Home Depot Credit Card Review 2022

The Home Depot credit offerings not a ton has changed but maybe a little bit different so the Home Depot basic consumer credit card kind of not a lot to get excited about it's a no annual fee credit card that is issued by Citibank

The reasons that you would get the Home Depot credit card number one if you wanted to buy something on credit obviously and then number two if you wanted to get special financing on larger purchases which is the more likely reason that you would go after the card

So let's look at those two points separately number one yes the card gives you the ability to buy on credit at Home Depot however it doesn't offer you any sort of rewards it really doesn't offer you any perks on a sort of everyday basis to incentivize you to use the card probably the only thing that might tip the scales in terms of using

This card regularly at Home Depot is the fact that they do extend the return period on items that you buy at Home Depot if you have used the Home Depot card so you have a full year on potential returns when you buy with the card so that's not bad

Now they say that's four times the regular amount which would suggest that the regular return window is 90 days which for most people is probably plenty but maybe if you're making a larger purchase maybe you would like to have that ability to return something within the year now you look at the Home Depot card versus

Their competitor Lowe's and they have a credit card that gives a five percent discount on all your purchases at Lowe's while Home Depot is not giving any sort of uh reward or discount on your everyday purchases

Now maybe you could make the case that you go to Lowe's and they're going to charge you five percent more on everything and so getting a five percent discount only takes you you to you know Home Depot's regular everyday pricing I don't really know if there's a case to be made there or not

So but if you feel that's true sure maybe it doesn't seem like a difference but defineitely on the surface it feels a lot better to get a credit card that's giving you a five percent discount than to get a Home Depot credit card that's not giving you anything which brings us to

Number two which is probably the reason that more people get the Home Depot credit card to begin with and that is for the special financing as I make this video you can get a zero percent financing on purchases of 299 or more for six months with this card

So you can buy today and you get six months to pay off that purchase without having to pay any interest the only thing to worry about there is that this is something called a deferred financing

So yes you get six months to pay it off and as long as you pay it all off you're not going to pay any interest but you should know that if you pay most of it off but you don't pay it quite all off they're not going to just charge you interest on the balance that is left at the end of six months

If you have haven't paid it all off they're going to charge you all the interest from the date you made the purchase on that original purchase price so that is kind of the deal you are making you are saying

Yes I can pay it all off in six months and if I don't you can just charge me all the interest as if that zero percent offer never existed so that's definitely something that you should know and this card has a regular interest rate anywhere from 17.99 all the way up to 26.99 as

Now there also are other special financing offers sometimes zero percent offers for longer periods of time on purchases that are bigger as I make this video they have a special offer on installed carpeting

I've seen things for fencing in the past and all sorts of different things depending on the season or whatever you can get zero percent offers elsewhere but always make sure you understand that defer to find the financing piece of the equation

If you are going to use the zero percent offer many people when they are approved for the Home Depot credit card will get instant approval and the ability to use the card right away which is something that may be attractive to you as I make this video a bonus was being offered to incentivize you to use the card right away these change often but what I was seeing

As I'm making this video is they would give you 25 off a purchase of 25 up to 299 if you spend three hundred dollars up to 999 dollars you'd get fifty dollars off and if you spent a thousand dollars or more with the card

I think on a single purchase with the card on the day that you are approved you would get 100 off if you're wondering about your chances of being approved for the Home Depot credit card retail store credit cards usually quite a bit easier to be approved for than your Mastercard or VISA cards from a major bank

Now this card is issued by Citibank but the approval odds are still probably going to be better on a retail card even if it is issued by a big bank because the retailer themselves want to get that credit card into more people's hands

So that they will spend more money at their stores so what does that mean in terms of credit credit score probably if your credit score is 650 or above you hit probably have a pretty good chance of being approved for this card and then obviously

If you're below 650 then you're getting into a gray area but your chances definitely are going to be better being approved for a retail card like the Home Depot card than you know a Chase Visa or something of that nature so it's hard to get too excited about the Home Depot credit card that special financing is probably the most interesting thing going on with this card it would be nice if they would offer some sort of Rewards program but this card's been around for a while and they never have

So I'm not really holding my breath for that to happen now let's turn and look at the Home Depot project loan card which is a very different animal so the Home Depot project loan card is intended as the name suggests for bigger projects that you might do in your home things like kitchen renovations bath Renovations that sort of thing

Now while this is a card and it has the MasterCard logo on the front it really does not function the way a normal credit card works and in fact it is an installment loan so what happens is you open the card or open the loan and then you get a six month period to make all those purchases that you would make as part of whatever the project is that you are doing

So it's nice in that way because it's not like you have to buy everything all in one day and then they turn it into a loan instead they give you a six month window to make all those purchases and then at the end of that six months they roll it all together and now you have a loan

For whatever that amount is that you have spent at Home Depot over that period so your loan amount could potentially be up to fifty five thousand dollars for your project and then you're also going to have a payback period again this is an install loan

So on the low end you could have 66 months at an APR 7.42 percent so 66 months is like five and a half years or you could go all the way up to 114 months but then you're going to get an APR at least

Where that's nine and a half years you're talking about then and you're talking about paying almost 20 percent on those purchases that you made so that's kind of doesn't make a whole lot of sense to take out a project loan for something that you're not going to pay back for nine and a half years and pay 20 interest on something more like five

A half years and you pay seven percent interest on a little more understandable and then of course if you have the money to pay it back faster you can do that as well unlike the regular Home Depot credit card which is issued by Citibank the Home Depot project loan card and the actual project loan that you would take out issued by Green Sky

Which is a subsidiary of Goldman Sachs so both of these cards sort of interesting four larger purchases in particular again with the regular consumer card you have the ability to get zero percent financing and then with the project loan card maybe you're getting a decent interest rate as long as you pay things off in a sort of what

I would consider a normal time period but it's still possible that you might be able to go elsewhere and get either zero percent financing or a better rate on a loan if you are doing a big home project

So you definitely would still want to compare these cards to other things that you might get your hands on questions comments put them in that comment section below.

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