Home Depot Credit Card Review (2024): Is it Worth It?

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The Home Depot® Credit Card can be a beneficial option for financing home improvement projects from Home Depot. It’s particularly useful for handling substantial expenses over a period.

Unlike many other store credit cards, it doesn’t provide continuous rewards, but it does come with an initial 0% Annual Percentage Rate (APR) for 6 to 18 months on purchases.

However, it’s important to note that this is a deferred interest arrangement, and after the introductory period, the regular APR can range from 17.99% to 26.99%.

Home Depot Credit Card pros & cons:

Pros:

  1. No membership fees: You won’t have to pay any annual fees to maintain the card.
  2. Qualify with fair credit: You may be eligible for this card even if you have fair or average credit.

Cons:

  1. No rewards: The card does not offer any rewards or cashback benefits for your purchases.
  2. High regular APR: The card comes with a high regular annual percentage rate (APR), which means you could incur significant interest charges if you carry a balance from month to month.
  3. Deferred interest: Be cautious with the deferred interest feature, as it means if you don’t pay off your balance in full by the end of a promotional period, you could be charged interest retroactively from the purchase date.

In summary, the Home Depot® Credit Card has the advantage of no annual fees and potential accessibility for those with fair credit. However, it lacks rewards, has a high regular APR, and includes deferred interest, which requires careful management to avoid additional charges.

Home Depot Credit Card additional info

The Home Depot® Credit Card offers a 0% introductory annual percentage rate (APR) for purchases made during the first 6 to 18 months, depending on your creditworthiness. After the introductory period, the regular APR on the card ranges from 17.99% to 26.99%. There is no annual fee for this credit card, and it is available to individuals with a fair credit score.

As an additional perk, there’s a limited-time offer where you can receive discounts on your first purchase. You get $25 off for purchases between $25 and $299, $50 off for purchases between $300 and $999, and $100 off for purchases of $1,000 or more (terms and conditions apply).

For certain purchases, like those related to bath remodels, you can benefit from deferred interest details. This means you won’t incur any interest charges if you pay the full amount within 6, 12, or 18 months, depending on the specific purchase amount.

It’s essential to understand the terms and conditions of these offers and the card’s features before applying to ensure it align with your financial needs and spending habits.

Is the Home Depot Credit Card worth it?

The Home Depot Credit Card can be worth it for people who want to finance Home Depot projects, build credit, and don’t want to pay an annual fee. It offers an introductory 0% APR for 6 – 18 months on certain purchases.

However, it’s important to be cautious because if you don’t pay off your full purchase by the end of the intro period, you may face retroactive interest charges at a regular APR of 17.99% – 26.99%. Even leaving just $1 unpaid can lead to unexpected interest costs.

What you need to do to make the Home Depot Credit Card worthwhile

To ensure that the Home Depot Credit Card is worthwhile, follow these steps:

  1. Pay off financed purchases during the introductory APR period: It’s crucial to pay off any purchases you finance using the card’s introductory APR before the promotional period ends. This prevents you from incurring interest charges from the date of purchase.
  2. Pay non-financed purchases in full each month: For purchases that are not financed, it’s advisable to pay the entire balance on your card statement each month. This helps you avoid costly interest charges, which can range from 17.99% to 26.99% APR.
  3. Explore alternative credit card options: Consider other credit cards, such as rewards cards or those with longer 0% introductory APR offers. Depending on your spending and payment habits, these alternative cards might provide better value than the Home Depot® Credit Card.

In summary, responsible use of the Home Depot® Credit Card involves paying off financed purchases before the introductory APR period ends, paying off non-financed purchases monthly to avoid interest, and comparing other credit card options to ensure you’re getting the best value for your financial needs.

Home Depot Credit Card review highlights

The Home Depot Credit Card has some notable features:

  1. $0 Annual Fee: One of its strengths is that it doesn’t charge an annual fee. Many store-affiliated credit cards don’t charge this fee, even for those with limited credit, making it a positive aspect.
  2. 1-Year Hassle-Free Returns: Cardholders have the advantage of a full 365 days to return a purchase for a complete refund. This extended return policy is a valuable perk.
  3. Credit-Building Capabilities: For people with limited credit, getting approved for a credit card can be challenging. The Home Depot Credit Card is a good option because it can approve individuals with relatively limited credit history at no cost. Moreover, just keeping the card open and in good standing can help improve your credit, even without making purchases. This feature can serve as a stepping stone towards better credit and access to more advantageous credit cards.
  4. First-Purchase Discount: A first-purchase discount is a special offer for people who are getting a Home Depot Credit Card for the first time. If you use the card to make a purchase, you can get a discount of $25 to $100, and the exact amount depends on how much you spend. So, if you spend a certain amount on your first purchase with this credit card, you’ll get a reduction in the total cost of that purchase, making it cheaper for you.

Home Depot Credit Card lowlights

The Home Depot Credit Card has some drawbacks:

  1. No Rewards: This card doesn’t offer any rewards, like cash back or points, for your purchases. You won’t earn any bonuses or ongoing rewards for using it.
  2. High Variable APR: The card comes with a variable Annual Percentage Rate (APR) between 17.99% and 26.99%. Your specific rate depends on your creditworthiness, with those having excellent credit getting the lowest rate. This can be higher than the average APR for credit cards, which is around 22.39%, and even higher if you have fair or limited credit.
  3. Deferred-Interest Financing: Home Depot offers 0% financing deals for certain purchase amounts and timeframes. However, these deals come with a significant risk known as “deferred interest.” If you fail to meet the terms of the promotional period, even slightly, the interest will be applied retroactively to the entire purchase amount as if the 0% offer never existed. Given the card’s high regular APR, this can be a costly mistake, making it essential to use a credit card calculator for financing with this card.

In summary, the Home Depot Credit Card lacks rewards, has a potentially high APR, and comes with the risk of deferred interest on financing deals, making it less appealing for those looking for credit card rewards or those who may not closely manage their payments.

More things to consider about the Home Depot Credit Card

The Home Depot® Credit Card has received decent reviews from customers, with an average rating of 3.5 out of 5 stars on WalletHub. About 50% of people have given it four stars, while only 15% have given it two stars or fewer. These ratings suggest a general level of satisfaction among cardholders.

Your credit score plays a significant role in determining whether it makes sense to apply for this card. If you have good or excellent credit, you can likely find cards with better rewards or financing options. However, if your credit is limited or fair, the Home Depot® Credit Card may be worth considering.

You can check your credit score for free on WalletHub, which is the only site that provides free daily updates on your credit score. This information will help you assess whether this card aligns with your financial situation and goals.

Home Depot Credit Card vs. the Competition

The Home Depot Credit Card, Lowe’s Store Card, Citi Simplicity Card, and Capital One QuicksilverOne Cash Rewards Credit Card are compared based on several key factors:

  1. Annual Fee:
    • Home Depot Credit Card: $0
    • Lowe’s Store Card: $0
    • Citi Simplicity Card: $0
    • Capital One QuicksilverOne Cash Rewards Credit Card: $39
  2. Bonus Offer:
    • Home Depot Credit Card: N/A (No bonus offer)
    • Lowe’s Store Card: 20% discount
    • Citi Simplicity Card: N/A (No bonus offer)
    • Capital One QuicksilverOne Cash Rewards Credit Card: N/A (No bonus offer)
  3. Rewards Rate:
    • Home Depot Credit Card: N/A (No rewards program)
    • Lowe’s Store Card: 5% discount
    • Citi Simplicity Card: N/A (No rewards program)
    • Capital One QuicksilverOne Cash Rewards Credit Card: 1.5% – 5% Cash Back
  4. Purchase Intro APR (Annual Percentage Rate):
    • Home Depot Credit Card: 0% for 6 – 18 months
    • Lowe’s Store Card: 0% – 9.99% for 6 – 84 months
    • Citi Simplicity Card: 0% for 12 months
    • Capital One QuicksilverOne Cash Rewards Credit Card: N/A (No introductory purchase APR)
  5. Transfer Intro APR:
    • Home Depot Credit Card: N/A (No introductory balance transfer APR)
    • Lowe’s Store Card: N/A (No introductory balance transfer APR)
    • Citi Simplicity Card: 0% for 21 months with a transfer fee
    • Capital One QuicksilverOne Cash Rewards Credit Card: N/A (No introductory balance transfer APR)
  6. Regular APR (Annual Percentage Rate):
    • Home Depot Credit Card: 17.99% – 26.99%
    • Lowe’s Store Card: 28.99%
    • Citi Simplicity Card: 19.24% – 29.99% (Variable)
    • Capital One QuicksilverOne Cash Rewards Credit Card: 30.74% (Variable)

These cards differ in terms of annual fees, bonus offers, rewards programs, introductory APRs for purchases and balance transfers, and regular APRs. The best choice for an individual would depend on their specific financial needs and spending habits.

Is the Home Depot Card a credit card?

Yes, the Home Depot® Credit Card is indeed a credit card. It’s issued by Citibank, works at Home Depot stores, and allows you to make purchases and pay for them over time. However, before applying for this card, it’s essential to consider some key details:

  • Issuer: Citibank
  • Accepted at: Home Depot
  • Credit requirement: Fair
  • Annual fee: $0
  • APR (Annual Percentage Rate): Ranges from 17.99% to 26.99%

In summary, the Home Depot® Credit Card is a credit card option, but whether it’s the best choice for you depends on your specific needs, credit qualifications, and spending habits.

How do I apply for a Home Depot credit card?

To apply for a Home Depot Credit Card, follow these steps:

  1. Visit the Home Depot website and go to the “Credit Center” section.
  2. Scroll down to the specific Home Depot Credit Card you want to apply for (there are multiple options).
  3. Click the “Apply Now” link located above the card you wish to apply for. This will take you to the card issuer’s application page.
  4. Fill out the Home Depot Credit Card application, providing your personal information.
  5. Review and agree to the credit card terms at the bottom of the application.
  6. Click “Submit Application.”
  7. Wait for the decision page to load to find out if your application has been approved.

If you prefer to apply in person at a Home Depot store:

  1. Visit the customer service desk or ask a cashier for a Home Depot Credit Card application.
  2. Fill out the application in-store.
  3. They will process your application, and you should receive an instant decision. If further review is needed, you’ll be notified of the decision within 7-10 business days.

Before applying, note that the Home Depot Credit Card typically requires fair credit or better for a higher chance of approval. If you’re unsure about your credit status, you can check your credit score for free. To check the status of your Home Depot Credit Card application, you can call (800) 677-0232 and select the option to access your account information using your Social Security number. Please note that applying by phone is not currently an option.

How long does it take to get approved for the Home Depot Credit Card?

The approval process for a Home Depot Credit Card usually involves two scenarios:

  1. Instant Approval (Online Applications): Many applicants receive instant approval when applying for a Home Depot Credit Card online. This means you’ll know right away whether your application has been approved or declined.
  2. Decision Within 14 Days: In rare cases, if an instant decision cannot be made, Home Depot may take up to 14 days to review your application. During this time, they will assess your creditworthiness and determine whether to approve or decline your application.

After you apply, you can expect one of two outcomes within two weeks:

  • New Card in the Mail: If you’re approved, you’ll receive your Home Depot Credit Card in the mail.
  • Rejection Letter: If your application is declined, you’ll receive a letter notifying you of the decision.

In summary, for most applicants, the approval process for a Home Depot Credit Card is quick and can happen instantly online. However, in some cases, it may take up to 14 days to receive a decision.

Read Also:  How can I log in to my Sam's Club Credit Card account?

How can I pay my Home Depot Credit Card?

You can pay your Home Depot Credit Card in several ways:

  1. Online: Log in to your online account and click “Make a Payment.” Enter the payment amount and your bank account information if it’s not saved.
  2. Mobile App: Use the Home Depot mobile app for iOS and Android. Select your card and tap “Make a Payment.”
  3. Over the Phone: Call the number on the back of your card or the main customer service line at (866) 875-5488. Phone payments are accepted from 6 a.m. to 1 a.m. EST, Monday to Saturday, and 7 a.m. to 12 a.m. EST on Sundays.
  4. Mail: Send a personal check with your account number on the memo line to the card’s payment address: Home Depot Credit Services
    P.O. Box 9001010
    Louisville, KY 40290-1010 For overnight or express payments: Attn: Consumer Payment Dept.
    6716 Grade Ln
    STE 910
    Louisville, KY 40213

Payments by regular mail take longer to process, so send them at least 5-7 days before your due date to avoid being late. Note that you can’t make Home Depot Credit Card payments in-store.

What credit score do you need for the Home Depot Credit Card?

To qualify for a Home Depot Credit Card, you’ll need a credit score of 640 or higher, which means you should have at least fair credit. The approval process also takes into account factors like your income, employment status, payment history, and debt level.

Here are the key requirements for approval:

  1. Credit score: You need a credit score of 640 or above (fair credit).
  2. Age: You must be at least 18 years old. If you’re under 21, you’ll need proof of independent income or a co-signer.
  3. Residency: You must be a U.S. resident with a physical address in one of the 50 U.S. states or Washington D.C. P.O. box addresses are not accepted.
  4. Application info: You’ll need to provide your full name, address, phone number, Social Security number, and birthdate.
  5. Financial info: This includes details like your monthly rent or mortgage payment, whether you own or rent your residence, and your total annual net income (income after taxes).

If approved, you’ll receive a minimum credit limit of $300 for the Home Depot Credit Card and at least $500 for the Home Depot Business Credit Card.

It’s worth noting that the credit score needed for a Home Depot Credit Card could also qualify you for other credit cards with broader usability. For example, the Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cash back on all purchases but has a $39 annual fee. For business owners, the Capital One Spark Classic for Business provides 1% cash back on all purchases and has no annual fee.

Can I pay my Home Depot credit card in store?

Yes, you can pay your Home Depot Credit Card in the store. Simply go to your nearest Home Depot location and visit the customer service desk for assistance. Additionally, there are other ways to make payments on your Home Depot Credit Card:

  1. Online: Log in to your Home Depot Credit Card online account and follow the instructions to make a payment.
  2. By Phone: Call Home Depot Credit Card customer service at (800) 677-0232, enter your card information, and follow the automated prompts to make a payment.
  3. By Mail: You can mail your Home Depot Credit Card payments to the address provided: Home Depot Credit Services
    P.O. Box 9001010
    Louisville, KY 40290-1010 Keep in mind that mail payments typically take 5-7 days to process. Ensure you send your payment with enough time to avoid interest charges and late fees by meeting the payment due date.

How do I check my Home Depot Credit Card balance?

To check your Home Depot® Credit Card balance, you have three options:

  1. Online: Log in to your account on the Home Depot website and click on your Home Depot® Credit Card to view its balance.
  2. Mobile App: Download the Home Depot mobile app for Android or iOS, log in to your account, and your credit card balance will be displayed on the home screen.
  3. Phone: You can call (800) 677-0232 and follow the automated prompts to hear your balance. Alternatively, you can choose to speak with a customer service representative.

Keeping an eye on your Home Depot® Credit Card balance is important. If you notice any discrepancies or unexpected charges, review your recent transactions for any irregularities.

What is the Home Depot Credit Card minimum payment?

The Home Depot Credit Card minimum payment is either $29 or 1% of the statement balance, plus fees, past-due amounts, and interest, whichever is greater. If the statement balance is less than $29, the minimum payment will be equal to the balance.

It’s the smallest amount you must pay by the due date to keep your Home Depot Credit Card account in good standing. Not paying on time can lead to a late fee of up to $40 and may negatively impact your credit score if you miss multiple minimum payments.

What’s the Home Depot Credit Card interest rate?

The Home Depot Credit Card has an interest rate that varies depending on your creditworthiness, ranging from 17.99% to 26.99%. To get approved for this credit card, you generally need at least a fair credit score, which is a credit score of 640 or higher. If your credit is closer to the fair range, you might receive an APR at the higher end of this rate range.

Additionally, the Home Depot Credit Card offers a financing promotion of 0% interest for a period of 6 to 18 months on purchases. However, it’s essential to be aware that this is a deferred interest offer, not a genuine 0% APR period. If you make a late payment by even one day or have an outstanding balance when the promotional period concludes, you could incur high interest charges on the entire balance.

Can I use my Home Depot credit card anywhere?

No, you cannot use your Home Depot Credit Card anywhere. It is a store-specific credit card designed for use exclusively at Home Depot stores and their website.

Unlike regular credit cards, which are part of card networks like Mastercard, Visa, Discover, or American Express and can be used wherever those networks are accepted, store credit cards like Home Depot’s are limited to use within the specific store or group of stores they are associated with.

If you’re looking for a credit card that can be used more widely, you might consider the Walmart Credit Card, which is on the Mastercard network and can be used at most places that accept credit cards.

What’s the maximum Home Depot Credit Card credit limit?

The maximum credit limit for a Home Depot Credit Card is not publicly disclosed by Citibank, the card issuer. It is determined on an individual basis according to your creditworthiness. When you receive your card, you will be informed of the specific credit limit assigned to you. In some cases, credit limits can start as low as $500.

Are there any Home Depot credit card promotions?

Here are the details of the Home Depot credit card promotions:

  1. Home Depot Consumer Credit Card:
    • Promotion: Get $100 off a single-receipt purchase of $1,000 or more in your first 30 days.
    • 0% Deferred Interest: Enjoy 0% deferred interest for 6 months on purchases of at least $299.
    • Interest Terms: If you pay off your purchases within the intro period, you won’t pay any interest. Otherwise, you’ll owe interest at an APR of 17.99% – 26.99%.
  2. Home Depot Commercial Revolving Charge Card and Commercial Account (for business owners):
    • Promotion: Receive 60 days of no interest on all purchases, essentially giving you a 2-month interest-free loan.
    • Minimum Payments: You still need to make minimum monthly payments during the 60-day interest-free period.
    • Additional Benefit: Save $100 on your first qualifying purchase of $1,000 or more within 30 days and enjoy a 1-year return period for your purchases.
    • Free Membership: You also get a free Home Depot Pro Xtra membership.
  3. Home Depot Project Loan:
    • Offer: Access up to $55,000 with a fixed APR and payoff period based on your creditworthiness.
    • Purchase Period: You have 6 months to make purchases for your project.
    • Repayment: Repay the loan over 66 to 114 months with an APR ranging from 7.42% to 19.96%.

Current Home Depot credit card promotions include:

  • $25-$100 discount on a purchase of $25-$1,000+ in the first 30 days for Home Depot Consumer Credit Card and Home Depot Commercial Credit Cards.
  • 0% deferred interest for 6 months on purchases of $299 or more with the Home Depot Consumer Credit Card.
  • 7.42%-19.96% APR for 66-114 months with the Home Depot Project Loan.
  • No annual fee for all Home Depot credit cards.
  • No interest for 60 days on all purchases with Home Depot Commercial Credit Cards.
  • A 1-year return period for purchases with Home Depot Commercial Credit Cards.
  • Free Home Depot Pro Xtra membership with Home Depot Commercial Credit Cards.

Keep in mind that while the deferred interest offer on the consumer card can be attractive, it’s important to pay off your balance within the promotional period to avoid accruing high-interest charges. If you’re considering financing, you may also want to explore 0% APR credit cards not tied to a specific retailer.

What bank issues the Home Depot Credit Card?

The Home Depot Credit Card is issued by Citibank, one of the well-known banks. This credit card is quite popular among Home Depot customers. Citibank provides good customer service.

Citibank offers a range of credit cards suitable for individuals with varying credit scores. To qualify for a Home Depot Credit Card, you typically need a fair credit score. If your credit score is around 640 or higher, you have a reasonable chance of approval, and your chances improve even more if your score is 700 or higher.

What’s the Home Depot Credit Card phone number for customer service?

The Home Depot Credit Card phone number for customer service is (800) 677-0232. You can also get in touch with them by signing in to your online banking account and clicking on Help & Contact. Additionally, you can send inquiries to this address:

The Home Depot Consumer Credit Card
P.O. Box 7032
Sioux Falls, SD 57117-7032.

Before contacting them, it’s a good idea to check the Home Depot® Credit Card’s FAQ page to see if your issue already has a solution.

Does the Home Depot Credit Card do a hard pull?

Yes, the Home Depot Credit Card does a hard pull when you apply for it. To be approved for this card, you typically need a credit score of at least 640, which is a common requirement for many store credit cards.

It’s important to note that there is no pre-qualification option available for this card. When a hard pull is performed during the application process, it can temporarily lower your credit score by around 5-10 points. However, with responsible credit management, most people see their scores recover within 3-6 months, although in some cases, it may take up to 12 months.

How do I increase my Home Depot Credit Card credit limit?

To increase your Home Depot Credit Card credit limit, you have a few options:

  1. Request Online or Call Customer Service: You can ask for a credit limit increase by going online or calling customer service at (800) 677-0232.
  2. Automatic Increase: If your account is in good standing, Home Depot Credit Card may increase your credit limit without you needing to request it.

To improve your chances of getting a higher credit limit:

  • Pay on Time: Make on-time payments consistently for at least six months.
  • Reduce Debt: Lower your outstanding debt.
  • Update Income Information: Ensure your income information on your account reflects your ability to handle a higher limit.

Here’s how to request a credit limit increase online:

  1. Log In: Access your online account.
  2. Select Your Card: Choose your Home Depot Credit Card from your list of accounts.
  3. Request Increase: Click on “Available Credit” and select “Request Increase.”
  4. Provide Information: Enter the necessary details.
  5. Confirm and Submit: Review the information and click “Submit” to submit your request. You’ll typically receive a decision within seconds, and if approved, your new limit becomes effective immediately.

Keep in mind that requesting a credit limit increase might lead to a temporary dip in your credit score since the issuer may conduct a hard pull of your credit report. However, they can’t do this without your permission. On the other hand, if you receive an automatic credit limit increase based on your good payment history and low debt, it won’t affect your credit score because it involves a soft pull, which is less impactful.

Is it hard to get a Home Depot Credit Card?

Getting the Home Depot Credit Card is not particularly difficult, but it’s not very easy either. To be eligible, you should have a minimum credit score of 640, which means individuals with fair credit or better have a good chance of approval.

Additionally, you must meet other requirements, including having a stable income, being at least 18 years old, and possessing a Social Security Number. However, it’s important to note that meeting these criteria doesn’t guarantee approval; it still depends on the specific evaluation by the card issuer.

What’s the starting Home Depot Credit Card credit limit?

The starting Home Depot® Credit Card credit limit is at least $300. Some applicants, especially those with good credit, may receive higher credit limits.

You can request a credit limit increase by calling (800) 677-0232, but it’s recommended to do so no more than once a year. The issuer may also evaluate your account periodically for automatic increases. To improve your chances of getting an increase, consistently pay your bills on time and keep your credit usage low.

What happens if you don’t pay your credit card?


If you don’t pay your credit card:

  1. Immediate Consequences:
    • You’ll likely be charged a late fee.
    • You’ll lose your grace period, meaning new purchases accrue interest immediately.
    • Interest may be charged at a penalty rate, which is higher than the normal rate.
    • Your credit score will drop if you’re at least 30 days behind on payments.
    • Your issuer may close your account, but you’re still responsible for the debt.
  2. Long-Term Consequences:
    • If you continue not to pay, your issuer could take legal action.
    • They might sue you for repayment or sell your debt to a collections agency, which could also sue you.
  3. Minimum Payment Importance:
    • Paying at least the minimum required by the due date prevents late fees, penalty rates, and credit score damage.
    • You’ll still pay interest on the remaining balance but at your card’s regular rate.
  4. Specific Scenarios:
    • If you pay the minimum but not the full balance, unpaid amounts accrue interest, and you lose your grace period.
    • Not paying at all results in past-due reports to credit bureaus, late fees, and penalty APR on new purchases.
    • Falling 60 days behind can lead to a penalty APR on your entire balance.
    • After 180 days, the credit card company may charge off your debt and may sell it to collections or sue you.
  5. Lawsuit Risk:
    • If you don’t pay for an extended period, you may face lawsuits depending on your state’s laws.
    • Time-barred debt isn’t a valid defense until your state’s statute of limitations expires.
    • Losing a lawsuit might result in wage garnishment or bank account seizure.
  6. Advice:
    • Always try to pay at least the minimum on your credit card to avoid severe consequences.
    • Catch up on missed minimum payments to bring your account current.
    • Aim to pay the full balance for two consecutive months to restore your grace period and minimize interest accumulation.