Financing Your Home Depot Purchases – the Easy Way!Jun 17, 2021 | 0 Votes by Mel - rate While the coronavirus pandemic may have caused a majority of homeowners to put off any kind of home improvement or renovation project, whether minor or major; certainly there are some situations when you may not have a choice but to invest in a particular home project or a new large appliance. With finances being tight for most people these days, fortunately, in these cases, consumers and pros alike can count on The Home Depot’s Credit Center, which offers a variety of convenient, affordable credit card options to extend their purchasing power as well as manage and pay for their accounts.
Whether it’s for home or business, The Home Depot finance and card services team has you covered with a store card or Home Depot loan to help you get the job done.
Do note that The Home Depot consumer and commercial credit cards—which are private label cards in partnership with Citibank—are not general use credit cards and can only be used online on HomeDepot.com or in Home Depot stores.
The Home Depot Consumer Credit Card
The store’s most popular card option, The Home Depot Consumer Credit card allows you to extend your budget for making home repairs, updates, and improvements by providing you with special financing on purchases of $299 or more. It is ideal for purchasing everyday home needs such as appliances, furniture, power tools, lighting, lawn and garden supplies, and more.
Attractive features include 6 Months Financing with 0% Interest (subject to credit approval; terms and conditions apply) on purchases of $299 or more. Take note, though, that like any other “deferred interest” promotion, there is 0% interest only if paid in full STRICTLY within 6 months (meaning that even if you are just one day late with your payment you will be charged the full interest amount for the past six months).
Also, you have the flexibility of a 1 Year Return Window which is 4X longer than the regular Home Depot returns policy (subject to credit approval; terms and conditions apply); Zero liability on unauthorized charges; and Rotating Exclusive Offers, such as 10% off certain brands for a limited time and Up to 24 Months Financing during special promotions (subject to credit approval; terms and conditions apply).
Outside of the deferred interest promotional offer, The Home Depot Consumer Credit Card offers APRs of 17.99%, 21.99%, 25.99%, or 26.99%, based on creditworthiness with a minimum interest charge of $2. The card comes with the standard 25-day grace period and late payment fees can be up to $40.
The Home Depot Project Loan Card
Considered more of a loan or a line of credit than a credit card, the Home Depot Project Loan Card is designed to finance larger renovation projects, such as a bathroom or kitchen makeover, and may be a better option for you than its Consumer Credit Card with its significantly larger line of credit of up to $55,000, with up to 84 months to pay it off, and no annual fees. Also ideal for consumers who don't have access to lower-APR loans elsewhere, such as a home equity loan, the starting annual percentage rate or APR is 7.42% (for a six-month payback) up to 114 monthly payments at 19.96% APR.
Other notable features include: fixed low monthly payments with more time to pay and flexibility to pay off any time; monthly payments not exceeding $20 per $1000 spent (e.g., $160 per month for an $8000 purchase); fixed APR for the life of the loan; and no down payment required.
The Home Depot Commercial Revolving Charge Card
As a pro, you can maximize your spend and manage your business more effectively with Home Depot commercial accounts tailored to your needs. The Home Depot’s Commercial Revolving Charge Card offers contractors the flexibility to make low monthly payments or payments in full each month. Plus, you can run multiple job sites more efficiently with the ability to issue Authorized User Cards to trusted employees.
Other advantages of the card include: Itemized Billing Statements that are easy-to-read and are organized by product number; Easy Purchase Tracking by PO number, job name, or job number; Online Account Management where you can view, manage and pay your account online, from anywhere; 1 Year Return Window which is 4X longer than the regular Home Depot returns policy; Pro Xtra Membership; Fuel Savings at participating stations; and 60 Days with no interest on every purchase (2X longer to pay; minimum monthly payments required).
The Home Depot Commercial Account Card
Also, an alternative option for professionals is The Home Depot Commercial Account. With this card, instead of flexible monthly payments, you can pay the balance of your purchases in full each month, with the ability to itemize and pay by invoice, issue Authorized User Cards with set spending limits and detailed purchase information to key employees.
As for other benefits, they are similar to those of The Home Depot Commercial Revolving Charge Card.
Furthermore, for all New Accounts regardless of the card you apply for and for a limited time only (until July 28, 2021), you can save up to $100 on your qualifying purchase when you open a new card (subject to card approval; not combinable with other discounts). Offer is redeemable for a $25 discount on a single-receipt purchase of $25 to $299; a $50 discount on a single-receipt purchase of $300 to $999; or a $100 discount on a single-receipt purchase of $1000 or more (excluding tax and delivery fees) within 30 days of account open date.
For a complete detailing of terms and conditions when applying for any of The Home Depot’s credit or loan cards, visit the Credit Center FAQs page of HomeDepot.com.
While none of the consumer and commercial Home Depot credit cards offer any cash back or related rewards like other private label cards, they are, nevertheless, ideal for financing building materials and bigger ticket items for such things as home renovations. Whether you are a private homeowner or professional builder, Home Depot’s flexible terms, deferred and 0% interest, special promotions, and longer return windows for purchases make them worth considering if you are more than a casual customer of the store and are budget-conscious—especially in these challenging pandemic-affected times.