Home Depot Consumer Credit Card Review
- Pros Explained. Ongoing access to special financing offers: Home project costs can add up fast, and interest-free financing options can help you spread out expenses for no additional cost.
- Cons Explained. ...
- Other Features. ...
- Customer Experience. ...
- Security Features. ...
- Fees & Finance Charges to Watch. ...
Full Answer
Does the Home Depot offer a credit card?
The Home Depot Credit Card is a $0 annual fee store credit card for people with fair credit or better. Because the Home Depot Credit Card does not offer regular rewards, its main benefits are a first-purchase discount and deferred interest financing promotions.
How to qualify for a Home Depot credit card?
- Payment flexibility to allow you to make low monthly payments or pay in full each month
- Authorized user cards - Issue cards to employees entrusted to make purchases on your account.
- Itemized Statements - Easy-to-read, itemized billing statements organized by product number
- Easy Purchase Tracking - Track purchases by PO number, job name, or job number
What are the benefits and drawbacks of a credit card?
Pros and cons of credit cards Credit cards offer many advantages, including cashback rewards and strong fraud protection. They can also be used to finance large purchases.
What credit cards does Home Depot accept?
You can't use the Home Depot® Credit Card outside of Home Depot stores and the Home Depot website, because it's a store card. Regular credit cards are part of a card network – Mastercard, Visa, Discover, or American Express – so those cards can be used anywhere the card's network is accepted.
Does Home Depot give a discount when you use their credit card?
The Home Depot Consumer Credit Card does not offer a discount, but there are rotating limited time offers for a variety of products and services.
How much do you get off with Home Depot card?
On new accounts, The Home Depot Consumer Credit Card offers $25 off purchases of $25 to $299, $50 purchases of $300 to $999, or $100 off purchases of $1,000 or more. That's not nothing.
Is Home Depot credit card at Home Depot good?
The Home Depot Consumer Credit Card is an in-house store credit card offered by the home improvement retailer. It does not carry a Mastercard or Visa logo. That means that you can use it only for purchases at your local The Home Depot store or through the retailer's app and website.
Does Home Depot credit card have 0 interest?
The basic Home Depot credit card offers a promotional 0% interest rate; after that, the annual percentage rate (APR) ranges from 17.99% to 26.99%.
How do I get Home Depot 20% off coupons?
Earn a $20 off Home Depot coupon by joining Pro Xtra membership. Join Pro Xtra loyalty program to enjoy perks, rewards, volume pricing, up to 20% off paints, purchase tracking on your orders. You'll also receive a $20 off Home Depot promo code sign-up bonus that you can use on your first $200 purchase.
Can I use Home Depot credit card at Lowes?
Editorial and user-generated content is not provided, reviewed or endorsed by any company. No, you cannot use your Home Depot® Credit Card everywhere. You can't use the Home Depot® Credit Card outside of Home Depot stores and the Home Depot website, because it's a store card.
What is the max limit on a Home Depot credit card?
Why Is This Card So Popular? What Does It Give Me? The Home Depot Project Loan gives cardholders an extremely large line of credit (up to $55,000), 6 months to make purchases, and up to 9.5 years to pay it all off.
Does Home Depot credit card report to credit bureaus?
The Home Depot® Credit Card reports to the credit bureaus monthly, within days after the end of a cardholder's monthly billing period. Home Depot® Credit Card reports the card's credit limit, account balance, payment history, and more to all three of the major credit bureaus: TransUnion, Equifax, and Experian.
Why did my credit score drop when I paid off credit card?
Credit utilization — the portion of your credit limits that you are currently using — is a significant factor in credit scores. It is one reason your credit score could drop a little after you pay off debt, particularly if you close the account.
What score do I need for Home Depot card?
640 or higherA FICO® Score of at least 600 is recommended to apply for The Home Depot Consumer Credit Card, and a score of 640 or higher gives you better approval odds. Applicants who get this card usually have scores in the fair credit or good credit range.
Does Home Depot ever have coupons?
Home Depot makes both dollar-off and percent-off coupons available to anyone who does the following: Sign up for Home Depot email alerts: Earn a $5 off $50 coupon. Sign up for Home Depot text alerts: Earn a $5 off $50 coupon.
Is Home Depot doing 24 month financing?
Our Home Depot Consumer Credit card provides you with special financing on purchases of $299 or more*, and up to 24-month financing* during special promotions.
How do I get the 100 off my new Home Depot card?
One of the best Home Depot credit card promotions is $100 off a single-receipt purchase of $1,000 or more in your first 30 days with the Home Depot Consumer Credit Card. You'll also receive 0% deferred interest for 6 months on purchases of at least $299.
What score do I need for Home Depot card?
640 or higherA FICO® Score of at least 600 is recommended to apply for The Home Depot Consumer Credit Card, and a score of 640 or higher gives you better approval odds. Applicants who get this card usually have scores in the fair credit or good credit range.
Why did Home Depot decrease my credit limit?
There are a few potential reasons for why your Home Depot credit card limit was decreased, according to the terms & conditions. One is that you've been carrying a balance higher than 30% of your overall credit limit for too long, thus having a high credit utilization.
Does Home Depot ever have coupons?
Home Depot makes both dollar-off and percent-off coupons available to anyone who does the following: Sign up for Home Depot email alerts: Earn a $5 off $50 coupon. Sign up for Home Depot text alerts: Earn a $5 off $50 coupon.
What's the starting Home Depot Credit Card credit limit?
The starting credit limit for Home Depot Credit Card is usually $500. You can be approved with only a Fair (640+) credit score, but your credit lim...
What bank issues the Home Depot Credit Card?
The Home Depot Credit Card is issued by Citibank. It's one of their most popular sore credit cards. Their customer serrvice is pretty good too. Cit...
Does the Home Depot Credit Card do a hard pull?
Yes, the Home Depot Credit Card does a hard pull credit check. You will need a credit score of at least 640 to get it, which is on par with what mo...
How do I apply for a Home Depot credit card?
To apply for a Home Depot® Credit Card , you can fill out an application on the Home Depot website or in any Home Depot store . You will need t...
How do I increase my Home Depot Credit Card credit limit?
You can request a Home Depot® Credit Card credit limit increase online , or by calling customer service at 1-800-677-0232 . To raise your chanc...
How can I make a Home Depot Credit Card payment?
The easiest way you can make a Home Depot® Credit Card payment is either online , or over the phone at (866) 875-5488 . Alternatively, you can...
How do I check my Home Depot Credit Card balance?
To check your Home Depot® Credit Card balance, log in to your Citibank account online or call customer service at 1-800-677-0232. It's also possi...
What's the Home Depot Credit Card APR?
The regular Home Depot® Credit Card interest rate is 17.99% - 26.99% , depending on your creditworthiness. You'll need at least fair credit -...
Can I use my Home Depot Credit Card to buy gift cards?
Yes, you can use your Home Depot® Credit Card to buy gift cards, along with anything else Home Depot sells in store. However, the Home Depot® Cr...
Who issues Home Depot credit cards?
Home Depot’s Consumer credit card is a store-branded card issued by Citibank, which restricts cardholders to only make purchases at Home Depot locations and online at HomeDepot.com.
What is a Home Depot project loan?
As you can see, the Home Depot Consumer Credit Card and the Home Depot Project Loan card are essentially designed to offer special financing options for small and large home purchases, respectively. However, there are many other credit cards available for qualified applicants that offer better rewards benefits and unrestricted spending. Still, the Home Depot Project Loan card may be useful if you’re focused on completing a big project and expect to have the funds in the allotted time frame.
Is Project Loan a credit card?
While the Project Loan card is technically a Mastercard, it’s not a traditional credit card. In actual ity, this card enables you the ability to access funds from a consumer loan by Home Depot Loan Services, with funding provided from the online lender GreenSky, LLC.
Does Citibank prequalify affect credit score?
Pre-qualification from Citibank that doesn’t impact your credit score. Of course, many alternative credit cards offer similar benefits (see below), so many shoppers choose the Consumer Card for its special financing offer.
Is Home Depot a second home?
If you’re working on a project for your house or embracing the DIY spirit, then chances are that you call Home Depot as your second home. Whatever may be your reason, purchasing supplies and materials, going to Home Depot is probably a common occurrence. Undoubtedly, you’ve probably come across advertisements of Home Depot’s own version ...
What is the APR on a Home Depot credit card?
If you’re approved for the Home Depot® Credit Card, you will be assigned a regular APR between 17.99% - 26.99%. The rate you’ll get is a function of creditworthiness, with the lowest rate likely being limited to people with excellent credit and the highest rate being reserved for those with limited credit. For context, the average APR for all new credit-card offers is 18.24%, the average for fair credit is 23.25% and the average for store credit cards is 24.4%, according to WalletHub’s latest Credit Card Landscape Report.
How long does it take for Home Depot to process a mailed payment?
Mailed payments can take 5 to 7 days to reach Home Depot. Payments received at the processing facilities by 5 p.m. local time will be credited as of that day. Payments received after this time will be credited as of the next day.
Does Home Depot offer rewards?
Answer provided by user: WalletHub. The Home Depot credit card does not offer rewards, except for interest-free financing on purchases worth at least $299 paid in full within six months. You can find the current promotions on their website.
Does Home Depot charge an annual fee?
No Annual Fee. The best part of the Home Depot® Credit Card is something that it lacks: an annual fee. It’s not uncommon for a store-affiliated credit card not to charge an annual fee, even if it will approve applicants who have limited credit, but it’s definitely a plus nonetheless.
Does cancelling a Home Depot credit card hurt your credit score?
Keep in mind that canceling a credit card can hurt your credit score, because your overall available credit will decrease. Since the Home Depot® Credit Card has a $0 annual fee, it might be better for you to keep it open without a balance. 1. 1.
What is a Home Depot credit card?
Image Credit: The Home Depot. The Home Depot card is a store-branded card issued by Citibank. Of the 2 personal cards offered, this one is more like a traditional credit card. However, you can only use it for purchases at The Home Depot.
Is Home Depot a Mastercard?
You can only use the card at The Home Depot and homedepot.com, including Home Services.
Is Home Depot Project Loan a credit card?
Generally, you can easily access the terms and conditions for all credit cards, but since The Home Depot Project Loan isn’t a traditional credit card, the terms and conditions for the card are not easily accessible online and may not be available over the phone, either.
Does Home Depot have 0% APR?
Higher checkout amounts are 1 reason The Home Depot offers solutions with affordable APRs. However, many rewards cards have 0% APR for up to 18 months which could be an attractive alternative, especially if you don’t need to spend tens of thousands of dollars (as that amount might require a higher credit limit).
How long does Home Depot return card last?
Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you'd normally get on Home Depot purchases.
Why should every purchase be on a credit card?
by Virginia C. McGuire, Paul Soucy. Credit cards are convenient and secure, they help build credit, they make budgeting easier, and they earn rewards. And no, you don't have to go into debt, and you don't have to pay interest. Explore Credit Cards.
What is the Home Depot Consumer Credit Card?
The Home Depot Consumer Credit Card is a store credit card that has two major benefits: a new account discount and six months of special financing. It’s free to use and easy to sign up for (subject to approval).
What Credit Score Do You Need for a Home Depot Credit Card?
You’ll need a 640 score or higher to be eligible for a Home Depot credit card.
Can You Save with the Home Depot Credit Card?
You’ll save right off the bat with a one-time new account discount of $25 off $25+, $50 off $300+, or $100 off $1,000+ on qualifying purchases. Long term, you’ll always get 6 months of special financing on $299+ orders, which comes in handy for home renovation projects or higher-priced items like refrigerators, bathtubs, and outdoor grills.
When Should You Get the Home Depot Credit Card?
The Home Depot Credit Card is best for large purchases you can pay back within 6 months. It’ll come in handy for buying appliances for a new house, renovating an older house, or upgrading your patio and landscaping. If you don’t already have the card, you’ll be able to use the one-time discount of up to $100 off qualifying purchases.
When Should You Avoid Getting the Home Depot Credit Card?
Definitely avoid using the Home Depot Credit Card on large purchases you won’t be able to pay off in 6 months. Not only will you begin paying a high APR of 17.99%–26.99%, you’ll also get hit with deferred interest charges starting from your purchase date. That could be costly.
Is a Home Depot Credit Card Worth It?
It depends. If you plan on making big purchases and paying them off within 6 months, then the Home Depot credit card can come in handy—especially if you use your new account discount. But if you’re unable to pay off your balance within 6 months, you’ll get hit with a high APR and deferred interest charges.
What is the Home Depot Project Loan Card?
For major renovation projects, you might consider getting The Home Depot Project Loan card (subject to approval). It provides you with a loan of up to $55,000 and six months to purchase all the project supplies you need. It has no annual fees or down payments, and it offers fixed low monthly payments.
