The Home Depot Credit Card is a store credit card with a $0 annual fee and can be used to improve credit over time. It also has lower interest rates for 6-24 months on purchases over $299.
Missing a payment by a day or leaving even $1 unpaid by the end of the intro period could end up costing you much more. Make sure you don’t miss any payments during this introductory period!
The Home Depot Credit Card – Is It Worth It In 2023?
No Annual Fee
The majority of credit cards no longer have annual fees, including the Home Depot credit card. But, we still consider this a positive because it is a benefit.
Refund Policy Of 365 Days
With the Home Depot credit card, you get a full 365 days to return any item for a full refund – which is awesome!
Improve Your Credit
Getting approved for credit can be tough, but there are some options to work around it. Placing a refundable deposit on a secured card is an option, but cards that offer no-charge approval are even better.
The Home Depot credit card has good potential to help you improve your credit score. If you’re able to keep your account in good standing, you’ll have a chance of having your credit score jump up in points.
New Card Holder Discount
Depending on your first purchase amount at Home Depot, you’ll get $25 to $100 off your total. Not a bad one time perk for new members.
You could rack up some serious credit card rewards at Home Depot because they have a variety of items. The only downside is that their own store brand does not give any rewards. That’s right. There is no reward program at Home Depot for credit card holders.
If you apply for the Home Depot Credit Card, you’ll be assigned an APR between 17.99% – 26.99%. A high credit score means you’ll get a lower and be subject to certain terms. If you have a limited or bad credit history, your rates will be higher and the payments more manageable.
The APR for all new credit-cards averages to 18.26%. Those with fair credit usually get around 22.9%. The average APR for store cards is currently at 24.42%.
Home Depot does the occasional 0% financing promotions throughout the year. An example would be special financing on a store item that sells for $299 with 0% interest for 36 months. This is great but can be a massive pitfall if you’re not smart about it.
This is known as deferred interest. If you mess up by missing a payment or are a dollar short, you’ll have to pay the full amount & interest as if the 0% APR never existed.
It’s worth bearing in mind that the Home Depot card is not much cheaper than other credit cards, but it does have one really great benefit.
If you need a non store credit card, then check out the Capital One credit card review to see if it’s a good fit for you.