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Home Depot Consumer Credit Card Review

Home Depot Consumer Credit Card Review

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Aug 06, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

Who the card is best for

If you are planning on completing home improvements, the Home Depot Consumer Credit Card is a decent $0 annual fee card offering special financing. This card doesn’t offer many benefits for consumers looking to earn rewards on everyday Home Depot purchases since there is no rewards program.

But, if you’re planning on remodeling your kitchen, bathroom or another area of your home, you can potentially benefit from one of the special financing options available. Just beware of deferred interest charges, which can come as a nasty surprise if you don’t pay the card off before the promotional period is over. You may be better off with a card offering an intro 0% APR for new purchases that doesn’t have deferred interest.

Special everyday financing offers*

The Home Depot Consumer Credit Card offers a special everyday financing offer, depending on how much you plan to spend:

  • 6 months everyday financing on purchases of $299 or more.

Check the current offers here.

Financing offers for select purchases*

In addition to special financing offers, there are financing offers available for a variety of purchases:

  • Special order and installed blinds, shades & shutter offer: Up to 24 months financing on special order and installed blinds, shades & shutter purchases. Valid 1/25/2018-1/23/2019.  After, 17.99% - 26.99% APR applies.
  • Building materials offer: No interest if paid in full within 12 months on any installed roofing, siding, windows, insulation, gutter, and leaf protection purchases of $5,000 or more. Valid 2/1/2018-1/31/2019. After, 17.99% - 26.99% APR applies.
  • Water treatment offer: No interest if paid in full within 12 months on any Installed water treatment purchases of $299 or more through 1-800-HOMEDEPOT. Valid 2/1/2018-1/31/2019.  After, 17.99% - 26.99% APR applies.
  • Heating and air conditioning offers: No interest if paid in full within 12 months on any installed heating or air conditioning purchases of $299 or more through 1-800-HOMEDEPOT. Valid 2/1/2018-1/31/2019. After, 17.99% - 26.99% APR applies.

Check the current offers here.

Watch out for deferred interest

Many store cards charge deferred interest, and the Home Depot Consumer Credit Card is no different — this means that if you take advantage of a special financing option and don’t pay it in full before the promotional interest-free period ends, you will incur all the interest you would’ve been charged during the interest period.

Here are the deferred interest terms for the Home Depot Consumer Credit Card:

“Interest will be charged to your account from the purchase date if the purchase balance (including premiums for optional credit insurance) is not paid in full within 6 months. No interest if paid in full within 6 months financing on purchases of $299 or more.”

To avoid deferred interest charges, make sure you pay your entire balance in full before the promotional interest-free period ends. Continuing to carry a balance post-special financing period defeats its purpose and may cause you to fall into debt, since the interest rate is 17.99% - 26.99% APR.

Rewards breakdown

The Home Depot Consumer Credit Card does not offer an everyday rewards program, but they do have a variety of limited time offers that may save you up to 10% off select purchases, plus a 5% statement credit.*

Check the current offers here.

Compare it with the Lowe's Advantage Card

If you want a 5% discount on eligible purchases and longer financing options, the Lowe's Advantage Card is a good alternative.

The Lowe's Advantage Card offers cardholders 5% off your eligible purchase*, which is helpful for everyday spending at Lowe’s. Meanwhile, the Home Depot Consumer Credit Card does not offer a discount on everyday spending. However, there are limited time offers for select purchases that can allow you to save money, depending on the current offer. Check the current offers here.

Another advantage of the Lowe's Advantage Card is the longer financing options. You can benefit from special financing up to 24 months and project financing up to 84 months*. That’s compared to the Home Depot Consumer Credit Card, which offers special financing up to 24 months on select purchases (check the current offers here.) So, if you think you may need more than 24 months to pay off purchases, the Lowe's Advantage Card may be a better option.

Here’s a breakdown of the key features of each card:

Home Depot Consumer Credit Card Lowe's Advantage Card
Annual Fee $0 $0
Regular Purchase APR 17.99% - 26.99% 26.99%
New Cardmember Discount Save $100 on your qualifying purchase of $1,000 or more. Valid through 7/31/2019.* None
Everyday Discount No everyday discount, but rotating limited time offers for a variety of products and services.* 5% off your eligible purchase*
Everyday Financing 6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.* 6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.*
Project Financing Up to 24 months during special promotions.*

 

(Note: Home Depot also offers the Home Depot Project Loan Card with a fixed rate and up to 84 months to pay off purchases.)*

Special fixed-rate interest offers for 36, 60 or 84 months and on purchases of $2,000 or more.*

Bottom Line

While the Home Depot Consumer Credit Card could provide more benefit towards consumers if there was a consistent everyday discount, it’s still a good choice for consumers looking to finance home improvements or benefit from limited time offers on select purchases.

*Terms and conditions apply. This offer and/or promotion has since changed, expired, or is no longer available.


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