Information About Home Depot Credit Card You Need to Know
If you buy $299 or more and pay it in full within six months, there will be no interest from Home Depot Credit Card. Interest will be credited to your account from the date of purchase if the purchase balance (including the premium for optional credit insurance) is not paid in full within six months.
During the special promotional period, purchasing financing lasts for up to 24 months. The more you spend, the longer it takes to repay us.
Access to year-round exclusive sector financing concessions and savings, including up to 24 months of financing* eligibility to purchase and discounts on some products/facility
No annual fee
One year tax-free refund Loan back to your Home Depot Card. Receipt time is four times longer, just as a card member. For details, please refer to Home Depot Return Policy.
These special financing agreements are not very easy for consumers to understand. If you are interested in this card, please make sure that you fully understand the terms and conditions before applying, including what you need to repay.
Should You Get Home Depot Credit Card?
Home Depot Credit Card is undoubtedly attractive to ongoing housing improvement projects. It's intuitive and comes with various introductory quotations that may help you avoid paying any interest.
If your purchase meets the requirements of 0% APR and you can pay off the balance during the introduction period, Home Depot Credit Card is a strong offer. However, the subsequent variable APR range is quite high. If you can't pay off the balance in full before interest starts, you may want to find a card with a lower interest rate than the variable 17.99 to 26.99%.
The requirements for project loan cards are stricter. Fixed APR sounds reasonable, 7.99%, and you have six months to buy it. That's good. But there are many other ways to finance your project, including home equity loans and personal loans. You may need to carefully study each loan option you have and run these numbers to see which is the most cost-effective.
If Home Depot Credit Card doesn't meet your needs, you may want to consider other credit cards with similar introductory rates. You can see the alternative list.
What is a store credit card?
The only difference between store credit cards and regular credit cards is that store credit cards are branded and associated with a specific retailer and its rewards program. Store credit cards offer in-store discounts, allow cardholders to earn and redeem points when making purchases.
There are two basic types of retail store credit card:
-
Open-loop cards: These cards with a Visa, MasterCard or American Express logo in the bottom-right, can be used anywhere.
-
Closed-loop cards: These cards without a Visa, MasterCard or American Express logo only can be used at their co-branded stores, online stores or affiliates.
For example, there are three types of Best buy credit cards, My Best Buy Credit Card, My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card. My Best Buy Credit Card is a closed-loop card, so you can only use it at Best Buy. My Best Buy Visa Platinum Credit Card and My Best Buy Visa Card are open-loop cards, you can use them anywhere that Visa is accepted.
What are the benefits of store credit cards?
Easy to get and can help you to build credit
Because of store credit cards’ high interest rates and low credit limits, they are easy to get with fair or poor credit. If you can use it responsibly, this is an opportunity to build up your score.
A reasonable annual fee
Many great store rewards cards don’t have an annual fee.
Save money at your favorite stores
Store rewards cards have different rewards programs which are great ways to save money, especially you are a frequent customer of that shop. For example, My Best Buy Credit Card offers as much as 5% cash back.
Additional sign-up bonuses and benefits
Many store reward cards attract new customers with a sign-up bonus. What’s more, some store reward cards offer extra benefits, such as discounts, free shipping, a birthday gift and extended return policies.
Open-loop cards can be used anywhere as normal credit cards.
What are the drawbacks of a store credit card?
Low credit limits
This means that you have the risk of going over your credit limits.
High interest rates
Most store credit cards’ interest rates are higher than the industry average (17%).
Closed-loop cards are limited to single store
Many store credit cards can only be used at their store or online shop. But some store credit cards can be used anywhere like normal credit cards, such as Amazon Prime Rewards Visa Signature Credit Card.
Customer service problems
Some store credit cards are not issued by major cards issuers, so the quality of customer service is difficult to guarantee.
Some store credit cards can’t be used for balance transfers
What do you need to apply for a store credit card?
Credit score
Banks approve much lower credit scores for store cards. Therefore, applying a store card is an ideal way for someone with a fair or poor credit score to rebuild his or her credit.
Credit card application
You can apply for a store credit card online, in-store or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.
