Pay on my home depot credit card

There’s something appealing about strolling through Home Depot’s wide aisles, dreaming of home improvement projects that might be in your future. Unfortunately, The Home Depot Consumer Credit Card doesn’t elicit the same good vibes, despite its $0 annual fee.

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.

Here are five things to know about The Home Depot Consumer Credit Card:

1. It offers deferred (but not waived) interest

The Home Depot Consumer Credit Card can help you finance a big home project; in fact, that's its primary selling point. It offers six months of deferred interest on purchases of $299 or more.

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With The Home Depot Consumer Credit Card, if you fail to completely pay off the balance at the six-month mark, you’ll be responsible for interest accruing from the day you made the purchase. That could end up being an expensive mistake.

If you can qualify for a card with a true 0% introductory APR offer that lasts 12 months or longer, you’d be better off. The Chase Freedom Unlimited®, for example, offers an intro 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 17.24%-25.99% Variable APR. Plus, it earns rewards: at least 1.5% on everything.

2. You won't want to carry a balance

Even if you don't take advantage of the deferred interest offer, you'll want to avoid carrying a balance from month to month. As with many store-branded credit cards, the ongoing interest rate can be quite high. The ongoing APR is 17.99%, 21.99%, 25.99%, or 26.99%, Variable.

For comparison, the average APR for accounts that incurred interest in 2018 was 16.04%.

3. New cardholders enjoy a modest discount

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.

Still, unlike many store-branded credit cards, there are no ongoing rewards for in-store purchases. You can do better.

For example, if you're a do-it-yourselfer and you're not loyal to Home Depot, the Lowe's Advantage Card offers 5% off eligible store purchases, earning it a place among NerdWallet's best store credit cards. For purchases of $299 and up, you can choose either the 5% discount or a similar deferred interest offer.

4. Cardholders enjoy a longer return period and exclusive offers

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. That could come in handy, especially on large purchases that you end up regretting later.

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.

5. Home Depot offers a separate card for bigger projects

Home Depot also offers the Home Depot Project Loan Card, which allows cardholders to borrow up to $55,000 for big improvement projects at a relatively low APR (7.99% as of July 2019) for up to 84 months (seven years).

It's designed to finance major projects such as kitchen or bathroom remodels and could appeal to consumers who don't have access to lower-APR loans elsewhere, such as a home equity loan.

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A store card from Home Depot may help you manage your in-store purchases, create payment plans for large projects and present savings opportunities with exclusive promotions and offers for cardmembers, but it’s important to understand the difference between a store card, a project loan and a commercial account.

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Home Depot Credit Card Benefits

Before choosing a Home Depot credit card, consider why you want or need a credit card from Home Depot. If you are a new homeowner and have a variety of projects underway and rely on Home Depot frequently, the Home Depot Consumer Credit Card is a store card with special financing options to help fund everyday household needs. 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.

Home Depot Consumer Credit Card

The Home Depot Consumer Credit Card* is a store card, meaning it can’t be used outside of  Home Depot. The card offers access to special promotional periods but also offers six months of special financing on purchases of $299 or more—no interest is charged if the purchase is paid off within the special financing period but deferred interest is charged from the date of purchase if the purchase is not paid off in full.

The card also offers zero liability protection for any unauthorized charges to the account and cardmembers can also enjoy the added benefit of a full year to make returns on purchases—four times the limit on Home Depot’s regular return policy.

Examples of special promotions include two valid in March 2022: one for 12-month financing on installed fencing purchases for $2,500 or more and another offer for up to 18-month financing on decor purchases with no interest owed if paid in full within the promotion period. Beware: If purchases are not paid off by the end of a promotional period, deferred interest is charged from the date of purchase.

Project Loan

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. For those who need some flexibility in paying off purchases, the project loan option offers fixed low monthly payment options and requires no annual fees.

Review the specific loan agreement to verify your annual percentage rate (APR), as the APR you receive will be based on your creditworthiness.

Pro Xtra Commercial Revolving Charge Card

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. Home Depot store location. As a Pro Xtra program member, users of the Commercial Revolving Charge Card qualify for the 4X Faster Perks benefit and a handful of other benefits, including the potential to earn discounts on paint and other products.

Every dollar spent with the card earns four dollars of credit to be used only toward ProXtra Perks which, subject to terms and conditions, may include tool rental perks and Pro Xtra Dollars, which can be redeemed in store for qualifying merchandise and services.

Note that this program involves minimum spending thresholds and a maximum number of Perks you can earn on the card, though the program terms and conditions lack specifics, instead pointing to the members’ MyAccount pages.

Commercial Account

For professional customers in need of a commercial account, Home Depot offers commercial accounts without many of the gimmicky Pro Xtra program perks. Commercial accounts are not credit card accounts.

A commercial account does allow for authorized users to make charges to the card on behalf of your business by issuing buyer ID cards to each user. Employers can also set spending limits and receive detailed spending info to keep track of all purchases made. Though payments must be made in full within 60 days of purchases made on this card, there is an offer to receive a 2% early pay discount as long as payment is made online within 20 days of purchase. Users can also optimize payment plans by itemizing all invoices.

How Do I Apply For a Home Depot Credit Card?

You may apply for The Home Depot Consumer Credit Card* and other Home Depot branded, co-branded or store products online, but you can also apply in person at any Home Depot store. Since eligibility is based on creditworthiness, a credit check will be run before approval is granted and approval is not guaranteed. The card issuer will determine your purchase APR or other applicable terms specific to the product for which you apply based on your creditworthiness. You can pre-qualify on the Home Depot website to gauge the likelihood of your approval and what terms you may be given.

How Does This Affect My Credit Score?

As with most store cards and most credit cards a hard credit inquiry is run in order to approve applicants for Home Depot credit services. 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.  On the Home Depot website you can also see whether you pre-qualify for the Consumer Credit Card, which is a helpful way to see your chances of approval without negatively impacting your credit score. Prequalification or preapproval are not guarantees of approval for any credit card or loan.

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. If you practice responsible financial and credit habits, such as remaining mindful of maintaining a low credit utilization ratio, you can use this card to improve your credit score over time.

Where Can I Use My Home Depot Credit Card?

You can use all of the Home Depot Credit Cards or credit accounts for qualifying online purchases or at any Home Depot store location. This means these cards cannot be used with other vendors and are “store” or “closed-loop” cards.

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Bottom Line

The Home Depot provides a number of store credit cards, commercial accounts and project loans to help you finance purchases from its stores. Read all terms and conditions carefully before applying for any credit product and ensure you fully understand any implications to your financial situation and credit profile.

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