Home Depot is THE place most Americans go to buy their home improvement tools and materials, but that doesn't mean they offer the best store brand credit cards on the market.
In fact, some people wish they had never applied for their cards at all.
Here's the lowdown:
Home Depot credit cards have no annual fees, but offer no customer rewards either.
Not having cash back rewards or customer loyalty rewards is a good reason not to use Home Depot credit cards, especially because their Annual Percentage Rate (APR) is as high as 26.99%!
For the DIY-er (or business) that needs a better credit card option, Home Depot's biggest competitor has much more to offer.
For contractors or others who would regularly be making large purchases from Home Depot, the store offers the Commercial Revolving Charge credit card and the Commercial Account credit card.
Both commercial cards seem to work well and offer fuel rewards.
Home Depot also offers two store brand credit cards – the Home Depot Consumer Credit Card and the Home Depot Project Loan Card – and they both have less appealing reputations.
Let's look at how they both work and why some people feel that applying for the consumer credit cards it just not worth it.
Home Depot Consumer Credit Card
This card increases your budget for buying purchases for small home projects and offers financing for 6 months.
- Credit limits can be as low as $500
- On purchases totalling $299 or more, cardholders have interest-free financing for 6 months
- After the 6 months is over, they must pay monthly minimums on the loan plus approved APR
- Card can be used for purchases online or in-store
Based on an applicant's credit-worthiness, APRs are:
- Minimum interest payments are $2
- To avoid interest on purchases, payment is due within 25 days
- Late Payment Fee is up to $35
- Returned Payment Fee is up to $35
- No Annual Fees
- No Customer Rewards plan
Other cardholder benefits include periodic limited-time promotions with up to 24-months financing and free returns on purchases for up to one year.
Recent promotions for cardholders include:
- Special Order and Installed Blinds, Shades and Shutters – Use your Home Depot credit card to purchase between $999-$1,998 on special orders and installed window treatments and receive 18 months financing.
- Shed USA Installed Sheds & Storage Buildings – Use your Home Depot credit card to purchase a shed and receive up to 15% off, plus 5% savings off statement credit.
- Installed Water Treatment – Use your Home Depot credit card to purchase a water treatment system for $299+ by ordering by phone and there is no interest if the purchase is paid in full within 12 months.
The Small Print
The 6-month interest-free window is the tricky aspect to the Home Depot Consumer Credit Card.
If you do not pay off your purchases in full before the 6 months is up, not only does the full APR kick-in going forward, but Home Depot back-charges you at this rate from the day your made your purchases.
This process is called deferred interest, and if you do not heed the pay in full within 6 months offer, there is no benefit to using this card at all.
Home Depot Project Loan Card
This credit card works like a line-of-credit to finance large projects like remodeling, additions and roofing.
- Loan amounts run between $2,500 – $55,000 depending on applicant credit scores
- Loans can be used for purchases online or in-store and services
- From loan approval, the cardholder has 6 months to purchase everything they need for their project
- During the 6 months, the cardholder can pay interest-only on their loan at an APR of 7.99%.
- After the 6 months is up, the cardholder pays a fixed monthly rate for up to 84 months (or 7 years) to pay off their loan
- No Annual Fees
- No Pre-Payment Fee
- Late Payment Fee is up to $35
- Returned Payment Fee is up to $35
The Small Print
Again, the 6-month deadline can be tricky.
This card offers good financing on purchases for your large-scale home project, but you must purchase all of the materials you need within the first 6 months after approval.
This means that you better be prepared with a full inventory of the purchases you need to make before applying because you will not be given much time to pull everything together after your approval date.
Who Issues Home Depot Credit Cards?
Both of these credit cards are issued by CitiBank and cardholders who make payments online will log into a Citi website through the Home Depot portal.
Requirements & Eligibility
- Valid photo ID
- Valid Social Security Number (SSN)
To be approved for either of these Home Depot cards, you must have a minimum FICO score of 650. APRs and credit limits are based on credit-worthiness, income and debt.
There are three ways to apply for either of the Home Depot credit cards:
- In-store: At the Customer Service desk inside any Home Depot store
- Online: At www.homedepot.com
- By Phone: Call Consumer Account Services at 1-866-875-5488
Applicants can find out online if they pre-qualify for a Home Depot credit card without harming their credit.
The online application process is fast and easy following these steps:
- Open the Home Depot website and browse to the Credit Center
- Click the Apply Now button (or pre-qualify if you wish to do that first)
- Enter your information on the form
- Review and sign the Account Terms and Details
- Click the Submit Application button
- Receive and save your reference number
Receiving Your Card
You will either receive your Home Depot card or a rejection letter in a few weeks.
Check Application Status
You can use your reference number to check the status of your application by calling Customer Service at 1-866-875-5488.
You must activate your card using one of these methods before you can use it.
- Home Depot activation number 1-866-875-5488
- Register your Home Depot account online and activate your card at www.homedepot.com
Managing Credit Account Online
By creating an online account, cardholders can view their purchases, transactions, check balances and make payments on Home Depot credit cards. If you sign up for the service, Home Depot also offers electronic monthly statements.
Home Depot Credit Card Payment Options
Payments can be made online through your Home Depot Credit Account using debit cards, credit cards or an Automatic Bank Transfer (ABT). You will need your banking information to pay using ABT. You can also sign up for AutoPay to have your monthly payments automatically deducted from your bank account.
Payments can be made over the phone using credit cards by calling 1-866-875-5488.
Payments can also be made at any Home Depot store using cash, check, money order, credit or debit cards.
Payments can be made by check or money order by mail to:
The Home Depot® Consumer Credit Card Payments
Home Depot Credit Services
P.O. Box 9001010
Louisville, KY 40290-1010
NOTE: You cannot use Home Depot Gift Cards to make credit card payments.
Home Depot determines your minimum payment using the following calculation.
Past due amount plus (whichever is largest):
- new balance if it is less than $25
- $25 if the new balance is at least $25
- 1% of the new balance + interest
Late Payment/Returned Payment Fees
The fees for late or returned payment can be very high — up to $35.
Home Depot Credit Card Benefits
- No annual fees
- Long interest-free period and financing terms
- 10% discount coupon upon sign up
Home Depot Credit Card Drawbacks
- No customer rewards
- Deferred interest
- Very high APR
- Very high late payment fees
What are the customer reviews on these cards?
The most common negative review of the Home Depot Consumer credit card is the sorry surprise cardholders receive when they have not paid off their balance for purchases made within the 6-month interest-free time period.
All of their assumed savings was lost when the deferred APR interest was added to their next bill.
Also, cardholders may be blindsided by Home Depot reporting late payments to the Credit Bureaus and lowering their credit scores.
There are many absolute nightmarish reports about accounting SNAFUs like having their credit limit lowered for inexplicable reasons, or being charged late payment fees only to refund them, keeping their card active even though it has been paid in full.
There seems to be more of these kinds of stories than your average store credit card complaints.
There really are not enough benefits of having the Home Depot Consumer Credit Card, especially if you aren't sure you can pay it off within 6 months.
Since the card is owned by CitiBank, it is wiser to apply for one of their cards with a lower APR and more rewards.
Plus, then you can use your card at more than one store — cut out the middle man!
Although the Home Depot Project Loan Card has a better APR and can work well for those who have thoroughly planned out their large-scale home project, most personal loans offer better terms.
Are Home Depot credit cards worth it?
Shop around for a flexible credit card with the kind of rewards you use and a lower APR instead.
For most people, a solid cash back or rewards credit card will invariably be a much better option.
- What can I use my Home Depot credit card for?
The Consumer Credit Card can be used for any purchase at Home Depot or online at www.homedepot.com. The Project Loan Credit Card can be used for purchases and services.
- Where can I use my Home Depot card?
Home Deport credit cards can only be used in-store or ordering through the website at www.homedepot.com.
- How long does it take Home Depot to refund your card?
Mailed payments that arrive at Home Depot's processing facility by 5 p.m. will be credited the same day. After 5p.m., they will be credited the next day. Online, phone and express mail payments received before midnight ET are credited the same day.
- How can I check my Home Depot card balance?
You can manage your credit card by creating a password-protected online Home Depot account.
- Can I withdraw cash from Home Depot credit card?
No, there is no cash advance on the Home Depot card.
- Can I pay for my Home Depot credit card with a debit card? Or Paypal?
Credit cards payments can be made using debit cards, credit cards and cash. You can not use Home Depot Gift Cards to make payments. Home Depot does not accept PayPal.
- Can I use my Home Depot credit card without the card?
Yes. As long as you have activated your card by calling the Home Depot activation number at 1-866-875-5488 or by registering your Home Depot account online and activating your card at www.homedepot.com.
- How to add an authorized user to Home Depot credit card?
Eligible cardholders can add authorized users to their credit card online by logging into their Home Depot Credit Account, opening the Account Profile menu and clicking Add Authorized Users.
- Which credit bureaus does Home Depot report to?
Home Depot reports monthly to Experian, Dunn & Bradstreet and TransUnion.
- How much in FICO scores do I need to be eligible?
Home Depot will be looking for a credit score of 650 or above.
- How soon can I use my Home Depot credit card once I receive it?
Your credit card can be used as soon as you have activated it.
- How to contact Home Depot credit card services?
You can contact Home Depot Consumer Account Services at 1-866-875-5488.
- How can I change my information on my Home Depot card?
Changing your information can be done online by logging into your account and selecting the Account Profile from the top menu to clicking Edit Contact Information. Or you can contact Home Depot Consumer Account Services at 1-866-875-5488.
- Can I increase the credit limit on Home Depot credit card?
You can request a credit limit increase by logging into your Home Depot account online or calling Consumer Account Services at 1-866-875-5488.
- How to report a stolen Home Depot Card?
Lost or stoled Home Depot credit cards can be reported online by clicking Report a Lost or Stolen Card under the Help & Contact Us menu, or by calling Consumer Account Services at 1-866-875-5488.
- How can I cancel my Home Depot credit card?
You can close your account by notifying Home Depot Consumer Credit in writing or by phone at Consumer Account Services at 1-866-875-5488.
- Can someone co-sign for a Home Depot credit card?
You can add a co-applicant for the Home Depot Consumer credit card, but Home Depot will judge their credit-worthiness as well.
- Can I use my card overseas/abroad? If yes, what are the related fees?
US Home Depot credit cards can only be used at stores in the US.
- Will my card be closed if I do not use it over time?
No, your account will stay open until you close it.
- Why has my credit limit been lowered right after I have made a large payment?
According to their website, credit limits can be lowered for any reason by Citi, but they will inform you of the reason it was lowered by mail.
- Is there a cash back offer on my card?
Home Depot offer no customer rewards including cash back offers.