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Home Depot consumer credit is an excellent alternative for people who regularly spend more than $299 on home improvement purchases. As a card holder, you can use a 6-month promotional period for home improvements purchases. During this term, you will pay off your debt with deferred interest. If you forget to cover your financial obligations within a specified period, you will be charged deterred interest from the purchase date.
Once those six to 24 months have passed, you will have to pay interest charges on any remaining balance that you haven’t paid back in that time. As far as credit card fees go, the Home Depot card is the middle of the road. While it doesn’t charge an annual fee or any other type of maintenance fee, the high interest charges you can rack up for late or missed payments can be steep.
Things to Know About the Home Depot Credit Card
Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. The information, including card rates and fees, presented in the review is accurate as of the date of the review. There’s a bit less risk with this card than the Home Depot Consumer Credit Card too.
Here’s a look at how you can use the Home Depot credit card to make the most of your spending with this retailer. If you get approved for the Home Depot® Credit Card, you will receive a credit limit of at least $300. For the Home Depot® Business Credit Card, your credit line will be at least $500. Each week, you'll get a crash course on the biggest issues to make your next financial decision the right one. We believe everyone should be able to make financial decisions with confidence.
What is the average credit score to buy a house?
To pay for goods, you need to create a personal account to get exclusive offers and activate account alerts. Depot presents special promotions for its clients from time to time. As mentioned above, new customers can receive up to a $100 discount within the first 30 days. WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm.
Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. The annual percentage rate is the amount you need to pay additionally for the borrowed sum per year. A regular APR depends on the borrowers’ creditworthiness and ranges from 17.99% – 26.99%.
When will the regular ongoing APR kick in for the Home Depot credit card?
The APR with project financing—which is lower than the regular purchase APR—is based on your chosen term. In other words, interest is still calculated during these six months. The APR with project financing—which is lower than the regular purchase APR — is based on your chosen term. If you can’t afford to pay off the entire balance, aim to pay off the balance within two or three months to minimize how much you owe in interest.
Another benefit of being a Lowe’s credit cardholder is the discount you can receive on late payment fees. If you use your Lowe’s credit card for these purchases and pay off the entire balance within six months, it’s the same as paying with cash. Your card’s interest rate plays a role in determining your minimum monthly payment, which factors in your principal balance and interest charges. Comparing rates is especially important if you know that you’ll carry a balance from month to month. A higher credit utilization rate – You’ll need to be low on your payments if you want to keep your credit score high. A high credit utilization rate indicates that you’re spending more than your available funds are earning.
Home Depot Products and Services
Difference between deferred interest and a true 0% intro APR offer. The former merely "sets aside" interest, while the latter waives it for a period of time. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. You should also consider the location of the nearest Home Depot or Lowe's store to your home. If you only have one store nearby, that may help you choose the better card.
The project loan option offers quick and reliable financial services but charges relatively high interest. As alternative you can use some cards in the list of the best credit cards in Canada. The Home Depot consumer credit card offers an initial zero-percent interest rate for six months on purchases above $299. As of February 2021, Home Depot is also offering various rewards to consumers, including discounts and statement credit for certain purchases. If you’re planning a large renovation or building project, Home Depot has a project loan credit card with credit lines of up to $55,000.
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On the consumer side, Home Depot offers its consumer credit card that can be used by individuals at its stores. This card comes with six months of 0% financing for a purchase of $299 or more. Lowes, one of the largest home improvement stores in the United States, offers a variety of credit cards that offer a 600 credit score. This score is important because it can help you get extra discounts and approval for loans.
Again, this offers some wiggle room for financing but can carry high interest penalties for one small payment mistake. As you can see, the highest credit card interest rates are found on cards for people with bad credit. The better your credit is, the better your chance of getting a lower interest rate. But don’t forget that no matter how high or low your interest rate is, it will never affect you unless you carry a balance between months. If you always pay off your bill in full, you’ll never pay any interest unless you take out a cash advance. So, if you don’t spend beyond your means, interest rates shouldn’t be a huge consideration when you’re picking a credit card.
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