The Home Depot credit card does not offer rewards, except for interest-free financing on purchases worth at least $299 paid in full within six months. You can find the current promotions on their website.
The Home Depot Credit Card does not offer any rewards.
Although the Home Depot Credit Card doesn’t have any ongoing rewards, you can get $25-$100 off a purchase of $25-$1,000 in the first 30 days after opening an account. There are also deferred interest deals that change throughout the year, where you pay no interest if you pay off the balance within a certain timeframe. And just being a cardmember gives you 4 times longer, 1 year to return purchases than you would have otherwise.
The best home improvement credit card is the Capital One Quicksilver Cash Rewards Credit Card because it offers an introductory APR of 0% for 15 months on purchases and gives 1.5% cash back on purchases. Capital One Quicksilver also offers a $200 bonus for spending $500 in the first 3 months. By using this card for home improvements, you’ll have over a year to pay back a costly project and will recoup some of the expense through rewards.
If you’re looking to buy everything in one place, the best home improvement store credit cards are the Lowe's Store Card (5% back on all purchases) and the Home Depot® Credit Card (0% deferred interest for 6-12 months).
If you choose to go with a store-branded home improvement credit card, beware of deferred interest. While it might let you go a long time without paying interest, it’s dangerous. You only owe no interest if you pay in full by the end of the 0% APR period. If you don’t pay in full, you owe all the interest you would have been charged during the intro period if the regular APR had been in place.
Cards like Quicksilver, which have true 0% APRs, only charge interest on any remaining balance after the 0% APR ends.
Home Depot offers home improvement loans called “Project Loans.” These loans can be anywhere from $2,500 to $55,000. For the first 6 months after taking out a Home Depot Project Loan, borrowers are required to make monthly interest-only payments at a 7.99% fixed APR. For the next 84 months after that, they must pay off both the principal balance and interest, which continues to accrue at a 7.99% APR. This APR is quite low, considering that personal loans from other issuers can charge up to 36%. Borrowers can also avoid some interest charges by paying off the balance early with no penalty.… read full answer
There is no specific minimum credit score needed to get a Home Depot home improvement loan, according to representatives from Home Depot. They’ll also look at more than just your score, including your debt-to-income ratio, number of open accounts and more.
You can use a Home Depot Project Loan for whatever home improvements you need. Home Depot gives the examples of “kitchen and bath remodels, room additions or roof replacements.” But those certainly aren’t the only projects you can do.
Home Depot also offers a credit card that can only be used at its stores. However, it’s not really the most worthwhile home improvement credit card compared to other options on the market. And depending on the size of your project, credit cards may not offer high enough credit limits to accommodate it.
The Lowe's credit card credit score requirement is 640 or better, which is considered fair credit. The Lowe's card is fairly easy to get, but that doesn't make it a great card. Even if you have a good or excellent credit score, the card will have an APR of 26.99% after the intro APR period, which is pretty high.… read full answer
If you shop at Lowe's a lot or need to finance a big purchase there, however, the Lowe’s credit card is a decent deal. When you sign up for the card and spend at least $299, you can choose from a range of promotional interest periods: 0% to 7.99% for 6 to 84 months. Or, you’ll earn 5% discount on all purchases. Plus, you’ll get a 10% discount on your first purchase.
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