House Depot Credit score Card overview
The House Depot Credit score Card presents particular financing for giant purchases and infrequently incorporates a one-time, in-store low cost for brand new candidates. Nevertheless, the shortage of ongoing rewards means you are nearly all the time higher off with a extra common cash-back bank card. Card Ranking*: ⭐⭐
*Card Ranking is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Lengthy earlier than I used to be deep into the world of journey bank cards, I opened the House Depot Credit score Card shortly after my spouse and I closed on our home. We had some main renovations to sort out, so having fun with an prolonged promotional interval of deferred curiosity on that giant buy made it worthwhile. It additionally helped that the cardboard carried no annual price.
Nevertheless, until you are often making purchases of $299 or extra and wish further time to pay it off, there are possible higher choices on the market.
This is all the things you have to know concerning the House Depot Credit score Card.
The knowledge for the House Depot Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
House Depot card execs and cons
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House Depot card welcome provide
More often than not, the House Depot Credit score Card does not carry a one-time bonus for brand new candidates. Nevertheless, it sometimes does sweeten the pot.
For instance, now by July 31, it can save you as much as $100 if you’re authorised for the cardboard and use it for an eligible buy at House Depot (in-store or on-line) inside 30 days of your account open date. The low cost is predicated on the whole buy quantity earlier than taxes and supply charges and should be on a single receipt, however here is what it can save you:
- $25 off your buy of $25 as much as $299
- $50 off your buy of $300 as much as $999
- $100 off your buy of $1,000 or extra
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Simply observe that this low cost pales compared to different high cash-back bank cards.
House Depot card advantages
The present provide on the House Depot card is lackluster, and the cardboard advantages aren’t a lot better. You’ll be able to get pleasure from particular financing presents if you make massive purchases at House Depot. Particularly, if you make a purchase order of at the very least $299 on the cardboard, you are eligible for six months of deferred curiosity on that buy.
Moreover, chances are you’ll be focused for an extended promotional interval (or reductions) on bigger purchases.
For instance, a number of years in the past, we had some vital harm to the fence in our yard because of bushes coming down throughout a hurricane. It could’ve set us again practically $7,000 to exchange it (our householders insurance coverage solely paid a small portion for a restore). Quite than worrying about taking the cash out of our financial savings account, we organized for set up through House Depot and charged the acquisition to our House Depot Credit score Card.
In alternate, we obtained 24 months in deferred curiosity — which wound up being nothing since we paid your complete stability off earlier than the top of the promotional interval.
Nevertheless, there’s an essential caveat right here. This can be a deferred curiosity provide versus an introductory 0% curiosity provide. The massive distinction? With the deferred curiosity on this card, your curiosity accrues all through the promotional interval. If any stability is left on the finish (even just some cents), you are accountable for all of the curiosity accrued because the authentic buy. (Then again, a 0% annual proportion fee provide solely begins incurring curiosity on the remaining stability when the promotional interval ends.)
In different phrases, for those who use this particular financing, it’s important to repay your complete buy earlier than the six months ends.
Past this profit, the House Depot card presents you one yr to return objects, 4 occasions longer than the product owner’s commonplace return coverage of 90 days. The cardboard additionally consists of zero legal responsibility for fraudulent fees.
Incomes and redeeming rewards on the House Depot card
The House Depot Credit score Card does not earn any rewards in your on a regular basis purchases, which thus signifies that there aren’t any rewards choices on the cardboard.
Different House Depot card choices
Our evaluation to date has thought of the House Deport Client Credit score Card, however there are another financing choices accessible for the retailer. This listing consists of:
- House Depot Challenge Mortgage*: Because the title signifies, this product permits you to finance a big dwelling enchancment challenge through a mortgage. You will have as much as six months to buy all the things you want and might finance as much as $55,000 — with 4 totally different mortgage durations and stuck month-to-month funds. Nevertheless, even essentially the most favorable (66 month-to-month funds) has a 7.42% APR.
- House Depot Professional Xtra Credit score Card*: This business revolving cost account is affiliated with House Depot’s loyalty program for contractors and different companies that purchase provides or different objects with the chain.
- House Depot Industrial Account*: This cost account is not a bank card however permits eligible companies to situation purchaser playing cards to approved staff who can then make purchases at House Depot shops. It’s essential to pay the purchases inside 60 days, although you will get a 2% early pay low cost for those who pay on-line inside 20 days.
You’ll be able to view extra particulars for these merchandise on this web page.
The knowledge for these merchandise has been collected independently by The Factors Man. The product particulars on this web page haven’t been reviewed or offered by the issuer.
Which playing cards compete with the House Depot card?
Past the opposite House Depot choices detailed above, most options to the House Depot Credit score Card are extra common rewards playing cards. Listed here are some stable choices:
- In order for you rewards at a serious dwelling enchancment retailer: Think about the MyLowe’s Rewards Credit score Card. This card presents 5% off all Lowe’s purchases charged to the cardboard, together with comparable particular financing choices. This (clearly) will not assist House Depot customers, however for those who’re open to a distinct retailer in your dwelling enchancment purchases, it may be a good choice.
- In order for you stable rewards on all purchases: Go together with a high cash-back card just like the Wells Fargo Energetic Money® Card (see charges and charges). Although it has no annual price, you will earn limitless 2% money rewards on all purchases, and new candidates can obtain a $200 money rewards bonus once they spend $500 in purchases within the first three months. That is far superior to the House Depot low cost detailed above. This card can be a Visa bank card as a substitute of a retailer card, so it may be used anyplace Visa is accepted.
- In order for you particular financing: Go for a card with a 0% introductory APR on all purchases just like the Chase Freedom Limitless®. You may get pleasure from 0% APR for 15 months from account opening on purchases and stability transfers (then a variable APR of 20.49% to 29.24% applies). You may additionally earn at the very least 1.5% money again on all purchases, although new candidates can earn a further 1.5% again on as much as $20,000 spent within the first yr.
- In case you favor further safety in your House Depot purchases: Decide a card with buy safety or prolonged guarantee protection. Buy safety sometimes covers theft or harm to a product inside 90 to 120 days of buy, whereas an prolonged guarantee will typically add an additional yr of protection to the unique producer’s guarantee. This may be nice peace of thoughts for many who often buy home equipment or different costly objects from House Depot.
For added choices, try our listing of the perfect rewards bank cards.
The knowledge for the MyLowe’s Rewards Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Associated: The highest bank cards to maximise massive purchases
Is the House Depot card price it?
Typically, no. It match my wants for some particular purchases just a few years in the past, however I’ve since moved on. Because the card is proscribed to purchases at House Depot and does not earn any rewards, it is solely a sensible choice for these needing particular financing choices. Virtually everybody else shall be higher off with a 2% cash-back bank card — or one with a real 0% APR provide.
Associated: How to decide on a cash-back bank card
Backside line
I beforehand opened the House Depot Credit score Card when my spouse and I have been doing a big renovation, however given its array of limitations (and notable lack of rewards), we have since shifted our massive purchases to different playing cards. It might make sense beneath very particular circumstances, however most House Depot customers will possible be higher off with totally different playing cards for his or her dwelling enchancment purchases.
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