Comparing the Four Home Depot Credit Card Offers
The Home Depot is where the majority of Americas do their shopping when they do a project. This store is the home improvement store for supplies and tools to tackle any project. They offer four different Home Depot credit cards to choose from. Each of the Home Depot credit card offers has a slightly different function. We’ll go over each of the four Home Depot credit card offers in this article. We’ll talk about what is good and what is not so good about each of the Home Depot credit cards.
4 Home Depot Credit Card Offers Review and Comparisons
1. Home Depot Consumer Credit Card
The first card on our list of Home Depot credit card offers is the Consumer credit card. You can use this card at Home Depot or Homedepot.com. Also, if you spend $299 or more online, you’ll get a six-month interest-free grace period. It has specials like a shed installation discount of 15%. Also, you’ll get 18 months free financing on blinds and shutters if your purchase amount is between $999 and $1,998. There are four different APRs, and they depend on creditworthiness. They go from 17.99%, 21.99%, 25.99%, and 26.99% respectively.
There is a significant drawback to the Home Depot Consumer credit card. While you do get a six-month grace period on interest, you want to pay everything off. If you don’t pay it off, your APR will kick in. It’ll also chargeback to the date you made your purchases. You may also only get a $500 credit line.
Final Thoughts on the Home Depot Consumer Credit Card
The Home Depot Consumer credit card is a good card if you pay off your purchases within six months. Also, if you have good credit, you’ll qualify for a lower interest rate as well. It’s a solid, no-frills card to help you get your projects done.
2. Home Depot Project Loan Credit Card
Next on our list of Home Depot credit card offers is Project Loan. This card is suited for larger projects and remodels. It has a credit line up to $55,000. You get a six-month period where you only have to pay the interest on your purchases. Once the six months are up, you begin repayment. You have 84 months to pay off any remaining balance you may have accrued during this time. The interest rate is 7.99%, and this can add up if you don’t pay your balance off quickly.
The Project Loan card can add up with interest if you’re not careful. If you take out a loan of $2,500 and pay it off in 84 months, you’ll pay $3,276 in total. So, this is $776 in interest alone. If you take out a $40,000 loan, you’ll pay back $52,416. You can also only use this card at Home Depot and homedepot.com.
Final Thoughts on the Home Depot Project Loan Credit Card
The Project Loan card is an option if you can’t afford to pay off your balances right away. It offers a higher line of credit, up to $55,000. The 84-month repayment period can be beneficial. However, you want to watch for the interest rate. You could be paying as much as 30% extra on your original loan.
3. Home Depot Commercial Revolving Credit Card
The third card on our list of Home Depot credit card offers is the Commercial Revolving card. This card offers fuel discounts at $0.10 on every $100 you spend. You also get 60 days to pay your balance in full with no interest charges, or you can pay low monthly payments. You can add authorized user cards to let employees make card purchases. Once you make a purchase, you get one year to return them. Finally, you get purchase tracking to keep track of everything.
The Commercial Revolving card comes with a higher APR attached. The APR rates are 17.99%, 21.99%, 25.99%, or 26.99%. Your APR will depend on your credit rating. If you miss a payment, or if you’re late, there is a late fee up to $35. Also, if you miss just one payment, your APR rate will automatically default to the 26.99%. This is a particularly unpleasant downside if you were assigned a lower APR to begin with. However, if you have lower credit to begin with, you may automatically get the 26.99% APR. If this is the case, missing a payment and defaulting back wouldn’t matter either way.
Final Thoughts on the Home Depot Commercial Revolving Credit Card
The Home Depot Commercial Revolving card is a solid card that offers flexibility with its payments. You have up to 60 days to pay, or you can opt for lower monthly payments. The variable interest rate is also a perk, but the default interest rate is a large drawback. This is an excellent card for any business that can make the monthly payments on time each month.
4. Home Depot Commercial Account Card
The final card on our list of Home Depot credit card offers is the Commercial Account card. This card has no APR, so payment is expected in full each month. You get buyer ID cards for your employees. These cards allow you to control and track each card’s spending. For an added convenience, you can pay by invoice. You’ll also get a fuel discount of $0.10 for every $100 you spend with your card. Finally, you’ll get automatic access to Home Depot’s Pro-Savings and Benefits program.
The penalties that come with this card vary depending on the balance amount. So that can be up to $35 per missed payment. Also, you have to pay your balance off each month, and this could hurt some businesses. You can only use this card at Home Depot or on their website, and this could be considered a drawback as well.
Final Thoughts on the Home Depot Commercial Account Card
The Commercial Account card is an excellent choice for any business that plans to pay off their account each month. There is no APR because there is no balance for an APR to add on to. The fuel discount and the Savings and Benefits program are nice perks as well. Overall, this is a steady card to track your spending and your employee’s spending.
Each of these four Home Depot credit card offers has benefits and drawbacks. If you have a business, the Commercial Account and the Commercial Revolving are the better choices. If you’re just going to do projects around your home, the Consumer Credit and Project Loan will work better. You can tailor each of these home improvement credit cards to suit your needs. Finally, each Home Depot card offer is a steady, reliable credit card option for your home or your business.
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