Home Depot Credit Card: Should You Get It?

The Home Depot credit cards provide decent financing options for people who absolutely need them. However, the lack of a good rewards program makes these cards hard to recommend for anyone that is diligent about fully paying off their credit card bill month-to-month.

Review: Our Thoughts On the Home Depot Credit Card

The Home Depot credit cards can be fantastic for those people who frequent the store and need a little bit of breathing room to pay off big purchases. The biggest downside to these cards is that they don't offer any ongoing cash back rewards, like you might find on other credit cards.

Good For...	Bad For...
Financing purchases at Home Depot	Those looking for cash back rewards
	Anyone who only shops at Home Depot a few times per year

While you can use the Home Depot credit cards to finance purchases, we urge readers to consider whether they should actually use them this way. Even with the special financing, the interest charges can mount up and prove financially straining over time. You should only finance big purchases that you consider to be an investment. For example, if you need to take out credit to pay for a remodeling that will increase the resale value of your home, it may be worthwhile. However, avoid the temptation to simply finance things that are of no long-term value, like a new power tool or electric saw. Ideally, those things should only be purchased once you have the capital to pay off your bill immediately at the end of the month.

The Home Depot also offers business credit cards that mostly fulfill the same purpose as the consumer cards. They can give your company breathing room by allowing you to finance the purchase of building materials and other items at the Home Depot. If you have steady cash flow and don't need to finance anything, we recommend checking business credit cards with reward programs instead.

Bottom Line: Consumers or business owners who need to finance a lot of big purchases at The Home Depot store should consider applying for one of these credit cards. If you're more interested in earning rewards and cash back, we recommend looking at other cards.

Home Depot Credit Card Benefits & Features

The primary benefit of applying for either Home Depot credit card is the ability to finance your purchases at the store. Whether you're working on small repairs around the house or a massive remodeling, these cards allow you to buy materials with special offers that reduce the amount of interest you pay. Unlike other store cards, the Home Depot credit cards don't generally offer any cash back. The only exception are the limited time offers that will run from time to time. For example, you can get $25 off a Toro Power Clear Snow Blower when using a Home Depot Credit Card. This offer expires 11/01/2017.

	Home Depot Consumer Credit Card	Home Depot Project Loan

Annual Fee	$0	$0
APR	17.99%, 21.99%, 25.99%, or 26.99% based on your creditworthiness	7.99%
Credit Lines	Up to $15,000	Up to $55,000
Financing Offers	Up to 24 months financing during special promotions	Up to 84 months to pay off
Network	None (store credit card)	Mastercard

Home Depot Small Business Credit Cards

In addition to providing consumer cards, Home Depot also offers credit card options for contractors and other professionals who may shop frequently at the store. You can apply for either the Commercial Revolving Charge Card or the Home Depot Commercial Account Credit Card. Both cards provide discounts on qualifying fuel purchases and no interest for 60 days on all purchases.

Whenever you shop at Home Depot with the Commercial Card, you'll receive $0.10/gallon for every $100 spent. The rewards will be given in the form of a Fuel Rewards card that you can use to buy gas at participating Shell locations. For example, if you spend $4,000 at Home Depot, you'll receive $4 off per gallon on your next purchase.

The other big benefit of the commercial cards is the 60-day no interest period. With an ordinary credit card, you usually being paying interest on purchases after 25 days. Therefore, the Home Depot Credit Card gives you a bit more flexibility. This setup can be very useful if you have irregular cash flow. Such businesses can use the extra month to fully pay off their balance.

How Do The Home Depot Credit Cards Compare to Other Options?

Whenever you consider signing up for any credit card, you should take a moment to consider how it stacks up against your other options. Shopping around and comparing offers will help to find the best deal for you.

Home Depot Credit Card vs Project Loan

If you're getting ready for a big home remodeling project and wish to finance part of it, we recommend applying for the Home Depot Project Loan Credit Card. Occasional Home Depot customers will do better with the Consumer Credit Card option instead. The two credit cards are designed for the two scenarios laid out above, and the benefits of each are organized to account for that. The Project Loan Card has a far lower fixed-APR making it idea for long-term financing. The Home Depot Consumer Credit Card has a higher interest rate, but runs occasional promotions and allows you to finance smaller purchases on an ongoing basis.

Highlights

The Home Depot Consumer Credit Card is better for customers who occasionally shop at the store, but have no big upcoming projects.
The Project Loan Card is best for those who need funds now for a big remodelling project, and wish to finance their purchases at a low fixed APR.

Home Depot Credit Card vs Lowes Credit Card

The Lowes credit card is generally much better than the Home Depot credit card in all respects. First, the card has a rewards program—offering 5% off everyday purchases. It also runs special promotions throughout the year that can provide cardholders even better savings. You can also get special zero percent deferred interest financing on purchases, so long as you pay it off in full within six months. The Home Depot Credit Card does have a lower ongoing purchase APR than the Lowes Credit Card. However, the two are still quite high relative to ordinary credit cards, making this distinction irrelevant. If you have no preference between shopping at Lowes and Home Depot, we recommend getting a credit card with the former.

Highlights

6-month financing on purchases or orders of $299 or more. No interest if paid in full within six months.
5% off every day.
Special financing available on any project $2,000 or more.

Home Depot Credit Card vs Discover it® - Cashback Match™

If you're after a new credit card and only shop at Home Depot once or twice per year, consider the Discover it® - Cashback Match™. The card offers 5% cash back in rotating categories each quarter up to the first $1,500 spent. Typically, at least one quarter is devoted to home improvement stores, which includes Home Depot, Lowes and many other hardware stores. In terms of financing, the Discover it® - Cashback Match™ provides 0% introductory APR for 14 months on purchases and balance transfers. That can be great if you are looking to finance a project, and all you need is those 12 months to pay everything off in full.

Highlights

5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate.
You'll get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year.
0% Intro APR for 14 months on purchases and balance transfers.

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Home Depot Credit Card: Should You Get It?

Review: Our Thoughts On the Home Depot Credit Card