Up to 24-Month Promotional Financing Offers on Specific Types of Purchases
In the Home Depot Consumer Credit Card, you’ll find an in-store, retailer-specific credit card that can help you save quite a bit of money in interest charges if you use it correctly. On top of that, your return policy length is quadruple that of the normal Home Depot customer, as you’ll have a full year to get your money back.
There are plenty of 0% Annual Percentage Rate (APR) financing options with this card, including an everyday, six-month no-interest offer on purchases of $299 or more. But, on a rotating basis, Home Depot will offer specific chances to save money on or get financing for purchases made in specific categories. Some current offers include saving on sheds and garages, as well as financing on heating and air conditioning.
There is no annual fee with this card. The APR with the Home Depot Consumer Credit Card is a bit high – 17.99%, 21.99%, 25.99%, or 26.99% variable – though you can expect this with any retailer credit card.
Smart Features
No annual fee – You will not incur a yearly charge to remain a keep the Home Depot Consumer Credit Card in your wallet.
Six-month, 0% APR financing - Purchases of $299 or more will receive six-month no interest financing as long you pay the total off within that time frame.
Up to 24-month financing - During special promotions run at specific times of year, you can get up to 24-month financing on your home improvement purchases with this card. These promos will be communicated to you via mail, email or in-store.
One-year Home Depot return policy - As a cardholder, you’ll get a one-year return policy to make any exchanges or get your money back. This benefit is four times the length of the normal customer’s return policy.
High APR range - Upon completing your application process, you’ll receive a 17.99%, 21.99%, 25.99%, or 26.99% variable APR. This is high for most credit cards but a normal range for retailer specific ones such as this.
12-month, 0% APR financing on building materials - If you make a purchase of $5,000 or more on installed roofing, siding, windows, insulation, gutters or leaf protections will receive 12 months to pay off their total with no interest. If this is not paid off during that one year, interest will be back-charged from the purchase date.
12-month, 0% APR financing on heating/air conditioning - If you spend $299 or more on an installed heating or air conditioning system, you won’t be charged any interest for 12 months on that purchase. Should any of the purchase balance be left over at the end of this period, interest will be charged from the original purchase date.
12-month, 0% APR financing on water treatment - When you make an installed water treatment purchase of $299 or more, you’ll get 12-month, no interest financing on that total. However, if any balance from this purchase is left over at the end of this promotional period, interest will be charged all the way back from the purchase date.
Who It Benefits
The Home Depot Consumer Credit Card is for you if you’re a consistent shopper at the retailer. Whether it’s the six-month no interest financing available on any purchase of $299 or more or the one-year return policy, if you frequent this home improvement retailer, you should have this card to help you save early and often.
Perhaps you love to work on your home or other properties, but you’ve never been locked into any specific store as your main shopping center. This card could be an opportunity to make that commitment and deliver you rewards in the process.
How It works
You can complete the application process for the Home Depot Consumer Credit Card either in-store or online depending on what works best for you. If approved, you’ll have access to your account through Citi Bank’s website. There you’ll be able to make payments and manage your account’s authorized users, personal information and statement history.
Once you begin using your card, the most common offer you’ll likely take advantage of is the six-month 0% APR financing on purchases of $299 or more. This is the basis for the entire program, as everything else given by this card is much more category-specific, such as for bath installation or fencing. Occasionally, there will be special 24-month financing offers afforded you, though these will be more sporadic than every other benefit.
Some of the current choices paired with 12-month, 0% APR financing are building material, heating system and air conditioning system purchases. The main caveat to these offers is that if you have not paid off the total purchase amount during the 12 months given to do so, the interest you’re charged will fall back to the original transaction date. This adds on an entire year of interest, possibly crippling the cardholder financially in certain situations.
When you make payments on your account, any amount in excess of the minimum will be applied to the charges with high interest rates, so as to keep your accruing balance as low as possible. You can make these payments can be made either online or by mail, though mailed checks require five to seven days for shipment.
The maintenance costs are low for the Home Depot, as there’s no annual fee to be paid, taking a bite out of your no-interest payments in the process. The variable APR associated with this card, however, is a bit high, ranging anywhere from 17.99% to 26.99%, depending on your credit score. Though these rates are right in line with most other retailer credit card options, they’re still high APRs in the end.
What's the Catch
Though the Home Depot Consumer Credit Card clearly provides an aid for those looking to ease into a big home improvement purchase, the interest rates and policies surrounding them could be somewhat problematic.
Although this isn’t an uncommon issue with retailer credit cards, this card does have the possibility of a high APR. This rate will specifically be 17.99%, 21.99%, 25.99%, or 26.99% variable, depending on your credit score and history.
Furthermore, if you take advantage of any of the six, 12- or 24-month low-APR or no-interest financing offers and don’t pay off your balance during one of those three allotted times, you run the risk of exorbitant extra costs. This is due to the fact that if you miss the payment time, you’ll be charged interest, not from the date of the promotion’s end, but rather from the original purchase date.
Just the Math Please
Rewards
Rewards don’t come in the cash back or point style that other cards do, rather it is much more no interest financing based. So no matter what you’re buying at Home Depot, as long as you’re spending $299, you’ll be afforded 6-month no interest financing on that purchase.
The above offer is what most cardholders will take advantage of, but if you’re needing to complete a rather large home improvement purchase soon, there are more financing possibilities that rotate based on categories. Currently, you’ll save up to 10% on shed and garage purchases, as well as 12-month, no-interest financing on installed heating and air conditioning systems.
On top of both of these benefits, during specified promotional periods, Home Depot will include 24-month financing in its cardholder program. This will give you two full years to pay your purchase off without needing to pay anything extra than what your original transaction stood for.
Rates and Fees
Annual Percentage Rate (APR) for Purchases
17.99%, 21.99%, 25.99%, or 26.99% variable, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
APR for Balance Transfers
N/A
APR for Cash Advances
N/A
Penalty APR and When It Applies
N/A
How to Avoid Paying Interest on Purchases
Your due date is at least 25 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.
Annual Fee
$0
Transaction Fees
N/A
Penalty Fees
Late Payment: Up to $40
How It Stacks Up
Though the Home Depot Consumer Credit Card has no direct, in-store competition, it can be compared to a similar retailer’s option. So how does the Lowe’s Advantage Card hold up in comparison?
In many ways, the Lowe’s card might, in fact, be superior to the Home Depot Consumer Credit Card, especially in terms of the choice it offers within its benefits package. For example, the Home Depot Consumer Credit Card restricts their special every day financing to just six-month, no-interest financing, whereas Lowe’s affords both 5% off and six-month, no-interest financing. This decision process makes the card much more customizable for you depending on what your current credit situation is.
On top of that, any major project of $2,000 or more with Lowe’s will earn you a choice among 36-, 60- or 84-month, low-APR financing, easing the financial strain of such a big undergoing. While Home Depot does offer 12-month, no-interest financing on specific purchase categories, it still doesn’t match Lowe’s three-plus year equivalent mentioned above.
The major potential downfall of the Lowe’s card in comparison to the Home Depot Consumer Credit Card is the 26.99% variable APR you're given, no matter your credit score. Because Home Depot offers three rates beneath Lowe’s APR, the potential long-term risk associated with having an outstanding card balance would clearly be higher with the Lowe’s option.
Bottom Line
Although the Home Depot Consumer Credit Card’s 17.99%, 21.99%, 25.99%, or 26.99% variable APR range is definitely up there, even among retailer-specific cards, the six-, 12- and 24-month low-interest options offered at specific times can help ease that burden, as long as you stay within the confines of the payment period. By doing that, you won’t be back-charged any interest from the original purchase date.
If you love home improvement and want the leeway not to pay off your renovation purchases immediately, the Home Depot card gives you that luxury without the fear of high interest. Make sure you constantly keep an eye out for category-specific financing promotions, so you can grab onto those special 12- and 24-month offers while they’re still around.
Next Steps
- Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Saving money is easier said than done, but having a high-yield savings account is a great start. To see what's available today, take a look at our overview of the top savings accounts.
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