- $0 annual fee
- Available to people with limited/fair credit
- No rewards
- 0% intro rates use ''deferred interest''
- Likelihood of an above-average regular APR
Home Depot Credit Card Review Summary
The Home Depot® Credit Card is a $0 annual fee store credit card that’s best for low-cost credit improvement and financing big-ticket projects. Instead of offering ongoing rewards, as is common among store cards, the Home Depot Credit Card offers a 0% introductory interest rate for 6-24 months on purchases of at least $299. That might seem appealing until you consider that missing a payment by a day or leaving even $1 unpaid by the end of the intro period will result in interest applying retroactively to your entire original purchase amount at a high rate.
So, as you’ll see below, most people likely will be better off sourcing the plastic they need for their home-improvement projects elsewhere.
- Limited-time offer: Get $25 off your first purchase of $25 up to $299, $50 off your first purchase of $300 up to $999 and $100 off your first purchase of $1,000 or more. Terms Apply.
- Deferred Interest Details: No interest if paid in full within 6 months on purchases of $299 or more.
- Deferred Interest Details: No interest if paid in full within 12 months on Appliance purchases $299 or more.
- Deferred Interest Details: No interest if paid in full within 12 months on Installed Fencing purchases of at least $2,500.
- Deferred Interest Details: No interest if paid in full within 24 months on Installed Water Treatment purchases of at least $600.
- Save up to $500 on Select Tuff Shed or Garage purchases, plus an additional 5% off by statement credit.
- See More Details & Reviews About Home Depot® Credit Card
Home Depot Credit Card Review Highlights
$0 Annual Fee
The best part of the Home Depot® Credit Card is something that it lacks: an annual fee. It’s not uncommon for a store-affiliated credit card not to charge an annual fee, even if it will approve applicants who have limited credit, but it’s definitely a plus nonetheless.
1-Year Hassle-Free Returns
The Home Depot® Credit Card gives you a full 365 days to return an item for a full refund. That’s pretty sweet.
Approvability is a major hurdle that anyone with limited credit must climb over. Placing a refundable deposit on a secured credit card is always an option, but cards that will approve relatively unproven consumers at no cost are even better. The Home Depot® Credit Card is one such option, and if you simply keep it open and in good standing, you don’t even need to make purchases to improve your standing. It could therefore serve as a bridge to better credit and a better card, which has to be considered a benefit.
New cardholders can get $25 - $100 of their first purchase with the Home Depot Credit Card, depending on the amount spent.
Home Depot Credit Card Lowlights
You Won’t Be Rewarded
With all of its big-ticket items, Home Depot is a place where you can rack up some serious credit-card rewards. You’ll have to use unaffiliated plastic for that, however, because the Home Depot® Credit Card does not offer rewards: no initial bonus, no per-dollar earning rate, nothing.
Regular APR Won’t Do You Any Favors
If you’re approved for the Home Depot® Credit Card, you will be assigned a regular APR between 17.99% - 26.99%. The rate you’ll get is a function of creditworthiness, with the lowest rate likely being limited to people with excellent credit and the highest rate being reserved for those with limited credit. For context, the average APR for all new credit-card offers is 18.26%, the average for fair credit is 22.9% and the average for store credit cards is 24.42%, according to WalletHub’s latest Credit Card Landscape Report.
Deferred-Interest Financing Poses Risks
Home Depot periodically offers 0% financing “deals” of varying lengths, often with a specific spending threshold attached. For example, the Home Depot® Credit Card’s base financing offer is 0% interest for six months on purchases of at least $299. Special 24-month financing offers also are available from time to time.
However, there is a very important caveat to this deal. It’s known as deferred interest, which means interest will retroactively apply to the entire amount of the purchase that you financed if you slip up in the slightest. If you pay your bill a day late or you’re a dollar short on paying off your full balance by the end of the promotional period, it will be as if the 0% deal never existed. That has to be worrisome when you consider the lofty regular APR levied by this card. At the very least, it makes using a credit card calculator imperative if you use the Home Depot Card for financing purposes.
Other Things To Consider About Home Depot Credit Card
The Home Depot® Credit Card’s terms aren’t too complex, as it doesn’t bring too much to the table. A thorough review of this offer must therefore extend beyond the limited features it provides to include metrics such as customer ratings, which figure to be revealing when it comes to customer service and the overall cardholder experience.The Home Depot® Credit Card has an average rating of 3.5 out of 5 stars on WalletHub, with 50% of people giving four stars and only 15% giving two or fewer. You can read their reviews in detail for more context, but these ratings seem to indicate general satisfaction.
Your Credit Score
Your credit score should ultimately be a big determinant of whether it makes sense to apply for this card. After all, you can likely do a lot better in terms of either rewards or financing with a different card if you have good or excellent credit. If you have limited or fair credit, it’s more of a discussion.You can see exactly where you stand by checking your credit score for free on WalletHub – the only site that offers free daily updates.
Home Depot Credit Card vs. The Competition
Home Depot® Credit Card
Lowe's Store Card
Citi Simplicity® Card
Capital One QuicksilverOne Cash Rewards Credit Card
|Rewards Bonus||N/A||20% discount||N/A||N/A|
|Rewards Rate||N/A||5% discount||N/A||1.5% Cash Back|
|Purchase Intro APR||0% for 6 - 24 months||0% - 7.99% for 6 - 84 months||0% for 12 months||N/A|
|Transfer Intro APR||N/A||N/A||0% for 21 months|
Transfer Fee: 5% (min $5)
|Regular APR||17.99% - 26.99%||26.99%||14.74% - 24.74% (V)||26.99% (V)|
|Details, Rates & Fees||Learn More||Learn More||Learn More||Learn More|