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The Home Depot Consumer Credit Card: Should You Get It?

The Home Depot Consumer Credit Card
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The Home Depot Consumer Credit Card: Should You Get It?

A decent option if you need special financing at Home Depot stores. This is a store credit card, so you can't use it at any other locations.
Editor's Rating: 4.0/5.0
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Editor's Rating

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4.0/5.0

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.

The information related to The Home Depot Consumer Credit Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

The Home Depot Consumer Credit Card provides decent financing options for people who absolutely need it. However, the lack of a good rewards program makes this card 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 Consumer Credit Card

The Home Depot Consumer Credit Card 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 this card is that it doesn't offer any ongoing cash back rewards, like you might find on other credit cards.

While you can use The Home Depot Consumer Credit Card 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 Consumer Credit Card Benefits & Features

The primary benefit of applying for The Home Depot Consumer 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, this card allows you to buy materials with special offers that reduce the amount of interest you pay. Unlike other store cards, The Home Depot Consumer Credit Card does not offer cash back rewards.

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The Home Depot Consumer Credit Card

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Annual Fee
No Annual Fee
Regular APR
17.99% - 26.99% Variable
Credit Needed
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Excellent
Editor's Rating
{"onCurrent":true,"message":"Our team rates credit cards objectively based on independent research, the features the credit card offers users, and how it compares with other available cards in its category. The ratings are the opinion of our editors, and are not influenced by any outside factors, including any compensation the site may receive from certain advertisers."}

The information related to the The Home Depot Consumer Credit Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

How Does The Home Depot Consumer Credit Card 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.

The Home Depot Consumer Credit Card vs Project Loan

Home Depot Project Loan Credit Card
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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 Home Depot 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.

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.

The Home Depot Consumer Credit Card vs Lowes Credit Card

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The Lowes credit card is generally much better than The Home Depot Consumer 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. 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.

The Home Depot Consumer Credit Card vs Discover it® Cash Back

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If you're after a new credit card, consider the Discover it® Cash Back. The card offers 5% cash back in rotating categories each quarter up to the first $1,500 spent OR up to the quarterly maximum (activation required). Below, we've included the 5% rotating bonus calendar for 2019.

January-MarchApril-JuneJuly-SeptemberOctober-December
Grocery storesGas stations, Uber & LyftRestaurants and PayPalAmazon.com, Target & Walmart.com

In terms of financing, the Discover it® Cash Back provides 0% introductory APR for 14 months on purchases and balance transfers (then a 13.49% - 24.49% Variable APR applies). That can be great if you are looking to finance a project, and all you need is those 14 months to pay everything off in full.

Highlights

  • Earn 1% cash back on all other purchases.
  • 0% Intro APR for 14 months on purchases and balance transfers (then a 13.49% - 24.49% Variable APR applies).

Comments and Questions

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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