Is Home Depot Credit Card Worth It?

Browsing through the home improvement products in one of the many Home Depot stores is a favorite pastime for many customers. And since consumer cards are handy things for a lot of shoppers, let’s consider is home depot credit card worth it.

So, is the Home Depot credit card worth it? No, it’s not the best possible solution out there. The Home Depot Consumer Credit Cards are a handy solution if you’re looking for a way to help you save money. It’s a convenient way to pay off any great home improvement projects you’ve gone through. It comes without any interest rates for six months, with a discount offer as an introduction. But keep in mind that the advantages are limited.

A closeup of the checkout pad

Although these cards lack some benefits you might be expecting to get, their $0 annual fee and other perks make them appealing. However, their biggest selling point is financing the big household renovation projects.

Is Home Depot Credit Card Worth It? Let’s Consider What This Solution Offers

Home Depot has enjoyed a steady inflow of regular customers throughout the years, and they have decided to give their regulars a financial offer with a couple of benefits. As regular customers usually spend $300 and above, Home Depot has introduced a Consumer Card with which you get to pay off your $299 purchase within the next six months. If you look for special promotions, you may be able to finance your renovation project and pay it off within the next 24 months without any interest rates.

In addition, this company gives out special offers occasionally. It may include extra money back, like 5% on specific purchases. With such discounts, you can make purchases on everything you need to remodel, like the best Ace Hardware paint or any other material for renovating.

What’s Best About a Home Depot Credit Card?

Besides being devoid of any interest rate that usually comes with monthly installments on credit cards, there’s another benefit. The company does not charge the cardholders an annual fee, and it means you can freely add this card to your wallet without the fear of having additional yearly charges.

Additionally, if you’re looking for ways to improve your credit score, this may be just the perfect option. First of all, the approval requirements are more moderate than for any other credits, and even applicants with very low scores may get approved. Secondly, because the Home Depot card is a credit card, any activity you make with it will be reported to the consumer credit bureaus. Paying it on time will greatly improve your scores.

While Others May Provide You With Rewards, Home Depot’s Cards Are Lacking in That Department

While I have mentioned earlier that these cards have no interest rates, it’s only applicable in certain situations, and the applied rates are what is called a deferred interest. But several other things are considered as drawbacks:

  • Using the card doesn’t earn you any rewards,
  • You can not get any cash back with it,
  • It is only applicable in the company’s stores and on their website.

But perhaps the biggest drawback is that you have a limited time without paying any interest rates. If you pay everything on time and within six months, no interest rates will be applied. However, if you miss any payments or you don’t pay off the debt on time, you will be charged, and the interest will go back to the date of the sales, and it’s what the deferred interest is all about.

It Won’t Earn You Any Rewards, but Let’s Analyze the Benefits

While HD’s cards don’t earn any rewards for their users, they certainly bring nice discounts. If you are planning on making larger purchases, the table shows the type of discounts you can expect as a cardholder.

$25 to $299$25 off
$300 to $999$50 off
$1,000 or up to$100 off

Loyal Card Users Enjoy a Longer Return Period

What probably delights HD’s cardholders, too, is that they are provided with returns devoid of any hassle. These types of returns are provided for consumers for one year. This period is four times longer than the usual return time with purchases in this store. Where it mostly comes in handy is when customers make especially large purchases, and they change their minds about some of the items. Like when you get carried away while buying the best carpet available in the store, and you end up purchasing more than you need.

A woman collecting items in storage

If You Are in Need of a Bigger Credit, the Company Offer a Project Loan Card

All drawbacks aside, if you are still interested in getting a Consumer Credit Card because you have a large home project in mind, the company also offers the HD Project Loan Card. This option will allow the cardholder to borrow money for immense household projects. They can borrow sums as large as $55,000 that will cover the project expenses. These cards provide a somewhat lower APR (annual percentage rate), which is 7.99%, for a period of up to 84 months.

It’s a neat solution for financing massive projects such as a bathroom or kitchen renovation. With the card, you won’t have to stop and wonder whether Home Depot is expensive. If you’re among the customers who don’t usually have access to loans with low APRs elsewhere, it will be a great solution.