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Think of it as a loan or a line of credit more than a credit card. Although the interest rate is much more attractive than the one on the consumer credit card, if you wait the full 84 months to pay the balance, your project becomes substantially more expensive. There are a number of different credit cards that offer low interest rates that allow you to earn rewards on your purchases.
After a year of good credit management, credit scores and histories usually go back up. So, customers are encouraged to try again 6 to 12 months after their first application was denied. Financing from Home Depot is good for people who shop there often. Options for financing are the same as with other credit cards on the market.
Annual Fee
For example, the Capital One QuicksilverOne offers 1.5% cash back on all purchases, but comes with a $39 annual fee. For business owners, Capital One Spark Classic gives 1% cash back on all purchases and has a $0 annual fee. You may qualify for six months of deferred-interest financing on purchases of $299 or higher. If your balance is paid in full during the financing period, you won’t be charged interest.
1 Year Hassle-Free Returns, credited back to your Home Depot card account. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. Home Depot does not list the credit requirements, but its APR for consumers will be 17.99% to 26.99% To apply, the process is rather easy, which can be done online.
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Coupons cost about $15 and can be used to buy anything they are good for. A credit check is done on those who want to pay over 24 months. With 0% financing for 24 months, you can pay for a purchase over 24 months without paying any interest. For example, if a customer buys something for $1,000 and pays nothing for 24 months, he or she will have to pay $41.67 for 24 months.
Difference between deferred interest and a true 0% intro APR offer. The former merely "sets aside" interest, while the latter waives it for a period of time. © 2022 NextAdvisor, LLC A Red Ventures Company All Rights Reserved.
Best Offers
The Home Depot® Credit Card offers extended returns and an easier return process. And if you're missing your receipt, The Home Depot may be able to locate it in its system. But the perks are limited to just those shoppers, which drags on our rating.
However, be careful because you will be charged the full interest even if you are only late by one day. Specifically for Home Depot’s professional customers, the Pro Xtra Commercial Revolving Charge Card allows authorized employees to use the card for company purchases at any U.S. The Home Depot has special financing deals for certain items or amounts of purchases. From time to time, its store cards can be used for special deals. NerdWallet strives to keep its information accurate and up to date.
The Home Depot Project Loan Credit Card
If you need a more considerable sum, opt for Home Depot Project Loan. It allows loans between $2,500 and $55,000 and up to 7 years for repayment. The project loan option offers quick and reliable financial services but charges relatively high interest. As alternative you can use some cards in the list of the best credit cards in Canada. The best 0% intro APR credit cards typically offer waived interest.
If you make a purchase of $299–$999, the retailer gives you six months to pay the balance without interest. If you make a purchase of $1,000 –$5,000, you get 12 months to pay with no interest. With purchases of more than $5,000, you get 24 months to pay with no interest.
If you don’t have a history of consistently paying your credit card balances in full at the end of the month, it’s best to steer clear of promotional offers like these. If you’re considering a big home renovation project, a credit card may not be your best resource, or can be a tool to use in tandem with other methods. Even if you use a credit card for the financing perks or rewards, it’s smart to have money saved that you can put toward your project before any interest charges kick in. The Home Depot Consumer Credit Card, issued by Citi, charges no interest for the first six months on purchases of $299 or more. During special promotional periods, you may qualify for up to 24 months of no interest on certain larger purchases.
However, the annual percentage rate is high, and if you don’t pay off your balance within the allotted period, you’ll be charged interest from the purchase date. If you’re not a contractor receiving discounts or benefits for brand loyalty, then many individuals may instead opt to shop at Lowe’s—one of the major Home Depot competitors. Lowe’s offers a consumer store-only card too, as well as cards for contractors. The Lowe’s credit card, also called the Lowe’s Advantage Card, comes with an APR of 26.99% and an introductory rate of 7.99% for 84 months on purchases above $2,000. Depending on the size and expense of your home project, a 0% APR card with a long introductory period might make more sense than a branded store card.
To pay for goods, you need to create a personal account to get exclusive offers and activate account alerts. The Depot card is an excellent option for people with a bad financial reputation or who are currently building their credits. This type of credit check is harmless to your score and won’t bother you at all. The annual percentage rate is the amount you need to pay additionally for the borrowed sum per year. A regular APR depends on the borrowers’ creditworthiness and ranges from 17.99% – 26.99%. This is a significantly limited credit card, and has a number of drawbacks.
Of note, the card does offer zero interest for six months on purchases above $299. For projects, such as fixing heat or A/C, replacing a water heater, or repairing plumbing, the card can be used for zero-interest financing. Instead of a loan through Home Depot, also consider whether a personal loan through a bank may be a better option for a costly renovation project.
Home Depot Credit Card Review: Only If You Need to Finance Home Improvement Purchases
Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Since we live in the era of mobile web development, you can use the Depot application.
Please wait for a notification from Home depot and go to its nearest shop to receive a temperate discount coupon. In such a way, you cannot return the money spent on Depot purchases. It means that you can benefit only from special financial offers. If you make a purchase using the Home Depot Consumer Credit Card, you have a limited amount of time to pay it off in full. If you do so, you won't be charged any interest on your purchase. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
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