As with many store-branded credit cards, the ongoing interest rate can be quite high. The ongoing APR is For comparison, the average APR for accounts that incurred interest in was That's not nothing. Still, unlike many store-branded credit cards, there are no ongoing rewards for in-store purchases.
You can do better. Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you'd normally get on Home Depot purchases. That could come in handy, especially on large purchases that you end up regretting later.
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Measure content performance. Develop and improve products. List of Partners vendors. Home Depot offers a variety of credit cards, including consumer cards and company cards. On the consumer side, Home Depot offers its consumer credit card that can be used by individuals at its stores.
Home Depot also offers commercial cards for contractors and businesses. Its commercial cards include a commercial revolving charge card and a commercial account due in full each month. Similar to other store cards, the Home Depot consumer credit card can be used to make everyday purchases at Home Depot. But beware of the promotions. Banks offer promotions like these because they know that consumers will have every intention of paying the balance long before the promotional period ends, but many will not.
This card comes with no annual fees, up to months to pay the balance in full, and a six-month buying window to purchase products. The starting annual percentage rate APR is 7.
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.
As of February , Home Depot is also offering various rewards to consumers, including discounts and statement credit for certain purchases. Those interested can apply for the Home Depot credit card on their website. You can make returns up to one year after your purchase, which is four times longer than the normal Home Depot returns window.
The card also offers a one-time discount for new cardholders through July 28, , which varies based on how much you spend:. The Home Depot Project Loan is more like a fixed personal loan than a traditional credit card.
Your APR is based on your loan amount and credit approval. There are four tiers you may be approved for:. 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.
Depending on your credit, you may qualify for better rates and terms for your project timeline and wallet. The U. However, you should still pay off as much of your balance as possible — and ideally all of it — before the end of your introductory period to avoid being hit with the high ongoing APR. But there are other resources for home improvement to consider too, such as a non-retail home improvement loan, home equity loan or home equity line of credit. Here are more resources for financing your next home improvement:.
The Marijuana Industry Is Booming. Mortgages Rates Dropped to 3. The Lowe's Advantage Card offers several ways to save when you use the store card to make purchases.
For larger purchases, you may be able to get a reduced APR with 84 fixed monthly payments. To get approved for the Lowe's Advantage Card, you should have fair or better credit, though the standard APR is the same no matter your credit score. The offer is valid through January 31, Special financing: 84 months fixed monthly payments with 7.
Some consumer credit cards come with an annual fee, which you have to pay on your anniversary each year to keep the card active. If you want to avoid the annual fee, you have to close the credit card account before your next card opening anniversary. Depending on how you use the card, the annual fee may not be worth it. To entice you to open up a store credit card , some companies offer welcome bonuses.
For purchases made at Home Depot, you get 90 days to return items. But if you have the Home Depot Consumer Credit Card, you have up to a year to make returns on purchases made with the card.
This store credit card also comes with zero liability protection, so you won't have to pay for unauthorized purchases. The Lowe's Advantage Card gives you access to special cardholder events, but what's offered varies, and there isn't a consistent schedule provided. This is pretty standard for store credit cards, which are usually easier to qualify for than other credit cards. Suppose you plan to carry a balance or won't qualify for a special financing promotion. In that case, the Home Depot Consumer Credit Card may offer a better everyday interest rate if you have good credit.
This offer is subject to credit approval, and if the balance isn't paid in full in the six-month special financing period, interest will be charged back to the purchase date on the full amount.
The Lowe's Advantage Card has the same offer, which is also subject to credit approval.
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