you can qualify for an intro 0% APR credit card, that's a much safer way to finance purchases. There are no interest charges on purchases of $299 or more that you pay off within six months. During special promotions, this card offers up to 24 months of interest-free financing. If you often make large purchases at The Home Depot and need some time to pay them off, these financing offers are great for avoiding interest charges. The Home Depot® Credit Card can help you save money paying off those big home improvement projects.
No comments:
Post a Comment