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The Home Depot Credit Card: Help for Your Home Project?

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[Disclosure: Cards from our partners are reviewed below.]

When it comes to home improvement, Home Depot is a heavyweight. The big-box retailer sells home improvement merchandise online and in over 2,200 stores, making it a major shopping destination for millions of home improvement professionals and do-it-yourselfers. Home Depot also offers credit cards aimed to help shoppers finance their projects, which can often get expensive or require repeat shopping trips.

If you’re planning your next big home upgrade, two of Home Depot’s financing options may be relevant to you. Here, we break down the details of both so you can determine if they can help you get to work. (Note: For full details on each Home Depot card, be sure to read the card agreements.)

The Home Depot Consumer Credit Card

home depot credit card

Home Depot’s Consumer Credit Card can help finance your next home improvement project. You can apply for the card in store or online, and you can even find out if you’re pre-qualified without impacting your credit score. (You can view two of your credit scores for free on Credit.com.)

Similar to a cash back card, this card can be used for any Home Depot purchase online or in store, and you can manage your account online or with a mobile app.

The card’s best feature is its variety of special financing options. Currently, Home Depot is offering an introductory 0% APR for all purchases of $299 or more if you pay them off within six months. The annual percentage rate (APR) is a variable 17.99% to 26.99%, based on creditworthiness. There is no monthly fee.

The Home Depot also offers cardholders up to 24 months of interest-free financing during special promotions throughout the year. These promotions apply to rotating categories such as roofing supplies or kitchen cabinets.

Finally, cardholders get one year of “hassle-free returns,” which the company says is four times longer than the typical return period.

The Home Depot Project Loan Card

The Project Loan card is intended for larger, more expensive projects like remodels or additions. The application can be completed in store or online.

As its name implies, the card is actually a loan to cover the costs of your home project. If you’re approved for a loan, Home Depot supplies you with a card, and you get six months to purchase all needed supplies and services. You can get a credit line of up to $55,000.

Once the purchasing window is closed, you get up to 84 months to pay off your loan.

Unlike store credit cards, which come with high APRs, this card comes with a fixed APR of 7.99%, and no down payment is required.

The Verdict

The Consumer Credit Card is certainly appealing for ongoing home improvement projects. It’s straightforward and comes with a variety of introductory offers that could potentially help you avoid paying any interest.

If your purchase qualifies for the 0% APR and you can pay off your balance within the introductory time period, the card is a strong offer. However, the subsequent variable APR ranges are quite high. If you can’t pay off the balance in full before the interest kicks in, you may want to look for a card with a lower interest rate than something between a variable 17.99 to 26.99%.

It’s a tougher call for the Project Loan card. The fixed APR sounds reasonable at 7.99%, and it’s nice that you get six months to make your purchases. But there are many other ways you can finance your project, including home equity loans and personal loans. You may want to carefully research every loan option you have and run the numbers to see which one is the most cost-effective.

Our Picks for Credit Cards With 0% Intro APRs

If Home Depot’s 0% APR offer sparked your interest, you may want to consider other credit cards with similar introductory rates. These cards also let you initially avoid interest, and your purchases aren’t limited to Home Depot.

Here are two of our favorites:

Citi Simplicity Card

Why We Picked It: The City Simplicity Card is simple and straightforward. It has no late fees, no penalty rate and no annual fee. Citi is currently offering 0%* for 21 months on purchases* and balance transfers*, which makes it perfect for paying off an expensive project. The APR is a 14.99% - 24.99% (Variable), as noted below. (Want a more in-depth look at the card? Give our full review a read.)

Annual Fee: $0*

Annual Percentage Rate (APR): 14.99% - 24.99% (Variable) after the 21-month intro 0% APR expires

Discover it — Cashback Match Credit Card

Discover it® - Cashback Match™

Why We Picked It: The Discover it — Cashback Match Credit Card is currently offering 0% APR on purchases and balance transfers for 14 months. It also earns 5% cash back for up to $1,500 spent on purchases in revolving bonus categories each quarter and unlimited 1% cash back on everything else. Revolving quarterly bonus categories include things like restaurants, wholesale clubs or Amazon.com purchases. (You can check Discover’s Cashback Match Calendar online to learn the upcoming quarterly categories.) Note: You have to enroll each quarter to earn the 5% cash back on up to $1,500 in purchases in the designated category. Discover is also currently matching all rewards new cardholders earn in their first year at the end of that year. Again, if you need more deets, check out our full Discover it review.

Annual Fee: $0

Annual Percentage Rate (APR): Variable 11.99% to 23.99% after the 14-month intro 0% APR expires.

At publishing time, the Citi Simplicity and Discover it cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuers. Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuers.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

This article was last updated on June 5, 2017. 


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