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Home Depot Credit Card Review

Home Depot Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It 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 13, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If a home improvement project is on your horizon, you may be curious if applying for The Home Depot Consumer Credit Card could help you finance some of that expense.

While the card has a $0 annual fee, it comes with limited rewards and financing options, a high ongoing purchase APR and few benefits. We’ll take a look at the pros and cons of The Home Depot Consumer Credit Card, and compare it with the Lowe's Advantage Card.

The Home Depot Consumer Credit Card pros

Special financing offers. The Home Depot Consumer Credit Card offers cardholders the option to avoid interest for six months on purchases of $299 or more or up to 24 months for qualifying purchase promotions if you pay the balance in full within the promotion time frame. You can check the current offers for 12-month financing here.

Annual fee. It won’t cost you anything to carry this card as the annual fee is $0.

Extended purchase return policy. The Home Depot Consumer Credit Card customers have up to a whole year to return items.

New cardholder discount: Save up to $100 on qualifying purchases for new cardholders. Get $25 off on purchases of $25-$299, $50 off purchases of $300-$999 or $100 off purchases of $1,000 or more. Valid 7/30/20-1/27/21.

Prequalification tool. Store cards can be an excellent way to establish or rebuild your credit, but applying can ding your credit score when the lender checks your credit reports and scores. To avoid a hard inquiry, you can see if you prequalify for The Home Depot Consumer Credit Card first by filling out this form. Know that prequalification doesn’t guarantee approval, but it can show you how likely you are to be approved.

Once approved, you can access your The Home Depot Consumer Credit Card login account here.

The Home Depot Consumer Credit Card cons

Deferred interest. The biggest downfall of The Home Depot Consumer Credit Card is that it charges deferred interest on its interest-free promotional deals. That means that if you don’t pay off your balance by the time the promotional period ends, you’ll be charged interest from the date of the purchase.

Here are the deferred interest terms for The Home Depot Consumer Credit Card six-month financing offer:

“NO INTEREST IF PAID IN FULL WITHIN 6 MONTHS* on purchases of $299 or more. Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within 6 months.”

Know that there are other credit cards offering 0% intro deals that don’t involve deferred interest where only any remaining balance is subject to the ongoing purchase APR after the promotional time frame expires.

High APR. The Home Depot Consumer Credit Card comes with a high variable APR of 17.99% - 26.99% variable.

Limited use. Cardholders will not be able to use this card for purchases outside of Home Depot.

Few benefits. This card does come with zero liability for fraudulent purchases like most credit cards, but other than the extended return policy, there are no other benefits.

Limited rewards. Other than the initial one-time discount offered to new cardholders, there is no ongoing discount or rewards program for purchases.

Compare it with the Lowe's Advantage Card

If you want an ongoing discount for eligible purchases, longer financing options and the ability to get a low APR in exchange for fixed repayments for up to seven years, check out the Lowe's Advantage Card. 

The Lowe's Advantage Card special financing also involves deferred interest, meaning if the balance isn’t paid in full after the promotional period, you’ll be hit with interest charges from the date of purchase.

For purchases of $2,000 or more, approved cardholders can take up to seven years to repay at a reduced APR, though the payments are a fixed amount that must be paid monthly. The fixed monthly payment may be higher than the minimum monthly payment that would be required if the purchase was not financed under this promotion.

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

The Home Depot Consumer Credit Card vs. Lowe's Advantage Card

 The Home Depot Consumer Credit CardLowe's Advantage Card
Annual fee$0$0
Regular purchase APR17.99% - 26.99% variable APR
New cardholder discountSave up to $100 on qualifying purchases for new cardholders. Get $25 off on purchases of $25-$299, $50 off purchases of $300-$999 or $100 off purchases of $1,000 or more. Valid 7/30/20-1/27/21.
RewardsNo everyday discount, but rotating limited time offers for a variety of products and services.*
Financing options6 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.* Or 84 fixed monthly payments on qualifying purchases of $2,000 or more.

Which card is best for me?

The Home Depot Consumer Credit Card would be a good card if it provided a consistent everyday discount, but given its limited benefits and deferred interest financing options, consumers looking for an everyday discount on eligible purchase as well as the ability to finance expensive projects for a longer period of time will be better off with the Lowe's Advantage Card.


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