Home Depot Credit Card Review

Written by Robert Ferry on July 5, 2022
Home Depot Credit Card Review

The Home Depot Consumer Credit Card is a store card that retailers offer their customers. The card benefits users who want to build a good credit score. Also, users with consistent payments can avoid high-interest rates through the deferred interest offer of the Home Depot Consumer Credit Card. Otherwise, with late and missed payments, users are charged with a heavy late payment penalty.

The Home Depot Consumer Credit Card is a store credit card with a private label. It only works in two places. One is on Home Depot Website, and the other is on the Home Depot stores. These store cards do not have card networks like other credit cards such as Discover credit cards, Visa credit cards, and MasterCard. So users can only use store cards like Home Depot Credit Card at the specified places and for specified purposes.

Home Depot credit card issuers have various credit cards, such as company and consumer cards. Employees and other high officials use the Company cards, but store owners and independent individuals specifically use consumer cards. The consumer card is more popular as compared to the company card. It offers users 0% financing interest for six months with the purchase of $299 or above. These offers are only applicable if users will follow the instructions.

Compared to other credit cards like Wells Fargo Active Cash Card, Capital One Quicksilver Cash Rewards Credit Card, U.S. Bank Visa Platinum card, and Lowe's Advantage card, Home Depot Credit Card is similar in many things, such as rewards and bonus offers. Some cards are good, offering users multiple cashback offers.

The Home Depot Credit card enables users to make payments for their excellent home improvement projects and save a lot of money. If you are or have planned to enlarge your house or renovate a building project, Home Depot offers a Project loan credit card. The card will provide you with a loan of more than $55,000. By qualifying for Home Depot Credit Card, users will be free from any interest for the starting six months. Also, it offers an introductory discount that enables users to enjoy their new card ownership.

With an overall estimate, Home Depot Credit Card offers limited advantages compared to other cards. In this article, a complete and detailed review of the Home Depot credit card will be provided to you. You will be able to know more about its working process, its pros and cons, its requirements, and some frequently asked questions about the card.

What Is Home Depot Consumer Credit Card?

The Home Depot Consumer Credit Card is a store credit card for in-house purposes. Its service and ownership are of Citibank. Citibank provides one of the best customer services among other banks. The home improvement project retailers offer the card to consumers and applicants only.

The card does not have any logo of Visa or MasterCard. Hence it cannot run in all places and for all purposes. So a person cannot use it for different purposes or businesses. But it is a store card that users can only operate at the Home Depot website and Home Depot stores.

Many people dislike the card because it does not provide users continuous rewards points and cashback offers. Although it has a deferred interest financing offer, that is not the only thing to apply for the whole card.

How Does It Work?

The users likely to apply for the Home Depot Credit Card can find a Home Depot Store for it. People must find a local Home Depot Score and search for a Special Services desk. At the desk, Associate persons provide all types of information. Once you have applied for the card, your approval or disapproval will decide in a maximum of ten days.

You'll make purchases with the card, offering an introductory welcome offer. With time, your purchases and spending will add up to your balance amount, and you'll get a high credit score. Also, with its deferred interest financing option, you have to make payments on time, so you will not be charged with a high-interest penalty or late payment fees.

How Can I Save Money With the Home Depot Consumer Credit Card?

Home Depot provide potential consumers with promotional offers so that a balance of all type of consumers can be made. Its promotional offers include:

  • No Interest periods for select purchases
  • Limited-time discount offers for select purchases
  • Extended return policy

The Home Depot credit card does not offer direct discounts on spending and purchases. Compared to Lowe's Advantage Card, its competitor, it offers 5% off on all daily purchases at Home Depot stores.

No Interest Periods

The Home Depot Credit Card offers a standard no-interest timeline for six months on purchases of a minimum of $299 and above. This offer is interests free until you pay off your balances on time and without missing any payment.

In addition to the six-month offers, users can get financing deals for more than twenty-four months. These deals vary based on credit score, credit worthiness, and product and service purchases.

Following are some of the examples of financing offers in June 2022.

  • It offers special financing of twelve months for purchases of $5,000 or above.
  • It offers financing for twenty-four months for the purchases of water treatment for $600 and lower.
  • It offers twenty-four months or more financing on projects like generators, solar panels, and shelters made for storms.

Limited-Time Discount Offers

Home Depot Credit card does not offer long-term rewards and cashback options, but it does provide limited-time offers of special discounts. Retailers offer these limited-time offers in the promotional period. For example, the retailer offered $100 or more as a special discount for a limited time of four days or a week. And if he misses the offer, it will never come back.

Special discount offers are not only provided to new cardholders; it is for all customer and consumers. The retailers also make multiple offers for new and existing customers. These offers include pay-off amounts on garages and sheds or additional offers in percentage if you use the store card instead of any other network card.

Extended Return Policy

Home Depot Consumer Credit Card gives users a chance to save money by giving them its decent return policy. Unlike return policies of other credit cards, which require users to make their decision within ninety days. But Home Depot Credit card retailers offer a return policy of more than a year starting from the purchase date. 

With this return policy, users will not get immediate money returns, but with time, they will get to know whether their decision was right or not. To avail of the return policy, users are not required to bring their sales receipts. Home Depot is an in-house store card; it can track your transaction data for almost twelve months.

Pros of Home Depot Credit Card

This section will discuss the benefits of owning a Home Depot Credit card.

  • It offers an Intro purchase discount.
  • It does not charge any annual fee.
  • Users can avail of the return policy and use extended limits for the purchases made by the card.
  • It offers discount offers on products and services only in the promotional period.
  • Its qualification requirements are easy for users to get approved.
  • It is best for building credit.
  • It gives users a chance to have APR financing of 0% for the first six to twenty-four months.

Cons of Home Depot Credit Card

Here, we will discuss the drawbacks of owning a Home Depot Credit card.

  • It does not offer any continuous bonus rewards or any rewards program.
  • It requires users to have a high variable APR.
  • Users can use the card only at Home Depot Stores and its website.
  • With its deferred interest, users can face a high fee of plenty of charges if they miss or late pay the balances.

Features of Home Depot Credit Card

The Home Depot Credit Card presents some beneficial features to users, especially those with great home projects. Let's look at them!

Welcome Offer

Home Depot Credit card provides an amazing welcome offer for new cardholders, but other similar credit cards offer the same welcome offers with high discounts. The welcome offer of a Home Depot credit card is a $25 to $100 cash discount for new cardholders on the first purchase they make with the card.

The discount rate can vary according to the amount of spending. This offer can be attractive for college students who are saving their money, but it cannot highly affect professional people in business and other established persons.

Users who spend $299 or more on purchases in their first six to twenty-four months will be awarded an introductory offer of a 0% APR Variable. This introductory offer depends on the user's credit score and credit level. Users can get benefits with these welcome offers, but a small payment mistake can lead users to pay high-interest penalty fees.

Rewards Rate

A new wave of change has occurred in people; they are more likely to spend time at home and pay attention to their online and offline projects. So, for this reason, they want to have bonuses and rewards from their selected credit card for a long time.

Unlike similar credit cards, Home Depot Credit Card does not provide users with continuous bonuses and rewards programs. Users will have no bonuses or offers on their spending and purchases. Unfortunately, users wondering about points on dollars end up with unfulfilled expectations.

Deferred Interest

A good perk of the Home Depot Credit card is the opportunity to defer the interest amount for the first 6 to 24 months with purchases and spending of $299 or more. This offer can provide users with a practical implication of how to pay off major purchases in a short time. Users who want a little more time to manage their large purchases are more likely to avail themselves of the Home Depot Credit card defer interest offer.

But the disadvantage of this offer is that if your payments are late, you'll charge a heavy penalty or late fees that will be added to your purchase amounts. This will create bad credit and affect the credit history for a long time. So if you are credit conscious, you must make your payments on time.

Special Financing During Promotions

Another perk of the Home Depot Credit Card is that it offers special financing only during promotions, which is more than twenty-four months. This offer depends on the due time of the promotion or project you have avail. Eventually, if you don't pay your full balance on time, you will be charged with heavy interest fee that will be added to your purchase amount. So with this timeline, you will also have to pay deferred interest penalty charges.

Rates and Fees

Home Depot Credit Card offers an average interest rate with many rewards and bonuses for a limited time. Home Depot Credit Card offers a low range of rewards or bonuses compared to similar credit cards. Moreover, it does not offer any annual or other fees such as maintenance. Users can only face charges for missed payments and late payment penalties.

The card offers an introductory offer of getting off $100 for spending with any purchase made within the first thirty days. Users can make purchases from a store or on the website of the Home Depot credit card issuer.

Additionally, the Home Depot card offers new cardholders rewards such as $25 off on purchases between $25 to $299. On top of that, they get $50 off by spending between $300 to $999 and $100 off on spending with purchases of $1,000. These discount offers are reasonable and good for a store credit card.

Good for Credit Building

A challenging task for users is to qualify for a card. Multiple credit cards offer different fees and different credit levels. So it's difficult to find a credit card that requires an average or fair credit score and does not charge additional fees. Home Depot credit card does not require users to have a high credit score to qualify. Instead, users with average credit scores can qualify and get approved for the card. The benefit is that users with low or average credit scores can build and improve their credit without paying an annual fee.

With an online managing service, users can keep track of their credit score and check it with time.

Moreover, the Home Depot card provides users with a separate card named Home Depot Project Loan Card. With this card, users can borrow $55,000 or more for their greater projects with an APR of 7.99% for more than seven years or eighty-four months. The projects include remodeling and spending on the bathroom and kitchen.

Flaws of Home Depot Credit Card

Although Home Depot Credit Card offers many advantages, it has some flaws that have reduced its value. Let's look into each of them!

No Rewards

Compared to other valuable store credit cards or even best credit cards, Home Depot Credit Card does not offer users a chance to get rewards points, cash backs, and any reward and bonus offers. Offering no rewards points and cash backs makes the card low in the top Home Consumer Credit Cards list.

Some store cards offer cash back to users on their purchases. Many cards offer users rewards points so that they can redeem them for a gift card. The rewards cards offer a good way for people to balance and manage their spending and purchases. But with the Home Depot Credit card, users cannot avail of any rewards.

This card is best for financing offers. People are more likely to be more concerned with rewards points, cashback offers, and bonuses whenever they know about a credit card. So it's important to note that Home Depot Credit Card offers no reward except for its limited-time offers.

Can Only Be Used at Home Depot

Another disadvantage of the Home Depot Credit Card is that it is a closed-loop credit card. Unlike other cards, this Home Depot credit card does not have a card network and works as a store card. This means that Home Depot Credit Cardholders can only use the card at Home Depot stores and on its website.

Some countable store credit cards are similar to this card, but it's a disadvantage for users to not able to use it for other purposes. Users have limitations on where to use the card and where to not. So, the cards that can be used anywhere are more likely to be used by a massive audience. And it is a big reason for users to apply for other flexible and reward-giving credit cards.

Deferred Interest Financing

The Home Depot Consumer Credit Card offers financing options that are deferred interest. With deferred interest, users can avoid high-interest rates and fees for their purchases and spending.

The process of a deferred interest offer is that when a user pays interest on a purchase, the interest will be deferred until the specified period ends. Your payment history of almost six months will be recorded. And if you make payments on time, you will not have to pay any interest.

But if you pay off late or miss a payment, your card issuer will charge you interest applied from the purchase date.

The credit cards that offer 0% intro APR credit cards are good for waived interest. Users will not have to pay any interest for the first introductory year. Moreover, if someone has a balance left over, he will be charged with interest from when his balance was added to his purchases. So 0% Variable APR is a great option.

Suggested Credit Score Requirements

Home Depot Consumer Credit Card Cardholders generally have fair or good credit scores. To qualify for a Home Depot Credit card, users must have a minimum FICO score of 600 or more. Users with a good credit score of 640 or above are more likely to get approved for the card because this card pays special attention to applicants' credit history.

Although, credit score or credit history is a major factor in the qualification for a credit card. Because it's not the only thing issuers pay attention to, other factors such as income resources are important for an issuer. But it would help if you considered the other major and minor factors affecting your application.

Alternatives to Home Depot Credit Card

The Home Depot Credit card offers its owners many distinctive features and perks but has some drawbacks too. This section will look at alternatives to that card that users opt for. They include the following.

Lowe's Advantage Card

The Lowe's Advantage Card is the top store credit card among the other cards. It offers an automatic 5% discount on purchases, whether online or in stores. Moreover, Users can avail of the deferred interest financing offer by rejecting the previous offer of a 5% discount. This card does not require an annual fee or a foreign transaction fee.

To qualify for the card, users must have a credit score of 670 to 850, ranging from good to excellent. It offers the user a welcome 20% off on their first purchase. Its rewards program, users can have a 5% off on Lowe's purchases. It offers a $0 intro APR of special financing for six months. Users need to have a regular variable of APR 26.99%.

U.S. Bank Visa Platinum card

The US Bank Visa Platinum Card is among the top credit cards with great introductory interest offers. The card provides users with no rewards points, no cash backs, and no bonus offer, but it provides limited-time offers that cannot be extended. The card requires users to have a 0% Intro APR on their balance transfer amounts and purchases.

Cardholders of US Bank Visa Platinum Card can get more than $600 for protecting their cell phones if their phones are stolen or damaged. The card does not offer any Annual fee and requires a regular Variable APR ranging from 15.99% to 25.99%. Users must have a good or excellent credit score of 670 or 850. This

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Cash Rewards Credit Card is among the best credit cards for cashback offers. It offers 1.5 % cash back rewards on all other purchases without restrictions, expiry dates, and limits. The card offers an intro APR of 0% without any Annual fee. Users with a high credit score are more likely to avail of the card.

This card offers a welcome $200 cash reward on any purchase. It requires users to have a regular Variable APR of 16.49% to 26.49%. Users must have a good or excellent credit score of 670 or 850. The card does not offer any foreign transaction fees.

Wells Fargo Active Cash Card

The Wells Fargo Active Cash Card is among the top credit cards that pay great attention to increasing and decreasing value and worth. It is the best choice for users having a good or excellent credit score. The card offers an introductory APR of 0% for the first fifteen months, starting from the account opening date. This offer allows users to pay off their high expenses within fifteen months easily.

Users must have a good or excellent credit score of 670 or 850. This card offers a welcome $200 cash reward on any purchase. Also, users will get a 2% cash reward with Wells Fargo Active Cash Card's rewards program. The card does not offer any Annual fee. Moreover, it requires users to have a regular Variable APR of 16.49%, 21.49%, or 26.49%.

Reviews on Home Depot Credit Card

This section will look at positive and negative reviews people have left after using the Home Deport Credit card. This will help you understand the card much better and enable prospective card buyers to make an effective decision.

Positive Reviews on Home Depot Credit Card

The following are some of the positive reviews left by the customers of Home Depot:

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Negative Reviews on Home Depot Credit Card

The following are some of the negative reviews left by the customers of Home Depot:

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Is the Risk Worth the Potential Reward?

Thinking about a purchase without interest for a big new house is beautiful and admiring. But everything has bad effects and risks involved in its process or accomplishment. Home Depot Credit Card has a high risk of retroactive interest along with perks and benefits. Let's see how it works.

For example, you have paid $299 or above for purchase and can use this Home Depot Card for the next six months to avail of 0% financing, but the risk factor starts here. If you miss or make a late payment, you'll be charged a heavy fine called retroactive interest. This interest or penalty will be charged on all the purchase amounts and from the date of purchase. You'll be shocked to pay a high-interest rate for your regular purchases of low amounts.

This card offers no rewards points or cashback offers. Instead, you will get small rewards on your long Home Depot Credit Card journey. Credit cards like the Citi Double Cash credit card offer a 2% cashback. New and emerging cash back cards like Chase Freedom Flex and Discover it Cashback card offer users a 5% cash back offer on multiple things and categories that change every three months. These cashback credit cards are worthy of consideration in the first place.

The Home Depot Credit Card is a good choice for some people with fair and good credit scores. It is the best choice for users with plenty of bank balance and will spend it on daily purchases with any day miss out. But on the other hand, it can be worthless due to its no rewards offers. Depending on the creditworthiness, The Home Depot Credit Card is suitable and also bad for some. But the overall main factor is that everyone has to make payments on time to avoid heavy interest penalties.

The Home Depot Credit Card Is Right for You If

The main two purposes of the Home Depot Credit card are finance purchases and building good credit. Home Depot Credit Card offers fewer rewards and bonuses than similar credit cards, so it's not a good or attractive credit card for a typical cardholder or customer.

If users get more perks from other credit cards, they are more likely to avail of other similar store credit cards. At least other store credit cards offer cash back offers and rewards points. This card is good for students more concerned with their low or average credit scores.

The Home Depot Credit card is the best option for special financing for the purchases of daily usage. However, many flexible, useful and popular Consumer Credit Cards offer multiple perks and advantages, rewards points, and cashback offers.

Remember that you can only use The Home Depot Credit Card at Home Depot Stores and the Home Depot website. And this limited usage will not provide you with any reward or rewards program.

Home Depot Credit Card retailers offer numerous commercial cards and advertisements to customers, especially contractors. With Home Depot Credit Card, users can avail of major help renovating a great place. And for smaller and medium projects like replacing a water heater, fixing heat or A/C, and repairing plumbing, The Home Depot Credit Card offers interesting financing of Zero. To conclude, it is worth mentioning that the Home Depot Credit card offers a discount offer for six months with 0 interest on the purchase of $299 or more.

Frequently Asked Questions (FAQs)

Where Can Someone Get the Home Depot Credit Card?

Applying for a Home Depot Consumer Credit card is easy and beneficial. It is a store credit card, so; you can only use it in the mentioned two places. Home Depot Credit Cards are only available at Home Depot stores and Home Depot websites.

People must find a local Home Depot Score and search for a Special Services desk. At the desk, Associate persons will be available to provide all types of information. Get the answers to your inquiries and ask for the application process from the associate. Their approval decision is very fast, but it can take up to 10 days for approval.

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

Home Depot Credit Card requires users to have a minimum credit score of 640 or above to qualify for the card. Applicants with a credit score of 600 can apply for the Home Depot Credit Card, but users with a fair or good credit score are more likely to get approved for the Home Depot Credit Card.

Home Depot Credit Card and Home Depot Business Credit Card require users to have a fair credit score. Despite no reward offers, the card is one of the best cards for credit building. Home Depot Cards are a good choice for users who want to build their credit score.

Where Can the Home Depot Credit Card Be Used?

Regular cards such as Visa, American Express, MasterCard, and Discover credit cards work under a card network. You can use these cards in different places and for different purposes where that network will be available.

But Home Depot Credit Cards are store cards with private labels, so they can only be used at the Home Depot Website and Home Depot Stores. Users cannot use the Home Depot's two consumer credit cards elsewhere.

What Are the Terms and Conditions of the Home Depot Credit Card?

Home Depot Credit Card offers no interest if you pay off your balances on time within six months. If your payments are on time, you will not have any interest to pay, which will be called Deferred Interest. And If you miss any payment or submit it late, you will be charged a high-interest rate penalty of more than $40 from the purchase date.

This interest rate division is based on your regular Variable APR. According to the creditworthiness, the card offers an APR of 17.99%, 21.99%, 25.99%, and 26.99%. The card has a return policy that enables users to make a proper decision. Moreover, there are no rewards points or cashback offers.

Home Depot offers its Project Loan Card, similar to the card offering no rewards points and bonus offers. But it will give you a loan of more than $55,000 for great renovations, home projects, and improvement projects.

Who Should Consider the Home Depot Credit Card?

Home Depot Credit Card is best for financing deferred interests and Credit building. With its Deferred Interest offer, users can avoid high-interest rates. But the only requirement for deferred interests is to make payments on time. Moreover, People with fair and good credit scores can build a high credit level with the Home Depot Credit Card.

Users planning to make renovations and home projects will surely benefit from Home Depot Credit Card. Students and small business owners can use Home Depot for their credit building. As Home Depot Credit Card does not offer any rewards points and cashback offers, it is not a good option for regular consumers who want regular benefits and rewards programs.

Is It Hard to Get a Home Depot Credit Card?

Yes, Home Depot Credit Card is hard to get. The reason is that it requires users to qualify for a credit score of 640 or above. So users with low credit scores cannot be approved for the Home Depot Card. And it is a fact that people struggle with their credit card history and always remain in search of improving it.

Unlike other Home consumer credit cards, Home Depot Credit Card does not offer any pre-qualification offer to get approved for the card. Prequalification offers include multiple proofs and specified requirements for users to get approved for the card. Its application process is also easy. Moreover, the card does not require a long list of demands but requires users to have a regular APR of 17.99% to 26.99%.

Is the Home Depot Card Worth It?

Home Depot Credit Card is worth applying for two main purposes: its deferred interest offer and credit building. The deferred interest enables users to pay off their balances in a long period of almost fifteen months. Also, users with average and good credit scores can reach excellent credit scores by utilizing Home Depot Consumer Credit card purchase offers.

The card is best for individuals having home improvement projects. It offers a $0 annual fee and 0 introductory APR, and a regular Variable APR of 17.99%, 21.99%, 25.99%, and 26.99%. Other than that, it offers some perks and features that are beneficial.

Who Issues or Services the Home Depot Credit Card?

Citibank issues and services The Home Depot Credit Card. Like many other credit cards, The Home Depot Credit Card is one of Citibank's oldest and most popular credit cards. Citibank and other services provide the best customer service compared to other banks.

Although applying for a Home Depot card is easy in stores, the easiest way is to visit the website. Once you have met the credit requirements, Home Depot's credit issuer, Citibank, will issue a credit card within ten days.

Does the Home Depot Credit Card Give a Discount?

No, Home Depot Credit Card does not offer any discount or rewards point. Although the card offers promotional discounts for a very limited time, it does not have long-going cashback, rewards points, and bonus offers. Users can avail of multiple limited-time Home Depot Credit Card offers by using a large variety of its products and services.

It offers a $0 annual fee and no maintenance fee. It also provides a welcome offer of more than $100 for both Home Depot Credit Card and Home Depot Business Card.

Can You Pay Off Your Home Depot Credit Card In-Store?

Yes, Users can pay off their Home Depot Credit Cards in stores. The Home Depot Credit Card is only applicable on Home Depot Stores and Home Depot Website, so they are the only paying-off points. The process for paying off in stores is also very easy. You just have to visit a Home Depot Store and ask for paying off details from an associate. He will provide you with all information about the process, its details, and other related information.

Article written by Robert Ferry

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