The Home Depot Project Loan
The Home Depot Project Loan is more like a fixed personal loan than a traditional credit card. If you qualify, you can access a line of credit up to $55,000 with up to 84 months pay it off. Youll have six months after approval to purchase everything for your project, which youll pay off in fixed monthly payments at a fixed interest rate. Theres no annual fee.
Your APR is based on your loan amount and credit approval. There are four tiers you may be approved for:
- 66 monthly payments at 7.42% APR
- 78 monthly payments at 12.86% APR
- 90 monthly payments at 16.24% APR
- 114 monthly payments at 19.96% APR
Monthly payments will not exceed $20 per $1,000 spent. Heres what your monthly payments might look like depending on your loan amount, according to Home Depots website:
While the interest rates on a Home Depot Project Loan can be much more affordable than interest on the Home Depot Consumer Credit Card, your total will quickly add up if you only make minimum monthly payments over the lifetime of the loan. Before you start your project, budget for the supplies youll need and come up with a plan to pay off your purchase as quickly as possible to avoid racking up interest payments.
How To Make A Home Depot Credit Card Payment By Phone
The Home Depot Customer service team can help you make a payment over the phone between 6 AM and 1 AM EST Mondays through Saturdays, or between 7 AM and 12 AM EST Sundays.
If you need to make a payment immediately, you can call the Home Depot credit card phone number at 866-875-5488. You will be connected to an automated system, and just need to follow the prompts.
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. Itll come in handy for buying appliances for a new house, renovating an older house, or upgrading your patio and landscaping. If you dont already have the card, youll be able to use the one-time discount of up to $100 off qualifying purchases.
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The Home Depot Consumer Credit Card
The branded The Home Depot Consumer Credit Card from Citi is a good option for frequent shoppers who want to take advantage of special financing offers. For example, you may qualify for six months of deferred-interest financing on purchases of $299 or higher. If your balance is paid in full during the financing period, you wont be charged interest.
Unlike your typical , the cannot be used at other stores. However, during select promotional periods, cardholders can get up to 24 months of special financing. Year-round, cardholders benefit from rotating offers, like discounts on installed fencing, as well as enjoy 12 months of hassle-free returns .
|The Home Depot Consumer Credit Card terms|
No like cash back
The Home Depot Consumer Credit Card is a good option if you frequent the store and need special financing or want to access occasional discounts. The typical six-month financing period is relatively short, so you should be comfortable paying off your balance within that time frame to avoid deferred interest.
While the card has no annual fee, there are no rewards, either, and your card only works at Home Depot. The regular APR is high, so you should always aim to pay down your balance quickly to avoid high interest charges. If youre drawn to shopping at competing outlets and rarely need special financing, the card may not be worthwhile.
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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.
Set Up A Home Depot Online Account
Once you receive your Home Depot card, youll need to register it online. Each card has its own registration page:
Although the links are unique for each card, the registration process is similar:
Assuming your information is correct, you will be prompted to enter the username and password for your account.
Cardholders Who Are New To The Program Receive A Small Discount
The Home Depot Consumer Credit Card gives $25 off your first purchase of $25 to $299, $50 off your $300-$999 purchases, and $100 off your $1,000+ purchases. This isnt much.
Unlike many store-branded credit cards, there are not ongoing rewards for in-store purchases. There are better options.
The Lowes Advantage Card offers a 5% discount on eligible store purchases for DIY-oriented consumers. It is one of NerdWallets top store credit cards.
A Tiktok User Shared How Opening A Credit Card At Home Depot Might Cause Her To Lose The Opportunity To Become A Homeowner
Image credits: cassidygard
The woman who is a television producer, blogger, and founder of Cosmic Goodness likes to share bits and pieces of her everyday life. A few days ago, she uploaded a public service announcement about credit cards given out by store employees.
Cassidy shared that in May, she went to Home Depot where she wanted to buy a can of paint because she was repairing her kitchen. When the woman wanted to pay for her purchase, the employee of the store suggested she open a store credit card. Cassidy added that she always says no to these kinds of offers, but this particular day, she agreed to open a new credit card.
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How To Make A Home Depot Credit Card Payment
If you shop at Home Depot often, it might be a good idea to get a Home Depot by Citibank. There are various benefits you can receive, such as one-year, hassle-free returns, special, everyday financing on purchases of $299 or more, and other exclusive cardholder credit offers. Some Home Depot credit card offers even come with up to 24 months of special financing.
However, if you want to use one, you have to know how to pay your Home Depot credit card bill on time. Continue reading to find out the different ways you can make a credit card payment with Home Depot.
|OUR CURRENT TOP PROMOTIONS|
Home Depot Savings Hack: Credit Card
The Home Depot credit card is a little different from other store credit cards. You wont get discounts or earn points every time you swipe it, but it can save you moneyif you use it wisely. Follow Groupon Coupons tips for maximizing the credit cards benefits and getting what you need at Home Depot.
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Home Depot Credit Card Rewards
There are not rewards associated with the Home Depot credit card. You will, if you shop at Home Depot, receive discounts in the mail at several points throughout the year, be notified of sales and have the same options to purchase as other people, but you will not be offered any rewards. There is no reward program and no special discounts available for Home Depot card holders. However, if you also have a Lowes credit card, the Home Depot will match Lowes 5% discount if you show the Lowes card when you make your purchase. Thats about it as far as rewards and discounts go, however.
Is The Home Depot Credit Card Right For You
The card may make sense for you if youre a frequent Home Depot customer. Cardholders do not receive cashback, but the introduction offers currently available may be enticing. If consumers are shopping at the home improvement store for routine fixes, they may want to consider one of the best cash-back credit cards.
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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.
Other Forms Of Home Depot Payment
Every now and again, you might notice that your internet is acting up and you need to know how to pay your bill right away.
Fortunately, there are two additional options you can select to pay your Home Depot bill apart from their online portal.
First, you can call into their customer service number for assistance with making a payment. The phone number to call is 1-800-677-0232.
This number is available Monday through Saturday from 6:00 AM to 1:00 AM ET and Sunday 7:00 AM to 12:00 AM ET.
They have a wide window of time you can choose from so that you can conveniently make your payment before work, after work, or during your lunch break.
If you are outside of the United States or are in Canada and Puerto Rico, you can call collect at 1-423-467-6124.
Some people prefer to make their payments via a check in the mail. If this describes you, the address you need to mail your payment to is:
The Home Depot Consumer Credit Card PaymentsHome Depot Credit ServicesP.O. Box 9001010Louisville, KY 40290-1010
When you send in your check, remember to write your account number in the memo section.
This helps whoever opens your mail to know which account they should credit with your check. Writing your account number is an important step that you do not want to skip!
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The 3 Best Alternative Credit Cards To Consider
Maybe you can do better than this credit card. If you have good credit, you should consider a few other options that will give you better benefits. The credit cards below are a few of our favorites, especially if youre interested in traveling more. A few of these cards have signup bonuses that are big enough to redeem for multiple round trip flights. My wife and I used our Chase Sapphire Preferred signup bonus to book round trip flights for the both of us to Hawaii! It was well worth researching and getting the best credit card.
|points on every purchase you make||Want a large introductory bonusLike to Travel|
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The Winner: The Lowes Advantage Card
Even before considering any other features, the ongoing 5% discount for eligible purchases makes the Lowes® Advantage Card our favorite over the Home Depot® Consumer Credit Card.
And while both cards offer 0% APR deferred-interest periods for six months on purchases of $299 or more, the Lowes® Advantage card also includes 36-, 60- and 84-month financing periods with low interest rates. With Home Depot®, youd need to apply for the Home Depot® Project Loan Card to get similar financing offers.
Finally, the Lowes® Advantage Card offers $100 off your in-store Lowes purchase of $600 or more, while you would need to spend at least $1,000 to get that amount back with the Home Depot® Consumer Credit Card.
Even with the extended return period that the Home Depot® Consumer Credit Card gives its cardholders on eligible purchases, it just cant compete with the Lowes® Advantage Card.
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Can I Use My Home Depot Credit Card To Rent Tools In
Tools can be rented from Home Depot to help you with any DIY project, and to save you from buying a tool you wont use again.
The Home Depot website states that to rent a tool, you will need a government-issued photo ID and a credit card for the deposit.
Since the FAQs do not exclude the Home Depot credit card from the payment methods list, we can safely assume that you can use a Home Depot credit card for this purpose.
Home Depot Project Loan
Home Depots Project Loan is intended to be used to finance major home improvements. It functions like a line of credit, with a limit of up to $55,000, and comes with a branded card that can only be used at Home Depot. If you are approved for a Project Loan, youll have six months to buy tools and materials at Home Depot in store or online. Afterward, youll pay down your balance in fixed installments over 66 to 114 months.
Different monthly payment schedules come with different terms. Project Loans dont have any prepayment penalties, so you can make additional payments to save on interest and pay in full whenever you prefer. The , which can be as low as 7.42%, can make this financing option cheaper than the Consumer Credit Card if you cant benefit from the cards six-month special financing offer.
|Home Depot Project Loan terms|
Few special offers
Can only be used for Home Depot purchases
If you have a large home improvement project and will make the majority of your purchases at Home Depot, the Home Depot Project Loan can be a great financing option depending on your credit. With a high borrowing limit and relatively low maximum APR, the Project Loan could be an affordable financing option, especially compared with the Consumer Credit Card.
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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.
The Home Depot Consumer Credit Card Vs Discover It Cash Back
If you’re after a new credit card, the Discover it® Cash Back can help you earn maximum rewards. The card lets you earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases – automatically. Your bonus cash each quarter ks limited to the first $1,500 spent.
Below, we’ve included the 5% rotating bonus calendar for 2021:
|Gas stations, select streaming services and wholesale clubs||Restaurants & PayPal||Amazon.com, Target.com & Walmart.com|
The best part about the Discover it® Cash Back is that it comes with an introductory offer: Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! Theres no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Not only are you earning up to 5% cash back, but you also have the opportunity to double all of the rewards you earn in one year. Although home improvement stores aren’t part of the calendar, you can still earn 5% back on common purchase categories.
How Does Home Depot Finance Deferred Payments
For the first six months, certain purchases will be financed at no interest or deferred. By the end of the six months, you will need to pay off the balance in full. It is your responsibility to pay all the interest for the period even if there is a balance of just one cent remaining at the end of the six months. This credit card has an APR ranging from 17.99% to 26.99%, so it should be avoided.
It would be better to apply for a credit card with a 0% introductory APR rate to avoid this problem altogether. This type of credit card waives interest charges during the set period, generally 12 to 18 months. After the introductory period ends, your remaining balance will only be subject to interest.
Loyalty Program: Pro Xtra
A loyalty program for professionals, Pro Xtra, is offered by The Home Depot. Our members get access to exclusive discounts, paint rewards, and volume pricing. The site also provides business tools, such as Text2Confirm purchase authorizations and reloadable gift cards.
For every $100 of qualifying Home Depot purchases you make, you will earn 10 per gallon with Fuel Rewards.
Using your Shell or other select gas station card, you can save up to 20 gallons on your fuel purchase at choose Shell and other gas stations.
Itemization of Purchases