Home Depot Credit Card Benefits
Home Depot has a number of credit cards available, including consumer and business cards. On the customer side, Home Depot offers a credit card that can be used at any of their locations. For purchases of $299 or more, this card offers six months of 0% financing. This article outlines the Home Depot Credit Card Benefits.
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This is due to the fact that the store-branded card does not collect recurring benefits and offers few perks. Even the most devoted Home Depot customer would benefit from a flat-rate cash-back or rewards card.
Home Depot Credit Card Benefits
1. It provides interest deferral (but not waiver).
The Home Depot Consumer Credit Card’s main selling feature is that it can help you finance a large home improvement project. On purchases of $299 or more, it offers six months of interest-free credit.
However, there is a distinction to be made between deferred interest and a true 0% intro APR offer. The former just “puts aside” interest, whereas the later waives it for a specific time period.
If you don’t pay off your balance in full by the six-month mark on The Home Depot Consumer Credit Card, you’ll be charged interest from the day you made the transaction. That could out to be a costly blunder.
You’ll be better off if you can get a card with a true 0% introductory APR deal that lasts 12 months or longer. For purchases and balance transfers, the Chase Freedom Unlimited® card, for example, offers a 0% initial APR for 15 months, followed by a 14.99 percent -23.74 percent Variable APR. It also pays off: at least 1.5 percent on everything.
2. You’ll want to avoid carrying a balance.
You should avoid carrying a balance from month to month, even if you don’t take advantage of the delayed interest option.
The ongoing interest rate, like with many store-branded credit cards, can be fairly high. The continuing annual percentage rate (APR) is 17.99% -26.99% Variable.
In 2018, the average annual percentage rate (APR) for interest-bearing accounts was 16.04 percent.
3. New cardholders are eligible for a small discount.
The Home Depot Consumer Credit Card provides new customers $25 off purchases between $25 and $299, $50 off purchases between $300 and $999, and $100 off purchases of $1,000 or more. That’s not insignificant.
Despite this, there are no recurring incentives for in-store purchases, unlike many store-branded credit cards. You’re capable of more.
If you’re a do-it-yourselfer who isn’t a fan of Home Depot, the Lowe’s Advantage Card, for example, gives 5% off qualified retail purchases, earning it a spot on NerdWallet’s list of the best store credit cards. You can pick between a 5% discount or an equivalent deferred interest offer for purchases of $299 and up.
4. Cardholders benefit from a longer return period as well as special offers.
Customers who buy at Home Depot frequently may like the fact that the card offers hassle-free returns for a year, which is four times longer than you’d ordinarily receive on Home Depot purchases. That could be useful, especially if you make huge purchases that you subsequently regret.
Cardholders can also take advantage of rotating special offers like as 10% off a certain brand for a limited time or 24-month financing during special campaigns.
5. For larger projects, Home Depot has a separate card.
Home Depot also provides the Home Depot Project Loan Card, which allows users to borrow up to $55,000 for large-scale home renovation projects for up to 84 months.
It’s intended to fund large-scale renovations like kitchen and bathroom remodels, and it could appeal to customers who don’t have access to lower-interest loans like a home equity loan.
Home Depot Credit Card Benefits: Conclusion
Consumers considering a large remodeling may be interested in the Home Depot credit card. Contractors can also get a variety of commercial cards from the shop. On purchases over $299, the card does provide 0% interest for six months. The card can be used for zero-interest financing for projects like mending heat or air conditioning, replacing a water heater, or repairing plumbing.