5 Things to Know About the Home Depot Credit Card

There's special financing on big purchases. But it's not a true 0% offer, and you won't earn any ongoing rewards.
Paul Soucy
Kimberly Palmer
By Kimberly Palmer and  Paul Soucy 

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There’s something appealing about strolling through Home Depot’s wide aisles, dreaming of home improvement projects that might be in your future. Unfortunately, The Home Depot Consumer Credit Card doesn’t elicit the same good vibes, despite its $0 annual fee.

The Home Depot Consumer Credit Card
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That’s because the store-branded card doesn't earn ongoing rewards and offers little in the way of perks. Even the most loyal Home Depot fan would probably be better off with a flat-rate cash-back or rewards card.

Here are five things to know about The Home Depot Consumer Credit Card:

1. It offers deferred interest (but not 0%)

The Home Depot Consumer Credit Card can help you finance a big home project; in fact, that's its primary selling point. It offers six months of deferred interest on purchases of $299 or more.

Be aware, however, that there's a difference between deferred interest and a true 0% intro APR offer. With the former, interest is accruing in the background during the introductory period. With the latter, the interest rate during the intro period is literally 0% — no interest is accruing at all. This makes a big difference it you get to the end of the intro period and you haven't paid off the balance completely.

With The Home Depot Consumer Credit Card, if you fail to pay off the balance completely by the six-month mark, you’ll be charged all the interest that was adding up from the day you made the purchase. That could end up being an expensive oversight. By contrast, with a 0% offer, you will pay interest only on the remaining balance and only going forward.

If you can qualify for a card with a true 0% introductory APR offer that lasts 12 months or longer, you’d be better off. The BankAmericard® credit card is a great alternative. You get 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.74%-25.74% Variable APR .

Or if you're seeking to earn rewards on your purchase, the Chase Freedom Unlimited® is also a good pick. It offers an intro 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 19.74%-28.49% Variable APR. Plus, it earns rewards. At Home Depot, you'd earn 1.5% cash back with the card.

2. You won't want to carry a balance

Even if you don't take advantage of the deferred interest offer, you'll want to avoid carrying a balance from month to month. As with many store-branded credit cards, the ongoing interest rate can be quite high. The ongoing APR is 17.99%, 21.99%, 25.99%, or 26.99%, Variable.

3. New cardholders enjoy a modest discount

On new accounts, The Home Depot Consumer Credit Card offers $25 off purchases of $25 to $299, $50 purchases of $300 to $999, or $100 off purchases of $1,000 or more. That's not nothing.

Lowe's Advantage Card
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Still, unlike many store-branded credit cards, there are no ongoing rewards for in-store purchases. You can do better.

For example, if you're a do-it-yourselfer and you're not loyal to Home Depot, the Lowe's Advantage Card offers 5% off eligible store purchases, earning it a place among NerdWallet's best store credit cards. For purchases of $299 and up, you can choose either the 5% discount or a similar deferred interest offer.

4. Cardholders enjoy a longer return period and exclusive offers

Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you'd normally get on Home Depot purchases. That could come in handy, especially on large purchases that you end up regretting later.

During special promotions, cardholders can also qualify for up to 24-month financing.

5. Home Depot offers a separate card for bigger projects

Home Depot also offers the Home Depot Project Loan Card, which allows cardholders to borrow up to $55,000 for big improvement projects. As of February 2023, you might be able to qualify for a loan as low as 7.42%, but your actual terms will vary.

It's designed to finance major projects such as kitchen or bathroom remodels and could appeal to consumers who don't have access to lower-APR loans elsewhere, such as a home equity loan.

What's next?

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