The Home Depot Consumer credit card is a store card that rewards Home Depot shoppers with flexible financing options, a generous return period, and an introductory offer of $25–$100 off a new cardholder’s first purchase.
However, the high APR, lack of rewards, and risky deferred interest system make this card less than desirable.
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Quick Review
The Home Depot Consumer credit card is a store card, meaning it can only be used for purchases at Home Depot stores and on the Home Depot website.
While it does offer some appealing incentives for shoppers—namely, an extended return policy and special financing—its limited rewards and inflexibility make it a less-than-perfect card option.
However, the Home Depot credit card is still a popular choice among consumers, especially those who frequent Home Depot or are undertaking major home improvement projects. Here are the major pros and cons of the Home Depot credit card:
In addition to the Home Depot Consumer Credit Card, Home Depot offers the Home Depot Commercial Credit Card, the Home Depot Commercial Revolving Charge Card, and the Home Depot Project Loan.
For consumers interested in the Home Depot credit card as a means of financing a major renovation, you may also want to consider the Home Depot Project Loan.
Home Depot Project Loan Card
The Home Depot Project Loan Card is an installment loan, rather than a credit card. It’s designed to help customers finance large-scale renovation projects. Here’s how the card works:
- You apply for a loan of between $1,000–$55,000.
- Upon approval, you have 6 months to make purchases at Home Depot using your loan card.
- You pay back a fixed amount each month (up to $20 for every $1000 borrowed).
The loan has a fixed APR, which will depend on your payoff period. Here are the fixed APR rates:
- 66 monthly payments: 7.42% APR
- 78 monthly payments: 12.86% APR
- 90 monthly payments: 16.24% APR
- 114 monthly payments: 19.96% APR
Home Depot Credit Card Important Details
Basic Card Details
- Card issuer: Citibank
- Regular APR: 17.99%–26.99% (variable)
- Annual fee: $0
- Maintenance fees: $0
- Can be used at: Home Depot stores and website
Additional Information
- 6-month special financing on purchases $299 and up
- Up to 24-month special financing on promotional offers
- $25–$100 discount on first purchase after account opening
- 365-day return period for cardholders
Home Depot Credit Card Feature Breakdown
Here’s an in-depth look at the Home Depot credit card’s important features:
Interest Rates
- Regular APR: 17.99%–26.99% (variable))
- Special financing APR: 0% for 6–24 months
- Minimum interest charge: $2
The Home Depot card has a relatively high interest rate, which varies based on your creditworthiness. However, Home Depot offers cardholders deferred interest under its special financing program.
Special Financing
The Home Depot special financing program allows credit card users to enjoy a 0% interest rate on purchases for a designated period of time. There are two types of special financing:
6-month no-interest financing
Home Depot cardholders can enjoy 6 months of interest-free financing for any purchase over $299. Interest will be deferred for 6 months after purchase, so if you pay the balance in full by the end of the 6 months, you won’t be charged any interest. However, if you fail to pay the balance after 6 months, you’ll be charged the entire period of interest at your regular APR rate.
Special financing promotions
The Home Depot credit card also offers promotional financing with extended no-interest timeframes. These promotions are only applied to certain products. For example, Home Depot might run an offer for 24 months of 0% interest for all generator purchases.
Special financing offers can be for any of the following periods:
- 12 months
- 18 months
- 24 months
You can see the current Home Depot credit card promotions by visiting the website’s Credit Services Center and scrolling down to Consumer Credit Card Offers.
Like with the 6-month special financing offer, there’s a big catch: you need to pay your balance in full by the end of the timeframe, or you’ll owe all 12–24 months worth of interest.
Hassle-Free Returns
Home Depot credit card holders are offered a special returns policy. Cardholders are given an entire year from the date of purchase to return an item for a full refund.
Credit Reporting
The Home Depot credit card is issued by Citibank. Citibank reports credit activity to all three credit bureaus: Equifax, Experian, and TransUnion. Credit reporting is important for building credit, as this information is used to update your credit report.
As lenders aren’t legally obligated to report your credit activity, it’s a benefit of the Home Depot credit card that your activity will be reported to the bureaus.
Is the Home Depot Credit Card Worth It?
FinanceJar verdict
The Home Depot credit card might be worth it for frequent Home Depot shoppers who can take advantage of the special financing program.
As the Home Depot credit card has no annual, monthly, signup, or maintenance fees, it’s a low-cost credit card to have in your wallet. Additionally, the special financing plans could come in handy for responsible borrowers who pay their balances in full.
However, the limited use, absence of rewards, and high APR make it a poor choice of credit card. We only recommend applying for the Home Depot credit card if you want to expand your credit card holdings and plan to use special financing with extreme caution.
Who is this card for?
The Home Depot credit card is for:
- Home renovators: If you have a big home renovation project in the works, you can use the special financing program to ease the immediate financial burden
- Credit builders with fair credit: If you already have fair credit but are trying to further improve your credit score, the Home Depot credit card can make an inexpensive addition to your credit arsenal.
FAQs About the Home Depot Credit Card
1. Is it hard to get a Home Depot credit card?
The application process for the Home Depot credit card is easy, but you may not be approved. To apply, you can either fill out an application online through the Home Depot Credit Center, or you can ask a cashier for a credit card application at any Home Depot store.
Once you apply, however, you may not be approved for a Home Depot credit card. As mentioned, Home Depot credit cards usually require borrowers to at least have fair credit, meaning a credit score above 640.
2. Is there a Home Depot credit card discount?
No, Home Depot does not offer a regular discount to its credit card users. Instead, it offers a one-time discount of $25-$100 off your first purchase using the card.
3. Are there Home Depot credit card rewards?
No, the Home Depot credit card does not offer rewards such as points, cash back, waived fees, or regular discounts.
4. How do I pay my Home Depot credit card?
You can pay your Home Depot credit card balance three ways:
- Online: Go to https://www.thdloan.com/ to pay your Home Depot credit card bill online.
- Over the phone: Call (877) 476-3860
- By mail: Write a check to “Home Depot Loan Services” and mail it to the following address:
Dept #3025
The Home Depot
P.O. Box 2153
Birmingham, AL 35287-3025
Comparable Cards
See how the Home Depot credit card compares to similar credit card options.
Home Depot Credit Card vs. Lowe’s Advantage Credit Card
The Lowe’s credit card is very similar to the Home Depot credit card, and both appeal to home DIYers. Like the Home Depot card, the Lowe’s Advantage card has a $0 annual fee and offers 6-month special financing for purchases $299 and up.
However, the Lowe’s credit card offers a rewards rate of 5% back on purchases. As the Home Depot card doesn’t offer any rewards, the Lowe’s credit card is a better deal.
Home Depot Credit Card vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card
If you want a low-cost credit card with high approval odds, the Petal® 2 “Cash Back, No Fees” credit card is a great option. With a $0 annual fee and 1%–5% cashback rewards on everyday purchases, the Petal® 2 can easily subsidize some of your renovation costs.
Additionally, the Petal® 2 is a standard Visa® card, meaning you can use it anywhere Visa® is accepted.
Home Depot Credit Card vs. American Express Cash Magnet® Card
The American Express Cash Magnet® card is another credit card with a $0 annual fee, and cashback rewards. With this card, you’ll earn 1.5% cash back on everyday purchases.
American Express cardholders also get access to American Express Offers, which are exclusive deals and discounts for shopping at partnering companies. As Lowe’s is a partner of American Express, you can get special offers for home improvement tools and supplies bought at Lowe’s with your American Express card.
The one downside of this card, however, is the high barrier to entry. You’ll need good or excellent credit to be approved.
