The Home Depot Credit Card is a $0 annual fee store credit card for people with fair credit or better. Its main benefits are a first-purchase discount and deferred-interest financing promotions, but you will not earn rewards on purchases normally.
You can learn more about the pros and cons of the Home Depot Credit Card below.
What I Like About the Home Depot Credit Card
$25 to $100 off your first purchase
You get $25 off when you spend $25 to $299, $50 off for spending $300 to $999, and $100 off a $1,000+ purchase. This isn’t the biggest bonus in dollar terms, but it can be a great deal on a percentage basis, saving you up to 100%.
No montly or yearly fees
The Home Depot Credit Card doesn’t charge an annual fee, just like other store credit cards. This saves you about
$28.25 per year compared to the average fee on credit card offers available right now, but its complete lack of rewards still costs regular Home Depot shoppers a lot of potential savings. So if you plan to pay off your Home Depot purchases within a single billing period, you’re better off with one of the market’s best rewards cards.
0% for 12 - 24 months
The Home Depot Card offers
0% for 12 - 24 months on purchases, depending on the cost of what you buy. That might sound like a good deal, and it can be in certain situations, but it also has the potential to go south fast.
Not bad for building credit
You can be approved for the Home Depot Credit Card with only a “fair” credit score, which means you can use it to build credit at a low cost, considering there’s no annual fee. You can
check your credit score for free and monitor its improvement right here on WalletHub.
What I Don’t Like About the Home Depot Credit Card
No ongoing rewards
You won’t earn any points, cash back or store credit when you make purchases with the Home Depot Credit Card. In that respect, using this card will cost you at least 1% on everything you buy, and likely a lot more. Some of the best store credit cards offer 5% back on all purchases, and the best general purpose rewards cards can get you 1.5%+ back.
Deferred interest on the financing promotions
Like all other store credit cards with 0% APR promotions, the Home Depot Store Card has a feature called “
deferred interest.” This means interest charges will be assessed on your original purchase amount if you don’t repay your full balance by the end of the intro period. In that case, it would be like the 0% rate never existed and the high regular APR was there from the start.
Very high regular APR
The Home Depot Credit Card has an APR of
29.99%. It applies when promotional financing terms are not in effect, and it’s best if you can avoid ever paying interest at this rate.
For comparison, the average credit card for fair credit has a
26.65% APR, while the average credit card for excellent credit charges
17.11%, according to WalletHub’s latest
Credit Card Landscape Report.
To avoid interest charges on the Home Depot Credit Card, pay off your full balance by the end of any promotional financing offer you take advantage of, and always pay your full statement balance by the due date otherwise.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
