How To Find The Right Home Depot Credit Card

The Home Depot is a large home improvement retailer. They offer many different credit cards which are available through Target Financial Services. Through these credit cards, consumers can receive rebates or discounts on purchases they make at The Home Depot. Consumers with poor credit may not be approved for some of the cards but in most cases, they will be eligible to apply for either the store-specific card or the Mastercard. Consumers who do not qualify for a credit card can submit an application for a The Home Depot gift card and make purchases and pay off the balance at their own pace (The Home Depot).

Shopping for home improvement is not an easy thing to do. Many consumers are so overwhelmed with all of the different stores and products that they don't know exactly where to start. With many years in business, The Home Depot has become a leader in home improvement and will continue to make changes and updates along the way to keep up with their customers' needs (The Home Depot).

Credit cards are a great way to earn additional discounts. Not only are there various credit cards available, but the savings can be significant when shopping at The Home Depot. There are four different types of credit cards that consumers can apply for either online or in-store. Each card has its own advantages including discounts on purchases made at The Home Depot, bonus points on particular purchases, and discounts on purchases made elsewhere. With so many different cards to choose from, it is easy for consumers to find the credit card that works best with their lifestyle (The Home Depot).

Here are the four different credit cards available in 2022:

Besides the Home Depot logo, this is a typical credit card that can be used for any purchase. Everything from groceries to gas and dining out can be purchased using this Mastercard. Unfortunately, those with poor or no credit will likely not qualify for this card (Target store credit cards are a similar case). The APR is pretty standard at 16.24%-21.24% variable, based on creditworthiness.

Features include:

• No Annual Fee- The Home Depot card does not charge an annual fee.

• Online Account Access- You can manage your account 24/7 online. Make payments, view statements, set up email updates and more.

• Extended Warranty - If the item you purchase with this card is covered by a manufacturer's warranty, you can get up to an additional year of coverage.

Pros of the Home Depot card

Ongoing access to special financing offers- The Home Depot card offers a variety of special financing events. Customers may see offers for no interest and low-interest rates, as well as special promotional financing plans.

Sizable first purchase discount- New cardholders who spend $299 or more will receive $20 off their purchase. This can be used on any item in the store, including tools and appliances.

Accessible for applicants with fair credit- The Home Depot card is available for those with fair credit, though you'll have to go through a qualifying process that will take into account your income and debts.

Cons of the Home Depot card

Bad for those with poor Credit- Unfortunately, the Home Depot card is not meant for those with poor credit. Applicants with bad or no credit will likely find that they are declined.

High standard purchase APR- Standard purchase APR for this card is 16.24%-21.24% variable, which is higher than average for most credit cards. 

This card allows buyers to make easy, interest-free monthly payments over the course of two years (24 months). You can use it like any other credit card- making purchases at various stores. However, you can't take cash advances or balance transfers with this card. The APR ranges from 0%-21%.

Your monthly payment is calculated based on your income and expenses. This card works well for those who have a steady income and can afford to make monthly payments.

Features of the Project Loan Card include:

• minimum monthly payment- Cardholders are required to pay a minimum of $25 each month. If that amount will not cover your interest or fees due, you have other options for paying them off (including increasing your monthly payment).

• Ongoing credit line- You can continue making purchases with this card after the project is paid off. You'll need to make minimum payments, but you won't be charged interest on the card after your project is paid off.

• Interest-free financing- You can make six equal payments over a two-year period. You do not have to pay interest or fees on this card for the first 24 months, so long as you make all of your payments.

• This is ideal for those who are looking to finance an expensive purchase but don't want to go through the hassle of getting a traditional loan.

Pros of the Project Loan Card

Ongoing access to special financing offers- The Home Depot card offers a variety of special financing events. Customers may see offers for no interest and low-interest rates, as well as special promotional financing plans.

Low monthly payments- You can choose a monthly payment amount that is appropriate for your budget. This helps those who want to make smaller monthly payments manage those amounts more easily.

Eliminates the need for cash and checks- This card is great for those who like to keep a low balance on their account, as there isn't an option to write checks or take out cash with this card.

Co-applicant allowed- You can add a co-applicant to make your monthly payments more affordable. This card is exempt from the Home Depot contractor rule, which means you are allowed to have someone else share in payments with you.

No annual fee- You won't be charged an annual fee for this card.

Fixed APR- Responsible monthly payments will result in a lower APR. The APR for this card is 0%-21%.

Cons of the Project Loan Card

Can't consolidate debts- This card is meant to be used for one project only. You cannot combine your debt on this card with other credit card debt or any other kind of loan.

Bad for those with poor Credit- Unfortunately, the Home Depot card is not meant for those with poor credit. Applicants with bad or no credit will likely find that they are declined.

No cash advance- You cannot withdraw cash from an ATM with this card. It is meant for purchases only.

No prequalification option- If you are trying to improve your credit, this card is not for you. This card requires approval. You cannot check your credit score or request approval unless you are already approved.

Only applicable at home depot- You can only use this card at Home Depot stores. You cannot use it at any other store or online.

This is called Commercial Revolving Card in Canada. It's issued only to employees and pro customers. You get 6 months no interest on purchases of $1500 or more. No Annual Fee. After the promotional period ends, you'll pay for the balance according to a special APR, which is 19.99%. You can choose a monthly payment plan while paying off your card's balance.

Features

• Full-year Extended return policy- You can get a full-year return policy if you register your card online at the time of purchase for all items except major appliances, televisions, computers, and tablets. This is an awesome perk because most companies allow 90 days only.

• Online account management- You can pay, view and manage your account online.

• Cancel transaction- In case of a lost card or compromise in security, you can cancel a specific transaction made at any Home Depot store with just one phone call. That's great because you don't have to go back to the store to get it canceled.

• No Annual fee and Cashback rewards- You can earn cashback on every purchase. Every time you spend $1000, you receive a reward certificate worth 10% of your purchase. Once you receive it, you have to use the certificates within 90 days or they expire. You can earn up to $300 in cashback per year.

• You can increase your chances of getting cashback by using multiple cards. You can have up to 4 Pro Xtra Credit Cards at the same time, provided you are an employee or pro customer of Home Depot. Even if you don't use all these cards yourself, you can always give them away as gifts.

Pros of the Pro Xtra Credit Card

No Annual fee

You get 6 months no interest on purchases of $1500 or more- The interest rate is decent (19.99%) and you don't have to make any minimum monthly payments during the promotional period. If you want to avoid an expensive credit card, this one might be perfect for you.

You get Cash backs on every purchase

No Foreign Transaction fee- You can use this card to make purchases outside of the U.S without paying extra fees. So you're not limited by where you can shop.

Cons of the Pro Xtra Credit Card

Only applicable to pro employees and pro customers- If you are not a pro-employee or pro customer, this card is not meant for you. So if you want to apply for this card, make sure that your employer allows it.

Cashback certificates are valid for 90 days only- If you don't use them within 90 days, they expire. The odds of paying the full balance in 90 days are slim to none, so this is a big drawback.

The cashback doesn't apply to all types of purchases-It's only 10% on qualifying items. You earn nothing on zoning, delivery, service contracts, or any other fees associated with your purchase. Plus, you receive a reward certificate only if you spend $1000 on one transaction. That means the card is great for big purchases but not good for small ones.

This card is only available to Home Depot business customers. You get 6 months no interest on purchases of $1500 or more. No Annual Fee. After the promotional period ends, you'll pay for the balance according to a special APR, which is 19.99%. Of course, you can choose a monthly payment plan while paying off your card's balance like most credit cards.

Features

• A.I.M- Auto Inventory Management- You can order stock items via the AIM program with this card and have them delivered directly to your store within 3 days, without having to pay any delivery charges. This saves you money because you don't have to go outside shopping anymore.

• Instant Savings of 5%- You get 5% discounts on all items purchased with this card. The discount is valid for 90 days.

• Special financing- Since you're a business owner, the APR period might be too short for you especially if your business is in a slump and you need to buy more stock. If that's the case, the special financing option lets you spread payments of up to 6 months. You can't have it free of charge though, expect to pay more interest on your purchases if you choose this option.

Pros of the Home Depot Commercial Account Card

No Annual fee- This is great for business owners who can't afford to pay any more fees.

Instant savings-You gets 5% discount for all items purchased with this card. The discount is valid for 90 days.

Great for big purchases- You can get up to 6 months of financing on large purchases.

Cons of the Home Depot Commercial Account Card

Special financing option comes with a high interest- If you're looking for low interest, don't apply with this card.

High fees for late-payments and cash advances- Late payments will cost around $30 if your minimum payment is less than the total due. Cash withdrawals also come with a fee (3% of the withdrawn amount)

Overall, the Home Depot Credit Cards have their pros and cons. If you're looking for a card with no annual fee, the Pro Xtra Card might be perfect for you. However, if you want cashback on all purchases, then the Commercial Account Card is a better option. Keep in mind that both cards have specific restrictions- like only being applicable to pro employees or customers- so make sure to read the terms and conditions carefully before applying.

The Home Depot has been one of the top home improvement companies in America for a long time. One reason why its credit cards are also well-known is that they offer exceptional convenience and saving opportunities to their customers. If you're thinking of getting a Home Depot Credit Card, take a look at some other popular retail credit card offers before you decide.