Review: Home Depot Credit Cards

home-depot-credit-cardHome Depot offers a number of consumer and business / contractor credit cards and financing options. Below is a summary of what each offers and a brief review of the upsides and downsides of getting a Home Depot credit card. If you’d like to apply for any of the cards, the links will take you to the online application if available:

  • The Home Depot Consumer Credit Card is accepted for purchases at Home Depot only. It offers 0% financing for 6 months on purchases of over $299 (and sometimes even longer 0% periods), but be careful!! If you take that deal and don’t pay off every single penny within the 6 months, you’ll then get socked with all of the interest you would’ve paid from the day you made the purchase — as if the 0% offer had never existed! And you’ll be paying a hefty interest rate of at least 17.99%, but possibly even higher, because you could also be a approved at a rate of 21.99%, 25.99%, or 26.99%. This card, issued via Citibank, has no annual fee.

  • The Home Depot Project Loan is not technically a credit card, but works basically the same, except for the fact that it is intended for larger home improvement projects that may cost much more than the standard credit card limit. Credit lines go up to $55,000, and you can take as long as 84 months to pay it off, at a respectable 7.99% interest rate. You can apply for this type of loan inside a Home Depot store or online.
  • Home Depot Commercial Revolving Charge Card – This Home Depot business credit card is like a standard credit card but adds a few business-friendly features such as the ability to track purchases by PO number, job name or job number, as well as the ability to have multiple employee cards. You can either pay the card off each month or revolve your balance and pay interest — but note the less-than-enticing interest rate of 21.99%.
  • The Home Depot Commercial Account is another business charge card option. It is basically the same as the other Home Depot business credit card, except you must pay off the full balance each month, so interest charges do not come in to play.