If you are planning on saving up more and spending strategically, then using a credit card can help you. There are different credit cards. You can use the Home Depot credit card in that case.

A store credit card by Home Depot comes with some great perks. You will be able to plan your payments and plan for your large purchase projects. The card members can benefit from some exclusive offers and promotions.

So, what is a home depot credit card? How to get one? Is it worth using this credit card? I understand if you have all of these doubts. Please follow the article to find out what is going on.

What Is The Home Depot Credit Card?

If you are thinking of using Home Depot credit cards for all different types of purchases, then you might be disappointed a little. It is an in-store credit card, meaning you can only use it in the Home Depot stores.

The card offers the benefits of six months of special finance for purchases that are done above $299. Also, they do not charge any interest if the users pay off their purchase within the special financing period.

However, the users will be charged with a deferred interest rate from the date of purchase when the purchase is not fully paid off. Longer financing periods of close to a yearn or 24 months are periodically offered during special promotions.

The card also provides zero liability protection for any unauthorized charges made to the account. This allows the card members to enjoy the card’s benefits for the whole year.

Cardholders only have up to a year before they can return their purchases. Here are some of the things you need to follow as a cardholder. The card facilitates four times the return policy of Home Depot.

Pros And Cons Of Home Depot Credit Card

Here are some of the pros and cons of the Home Depot credit card –

Pros 

• The card does not charge any annual fees.
• It only requires a small fair credit.
• Users can finance their large purchases at Home Depot using this card.
• Users have a full year to finally return their purchase.

Cons

• There is no reward option.
• No cash back is offered.
• High APR.
• Financing helps defer the interest. So you must pay in full before the expiration date to avoid extra charges.
• Users can take the benefits of the Home Depot card only at Home Depot and HomeDepot.Com.

How to Apply for Home Depot Credit Card?

There are many branded or co-branded products of Home Depot, including the card we are talking about now. If you want to apply for the card, you have to do that online.

However, there is also an option to apply for a card from the store. The application and issuance of the card depend on the credit check before they approve your card. They check the applicant’s creditworthiness and ruin a credit history check.

The card issuer determines your purchase APR and different applicable terms specific to the product you are applying for based on your creditworthiness. But if you want to check whether you are qualified or not, you can check the different criteria mentioned on the website of Home Depot.

How Does Home Depot Credit Card Affect Your Credit Score?

Like the application, inquiry, and approval of each credit card, Home Depot also makes a mandatory credit score inquiry. So, if you are applying and allowing credit checks, you should do it as a pre-planned thing. The reason behind it is that credit checks can often lower your credit score by a few points.

So, to avoid the chances of negatively affecting your credit scores, we suggest prequalifying for the Credit Card through the website. The Home Depot website allows you to prequalify for the card by checking the requirement areas.

However, note that prequalifying through the website of Home Depot does not confirm that your application will get approval. On the positive side, you can be sure about the potential reduction of credit scores due to credit checks.

Things To Know About Home Depot Credit Cards

Here are some of the things you need to know about the Home Depot Credit Cards –

They Offer Deferred Interest Rate

Users who purchase worth more than $299 can get a deferred interest. But there is no mention of getting zero interest on the purchase. There is a big difference between a 0% intro APR offer and a deferred interest.

Deferred interest means that the interest is acquired during the introductory phase in the background. But 0% APR interest means that there are no interests in the intro period. This will eventually make a huge difference at the end of the period when you will be paying off the purchase and the interest.

0% intro APR is far better than a deferred interest rate since it literally reduces the payable interest.

There Are No Benefits In Carrying A Balance

When you do not take advantage of the deferred interest offer, you have to avoid carrying any balance from one month to the other. Many store-brand credit cards have a high ongoing interest rate.

CardholdersEnjoy Modest Discount

New Card holders enjoy modest discount offers from Home Depot Purchases. New buyers get a discount of $25 for purchases that are over $299. The discount keeps on increasing with time.

Card Holders Enjoy an Extended Return Period

Card Holders get to enjoy an extended time period for returning their purchased items. With the card, they enjoy a return period of 1 year. Also, there is a separate card for bigger projects.

Bottom Line

Home Depot provides several store credit cards, project loans, and commercial accounts. This helps you finance all your purchases from the stores. Now, you must read all the terms and conditions carefully before applying for any credit products. Even if this credit card might be helpful, you must be mindful before applying for it.

I hope the information you sought on this credit card was available in this article. If you need further assistance, please let us know in the comment section.

Continue Reading:

• Why Envelope Budgeting System is the Key to Financial Stability
• Which account does not appear on the balance sheet: A Overview
• Analyzing the statement of comprehensive income: Key metrics to look out for