The home improvement retailer home depot credit card offers a number of credit cards that reward purchases with points. We’ll go through the coverage offered by each of these cards as well as their benefits and drawbacks. If you enjoy DIY or are involve in home renovation projects, Home Depot Black Friday 2022 is definitely your second home.
You presumably frequently visit Home Depot for supplies and products, for whatever reason. Two of the firm’s consumer-focused retailer credit cards are the Home Depot Consumer Credit Card and the Home Depot Credit Card, both of which you have surely heard advertisements for.
The Benefits and Drawbacks
In this analysis, we’ll look at the benefits and drawbacks of each credit card, as well as whether or not qualified applicants should apply for other credit cards that are currently on the market. (Note: The Home Depot Commercial Account Card and the Home Depot Commercial Revolving Credit Card are the company’s other two business-oriented credit cards; they are not discussed in this page.)
Check out a summary of The Best Home Depot Credit Card of 2019. Cards accepted at Home Depot. For the consumer-focused credit cards, including the Home Depot Consumer Credit Card and the Home Depot Project Loan Cards, you can apply in person or online.
Home Depot Consumer Credit Card
The Home Depot Consumer credit card is issue by Citibank. It is a store-branded card that only permits customers to make purchases in actual Home Depot shops and online using the Home Depot Credit Card. This credit card offers a variety of valuable features, like special financing for Home Depot purchases, even though there are no rewards to be earn with it.
Numerous advantages come with the Home Depot credit card, such as Special discount offers and 1-year no-hassle returns, which is four times longer than the standard policy. Pre-qualification from Citibank that doesn’t impact your credit score. Of course, there are several other credit cards that offer equal benefits (see below), therefore users typically choose the Consumer Card for its distinctive financing offer.
Offers for Special Financing
Special Financing Deals for The Home Depot Credit Card Holders. Because big expenses may strain your budget, you can start projects that were just out of reach due to Home Depot’s specialised financing. The Home Depot Consumer Credit Card’s primary promotional financing offer is 6 months of regular financing on purchases of $299 or more.
Deals That Last Just A Few Days
Additionally, this Home Depot credit card offers a number of financing options that are only valid for a limited time, like: 12-month special financing for appliances costing $299 and higher. Riding mowers starting at $899 or more. Fencing that built for at least $2,999. For a price of $5,000 or more, install roofing, siding, windows, insulation, gutters, and leaf protection.
24-Month Special Financing
For installed and specially ordered blinds, shades, and shutters, special financing is available for 24 months.
Home Depot Consumer cards can use these financing alternatives to pay off their balance in full without incurring interest during the predetermined time period, or what is known as “delayed interest.”
This means that if you don’t pay off the entire debt during the promotional period, interest will be applied to the initial balance retroactively from the purchase date at the regular purchase APR. In other words, if you don’t finish paying off the entire purchase by the due date, you will be responsible for the entire interest rate even if you don’t make any payments.
Projects Card For The Home Depot
If you’re looking for unusual credit cards that will enable you to fund a project that may be beyond your current financial limitations, the home depot credit card is for you. Despite being a Mastercard in theory, the Project Loan card is not your standard credit card. You can actually use this card to obtain funds through a personal loan provided by Home Depot Loan Services, with funding provided by the online lender GreenSky, LLC.
Card for Project Loan
The Project Loan card can only be used to make purchases at Home Depot stores, online at HomeDepot.com, through the retailer’s Home Decorators Collection, and Home Services, a contractor service, just like the rest of store-branded cards. Because it provides cardholders with a significant line of credit (varying from $2,500 to $55,000), the Project Loan Mastercard is alluring.
Window of Six Months for Making Purchases
A generous six-month window for making purchases and a seven-year window for repaying the loan. Due to this, cardholders should exercise caution while assisting others in their endeavors and think carefully about their ability to repay any debt.
When filing an application for the Home Depot credit card, you must request a comprehensive estimate of the costs associated with completing your home remodeling.
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Cost-Estimate a Project
As a best practice, only ask for what you’ll need to do the project. Even though it can be difficult to predict project expenditures, such as when renovating a home and discovering new problems, the Project Loan card only holds you responsible for the money spent during the 6-month purchasing window.
A project loan is an unsecured loan.
This indicates that there is no need for collateral because the loan is funded solely based on your creditworthiness, which is determined by a number of factors, including your FICO score, debt-to-income ratio, the reasons you need the loan, and more. Despite your want to request a high credit line, it will be difficult to get approve if your credit is not in excellent standing.
Obligations of Project Loan Cardholders
After their loan application has been accept, cardholders have six months to make purchases. For the first six months, Project Loan cardholders are require to make the minimum interest-only payments based on the fixed 7.99% interest rate. 84 months of set monthly payments at 7.99% start when this period has ended.