Other Ways To Pay For Home Improvement
If youre 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, its smart to have money saved that you can put toward your project before any interest charges kick in.
But there are other resources for home improvement to consider too, such as a non-retail home improvement loan, home equity loan or home equity line of credit. Here are more resources for financing your next home improvement:
Where Can I Use This Card
The Home Depot Project Loan can only be used at The Home Depot stores and www.HomeDepot.com.
securely on the issuer’s website
- Min. credit levelFair
- 84 months to pay off loans
- 6-month buying window to make all of your project purchases
- No annual fee
A balance transfer is a way to move debt from one card to another with the goal of saving money on interest.
- Intro Balance Transfer APRN/A
Know Discounts Downsides Of Store
Store-branded credit cards come in many forms, so look at the details to determine whether the card makes sense for you. Damcevski recommends asking yourself how often you shop at the store, whether you’ll pay off the balance monthly to avoid interest and what, if any, discounts the card gives you.
A cash-back credit card that you can use at any store will often offer more rewards flexibility and may also come with a lower interest rate and higher credit limit.
Home Depot, for example, offers a store credit card with six months of deferred interest on purchases of $299 and up, with occasional special offers but no ongoing rewards. The Lowe’s Advantage Card offers 5% off purchases as well as a similar deferred interest option on purchases of $299 and up if you forgo the 5% discount.
Deferred interest, however, isn’t the same as 0% APR. Unlike with the latter offer, if you haven’t paid off your balance by the time a deferred interest period ends, you’ll owe all of the interest that has been accumulating throughout that period. And it can be a lot.
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Home Depot Consumer Credit Card
With the Home Depot consumer credit card, everyday purchases at Home Depot can be made just as with other store cards. On most appliances worth $299 or more, you can get 12-month interest-free financing, and on heating and cooling, you can get 24-month special financing, as well as seasonal offers, such as $25 off snow blowers in the fall. Several promotions throughout the year offer 0% interest for six months for purchases over $299.
Other Things To Consider About Home Depot Credit Card
- The Home Depot® Credit Cards terms arent too complex, as it doesnt bring too much to the table. A thorough review of this offer must therefore extend beyond the limited features it provides to include metrics such as customer ratings, which figure to be revealing when it comes to customer service and the overall cardholder experience.
The Home Depot® Credit Card has an average rating of 3.5 out of 5 stars on WalletHub, with 50% of people giving four stars and only 15% giving two or fewer. You can read their reviews in detail for more context, but these ratings seem to indicate general satisfaction.
- Your Credit Score: Your credit score should ultimately be a big determinant of whether it makes sense to apply for this card. After all, you can likely do a lot better in terms of either rewards or financing with a different card if you have good or excellent credit. If you have limited or fair credit, its more of a discussion.You can see exactly where you stand by checking your credit score for free on WalletHub the only site that offers free daily updates.
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Enjoy An Extended Return Policy
Home Depot offers a 180-day return policy on most items, with some items only qualifying for 30- or 90-day returns. But by owning The Home Depot Consumer Credit Card, you’ll enjoy up to one year to return your purchases. However, items purchased at the Home Depot Design Center are still subject to the 90-day return policy.
The information related to The Home Depot Consumer Credit Card,Lowe’s Advantage Credit Card and Discover it® Cash Back has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site . ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
How To Add A Receipt To Your Pro Xtra Account
Your credit card does not automatically add your receipts to your Pro Xtra account. If you forget to mention your program number during a qualifying purchase, you can input it in your Pro Xtra account within 120 days. Just log in to your Pro Xtra account to add the receipt details or go to the Home Depot Pro Desk or Special Services Desk to have it added. We recommend adding your credit card to your Home Depot account instead so that your receipts can be tracked automatically and synced to your accounting package. Plus then a receipt will never be missed if you forget to mention your program number since you are tracked by th elast 4 digits of your credit card instead.
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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 for up to 84 months .
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.
How The Home Depot Credit Card Works
Home improvement isnt cheap, but sometimes it becomes a must do instead of a want to. When that’s the case, a credit card from Home Depot might be just the ticket, especially for emergencies that come with a high price tag.
Home Depot offers a variety of credit cards, including consumer cards and company cards. On the consumer side, Home Depot offers its consumer credit card that can be used by individuals at its stores. This card comes with six months of 0% financing for a purchase of $299 or more.
Home Depot also offers commercial cards for contractors and businesses. Its commercial cards include a commercial revolving charge card and a commercial account . Home Depots credit cards are issued by Citibank.
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The Home Depot Consumer Credit Card Benefits And Features
The Home Depot Consumer Credit Card is not a traditional store credit card with a loyalty program. Instead, this card is designed for those who frequent the store and need breathing room to pay off big purchases all for a $0 annual fee.
Even with the special financing offer, the interest charges can mount up and be financially straining over time. As a rule of thumb, you should only finance big purchases that you consider to be an investment. For example, if you need to take out credit to pay for a remodeling that will increase your home’s resale value, the card may be worthwhile.
However, avoid the temptation to simply finance things that dont have a long-term value, like a new power tool or electric saw. Ideally, those things should only be purchased once you can immediately pay your bill at the end of the month. Otherwise, you’re subject to a high purchase APR ranging from 17.99% – 26.99% variable.
Before applying, you can use Home Depot’s preapproval tool to see if you’ll qualify for the credit card without affecting your credit score.
Extended Return Policy And Up To 24 Months In Special Financing
The Home Depot Consumer Credit Card helps your budget go further on your next home improvement upgrade or repair. This store credit card is offered through Citi, with card approval and special financing offers subject to creditworthiness. To be approved for the Home Depot Consumer Credit Card, you should have fair or better credit. Paying your bills in full each month means you won’t pay interest. If you qualify for a special financing promotion, you can enjoy an extended 0% interest period to pay off larger purchases.
Annual fee: $0
Welcome bonus: Up to $100 in savings on qualifying purchases for new card accounts. The offer is valid through January 26, 2022.
Perks: 1 full year return policy .
Standard APR: 17.99% – 26.99%
Everyday financing: 6 months no interest on purchases of $299 or more if paid in full within 6 months.
Special financing: Up to 24 months on special promotions with minimum purchase requirements.
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Maximum Credit Limit Of $55000
A consumer loan or line of credit may be accessed through this small piece of plastic.
To apply for a loan, you must first request the loan amount, typically the amount you estimate your home renovation project will cost. You can borrow up to $55,000 through the Home Depot Project Loan.
Creating a renovation budget is typically challenging at times. Requesting only what you think you need is good practice. As long as you use your credit within the 6-month window, you only owe the amount you spent during that window.
There is no collateral required for the Home Depot Project Loan. Having an unsecured loan is crucial because approval will be determined primarily by your credit score, your debt ratio, whether or not you own your home, and potentially several additional factors.
There is probably no chance youll be approved for a huge credit line if you dont have the financial profile to back it.
Other than the special offers, you wont earn rewards points or get cashback with this card. When you use a credit card responsibly, you might be better off with a cashback card or a rewards card rather than a store card, unless the promotions are something youre interested in. Essentially, it is like a line of credit for projects. There are no rewards or perks if you need to borrow up to $55,000 for renovations or home improvements.
Terms And Conditions Of The Home Depot Credit Card
The Home Depot card offers APRs of 17.99%, 21.99%, 25.99%, or 26.99%, based on creditworthiness. The card comes with the standard 25 grace period and late payment fees can be up to $40.
Other than the special offers, dont expect any perks like rewards points or cash back with this card. If you use a credit card responsibly, a card that offers cash back or rewards points might be a better option than a store card unless the promotional offers are appealing to you. The Home Depot Project Loan Card is more similar to a line of credit. It doesn’t offer any perks or rewards, but you can borrow up to $55,000 for home projects and renovations.
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The Home Depot Consumer Credit Card Vs Lowe’s Advantage Credit Card
The Lowe’s Advantage Credit Card is a much better offer from Home Depot’s main competitor. It not only provides financing options, but also gives 5% off your eligible purchase or order charged to your Lowes Advantage Card. However, you cannot simultaneously finance a purchase and receive a discount.
Just like The Home Depot Consumer Credit Card, you can enjoy six-month financing on purchases of $299 or more. Alternatively, you can finance purchases of $2,000 or more into 84 fixed monthly installments with a reduced APR of 7.99%.
Keep in mind, though, that the standard APR for the Lowe’s Advantage Credit Card is relatively high. At 26.99%, you never want to miss a payment, as this will negate any of the savings you earn with this card.
Since The Home Depot Consumer Credit Card does not offer any discounts on purchases, you may want to apply for a cashback credit card instead. The Citi Double Cash lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
There are no caps or restrictions, so you’ll receive valuable rewards that you can convert into a statement credit, direct deposit, check or points. While the Citi® Double Cash Card 18 month BT offer does not have special financing offers, earning cash back on both your costly and routine purchases may be a better deal for some.
How To Make A Home Depot Credit Card Payment Via The Mobile App
In addition to being able to pay online, Home Depot also has a mobile app where credit card holders can also pay their bills. Available in both the Apple and store, you can pay your bill with a few simple steps:
This article has been updated with additional reporting since its original publication.
Information is accurate as of Feb. 10, 2021.
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It Offers Deferred 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.
Be aware, however, that there’s a 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.
With The Home Depot Consumer Credit Card, if you fail to completely pay off the balance at the six-month mark, youll 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, youd be better off. The Chase Freedom Unlimited®, for example, offers an intro 0% intro APR on Purchases for 15 months, and then the ongoing APR of 14.99% – 23.74% Variable APR. Plus, it earns rewards: at least 1.5% on everything.
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Receive A Coupon On Qualifying Purchases
The Home Depot Consumer Credit Card does not come with a sign-up bonus. Instead, it comes with a coupon offer when signing up:
- Enjoy $25 off on your purchase of $25 or more
- Enjoy $50 off on your purchase of $300 or more
- Enjoy $100 off on your purchase of $1,000 or more
This offer is valid until Jan. 27, 2021.
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Who Should Consider The Home Depot Credit Card
If youre an avid Home Depot shopper, the card may make sense for you. 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.
Can Home Depot Gift Cards Be Used Online
We understand that you would like to use gift cards to pay for an online-only item on homedepot.ca. At this time, gift cards cannot be used directly on the website. We apologize for the inconvenience. We are working on implementing this in the future. While it is not our standard practice, we can assist with your order manually if you are willing to follow the steps below.
Place an order on the website with a credit card or through PayPal. Email with the order number and gift card number along with the pin on the back. We require the gift card details immediately after your order is submitted. We will perform the necessary price adjustments by subtracting the value of the gift card from your orders total. If the order has already been charged, we will refund the value of the gift card instead. The estimated time to process the request to redeem a gift card is approximately 5 business days.
If you would like to proceed, please complete the steps above and we will take care of the rest.
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Cardholders Get A Longer Return Period And Receive Exclusive Offers
Home Depot customers who shop frequently might be able to take advantage of the hassle-free return policy for the card. This is four times more than what you would normally get on Home Depot purchases. This could be a great advantage, especially if you make large purchases that you regret later.
Cardholders can also receive rotating special offers such as a 10% discount on a brand or 24-month financing during special promotions.