A store credit card from Home Depot may assist you in managing your in-store purchases, creating payment plans for large projects, and saving money with exclusive promotions and offers for cardholders.
But it’s essential to understand the difference between a store card, a project loan, and a commercial account.
Home Depot Credit Card Benefits
Before choosing a home improvement credit card, consider why you wish or need a credit card from Home Depot. If you are a new homeowner, have a variety of projects to do or rely on Home Depot frequently, The Home Depot Consumer Credit Card* is a store card with special financing alternatives to help fund everyday household needs.
If you are a business owner and need to load up on supplies for a specific building project, a commercial account or Pro Xtra Credit Card might provide more benefits to you.
Home Depot Consumer Credit Card
The Home Depot Consumer Credit Card* is a store card, meaning it can’t be used outside Home Depot. The card offers 12 months of special financing on purchases of $299 or more.
No interest is charged if the purchase is paid off within the special financing period but deferred interest is charged from the date of purchase if the purchase is not paid off in full. Longer financing periods are also periodically offered during special promotions.
The card also gives zero liability protection for any unauthorized charges to the account and cardholders can enjoy the added benefit of a full year to make returns on purchases—four times the limit on Home Depot’s regular return policy.
1. Project Loan
Whether a professional or a homeowner working on a personal project, the Project Loan card offers six months of 0% APR to purchase Home Depot materials with loan values up to $55,000.
For those who need flexibility in paying off purchases, the Project Loan option offers fixed, low monthly payment options and requires no annual fees.
Review the specific loan agreement to verify your annual percentage rate (APR), as the APR you receive will be based on your creditworthiness.
2. Pro Xtra Commercial Revolving Charge Card
Specifically for Home Depot’s professional customers, the Pro Xtra Commercial Revolving Charge Card allows authorised employees to use the card for company purchases at any U.S. Home Depot store location. As a Pro Xtra program member, users of the Commercial Revolving Charge Card qualify for Pro Xtra Perks and a handful of other benefits, including the potential to earn discounts on paint and other products.
Every dollar spent with the card counts as $4 for purposes of earning rewards to be used toward ProXtra Perks, which, subject to terms and conditions, may include tool rental perks and ProXtra Dollars, which can be redeemed in-store for qualifying merchandise and services.
Note that this program involves minimum spending thresholds and a maximum number of perks you can earn on the card, though the program terms and conditions lack specifics, instead pointing to the members’ MyAccount pages.
3. Commercial Account
Home Depot offers a Commercial Account card for professional customers without many of the Pro Xtra program perks. Commercial accounts are not credit card accounts.
A commercial account allows authorised users to make charges with the card on behalf of your business by issuing buyer ID cards to each user. Employers can also set spending limits and receive detailed spending information to keep track of all purchases.
Though payments must be made in full within 60 days of purchases on this card, there is an offer to receive a 2% early pay discount as long as payment is made online within 20 days of purchase. Users can also optimise payment plans by itemising all invoices.
How To Apply for a Home Depot Credit Card
You may apply for The Home Depot Consumer Credit Card* and other Home Depot-branded, co-branded or store products online, but you can also apply in person at any Home Depot store. Since eligibility is based on creditworthiness, Home Depot will run a credit check, and approval is not guaranteed.
The card issuer will determine your purchase APR or other applicable terms specific to the product you apply for based on your creditworthiness. You can prequalify on the Home Depot website to gauge the likelihood of your approval and what terms you may be given.
How Does Applying for a Home Depot Card Affect My Credit Score?
As with most store cards and most credit cards, a hard credit inquiry is run to approve applicants for Home Depot credit services. Applying for any credit product is a decision you should make carefully since credit checks often lower your credit score by a few points.
On the Home Depot website, you can see whether you pre-qualify for the Consumer Credit Card, which is a helpful way to see your chances of approval without negatively impacting your credit score. However, prequalification and preapproval are not guarantees of approval for any credit card or loan.
If you’re approved for The Home Depot Consumer Credit Card*, your purchases will likely be reported by the card issuer, Citibank, to the three major credit bureaus. Practising responsible financial and credit habits, such as remaining mindful of maintaining a low credit utilisation ratio, can help you improve your credit score.
Is it Hard to Get a Home Depot Credit Card?
Citibank issues the Home Depot Consumer Credit Card* and will perform a hard inquiry to determine your creditworthiness. Citi will collect your employer and bank information and credit history to determine whether you meet its criteria and decide your credit limit.
Like with most credit cards, a good FICO Score can be the difference between being approved and being denied. A good score is typically considered to be between 670-739. If you aren’t sure if you’ll be approved, try going through the preapproval process for the Home Depot consumer card. However, note that preapproval doesn’t guarantee approval.
Where Can I Use My Home Depot Credit Card?
Home Depot credit cards or credit accounts can only be used at Home Depot stores or for qualifying purchases on HomeDepot.com. This means they cannot be used with other stores or vendors.
Is the Home Depot Credit Card Worth It?
For new homeowners or homeowners with various home improvement projects to take on, the Home Depot Consumer Credit Card* may help you manage in-store purchases, create payment plans and find exclusive financing promotions to save money.
However, it’s a store card that can’t be used outside of Home Depot and doesn’t offer rewards. Even professionals might be better served by a credit card that offers rewards or cash back on purchases.
Bottom Line
Home Depot gives store credit cards, commercial accounts and project loans to help you finance purchases from its stores.
Read all terms and conditions carefully before you apply for any credit product, and ensure you fully understand any implications to your financial situation and credit profile.
