Home Depot Credit Card: Everything You Need to Know

Virtually every major store in the US rolls out some sort of bonus program or special payment method aimed at enhancing the user experience, letting customers cut back on purchases, or providing preferential credit terms. One such example is the Home Depot Credit Card, which comes into play within the retail network of the same name.

If you expect to hear about cashback or rewards cards, we have to break it to you right from the start—this offer doesn’t include any of them (apart from a welcome discount). Instead, you can manage your funds more effectively by taking advantage of special financing options, which are flexible to your income and allow you to spread out significant loans into smaller parts.

The store rolls out several card options, each with its own set of bonuses and terms. The advantages of Home Depot Credit Cards are quite specific and won’t suit everyone. We at Rates have gone over the specifics of these offers to help you make an informed decision.

How to Become a Home Depot Credit Card Owner?

It’s not as simple as walking in and picking up a card. Instead, you’ll need to apply for this card either at one of the store branches or online, and your credit rating must be high enough for the Home Depot credit services financial department to sign off on your application. You can also take a test on the website to size up your chances of getting the card.

Lastly, let’s talk about the less obvious aspects of the offer. The terms that will apply to the lending program will be created specifically for you. This means the issuer will consider your credit history and your potential as a payer and buyer and then set up interest rates along with other program features.

Home Depot Credit Card Requirements

• Credit score requirement: A credit score of 640+ (fair credit).
• Age requirement: Must be at least 18 years old. If you’re under 21, you must provide proof of independent income or a cosigner.
• Residency requirement: You must be a US resident. Your address must be a physical location in one of the 50 US states or Washington, DC. Note that PO box addresses will not be accepted.
• Basic application info: Full name, address, phone number, Social Security number, and birthdate.
• Financial info: This includes monthly rent or mortgage payment, residence status (own/rent), and total annual net income (after taxes).

Don’t forget, the network also has its own mobile app where you can set up a Home Depot Credit Account, link the card, and manage everything right from your smartphone.

Home Depot Credit Card: How to Use it?

The key factor to keep in mind when applying for a Home Depot Card is that it can only be used in physical and online stores within the network. It won’t work in third-party stores, and there’s no option to pull out funds from ATMs. The main reasons to go for this card are the welcome discount and promotional period.

When you sign up for the card, you’ll receive a welcome bonus:

• $25 off purchases between $25 and $299;
• $50 discount on purchases between $300 and $999;
• $100 discount on purchases totaling $1000 or more.

You also get a six-month promotional period with an annual rate of 0% for purchases over $299. After that, the APR is variable, currently standing at 29.99%.

When it comes to using this type of payment method, two potentially advantageous scenarios spring to mind:

1. Regular purchases within the store network can improve your credit rating and let you break up payments into smaller amounts.
2. Large purchases (up to $55,000) during special promotions will offer an extended promotional period of 24 months instead of the usual six.

Since the system doesn’t hand out any rewards, the extended deferment and reduced APR for a limited time are the main perks of the Home Depot consumer credit card.

Managing Expenses: How to Avoid Losing Extra Money With a Home Depot Store Card?

Once the standard financing period wraps up, you could face a penalty of up to $40 for a late Home Depot Credit Card payment, plus a return fee of up to $41. On top of that, the APR clocks in at 29.99%. Luckily, there’s no annual card maintenance fee.

As you can see, there are no rewards to bank on, so don’t expect any compensation for the loan amount. If you don’t repay the credit on time, you’ll have to shell out all the interest, even for amounts covered by the promotional period, which could pile up if you’re not careful about the terms of use.

All in all, we’d suggest choosing something more versatile, like the Chase Freedom, Wells Fargo Active Cash® Card, or Citi Double Cash® Card. These cards bring in clear bonus programs and cashback systems ranging from 1% to 6.5%. They also work in a much broader range of commercial networks across the US or even beyond its borders.

Final Thoughts

At the end of the day, the Home Depot Credit Card is quite limited. It only works within the store network and on the company’s official website. The lack of a bonus system and the risk of racking up additional expenses make this card less effective as a financial tool. Even if you frequently make purchases in this retail chain, there are much better options available than just a promotional financing period.