Home Depot Credit Card Promotions and Rates
The Home Depot credit card is a member of the Citi Credit Card family, which means you benefit from the quality of Citi credit cards in addition to the ability to make interest-free purchases at Home Depot. One of the best features of the Home Depot consumer credit card is the ability to get instantly approved in store and get immediate access to your account to make purchases. The ability to shop instantly upon approval is ideal for people who need to replace an appliance or need products from the store without waiting.
Unfortunately, the Home Depot card has significant drawbacks. Although it has many of the features of a 0% APR credit card, 0% promotions on the Home Depot card are much shorter than those offered with most credit card offers. Additionally, the Home Depot card is the polar opposite of a low interest credit card, as the lowest available rates they offer are often 30% higher than what is available on typical cards.
Nevertheless, some consumers can definitely benefit from this card, especially those who apply and use their 10% discount on an expensive purchase, like appliances, carpeting or a kitchen redo.
Six Months Interest-Free Promotion
The Home Depot credit card offers six months of interest free payments on purchases of $299 or more. This rate is valid as long as no payments are late. However, unlike typical 0% interest promotions, if you do not pay your balance in full before the 0% rate expires, you will be charged interest as if your rate had never been 0%.
Home Depot Credit Card Interest Rates
When the interest-free period ends, your interest rate will range from 17.99% to 26.99% based on your credit history. The better your credit score, the better your interest rate. However, even the lowest available rate is much higher than what is charged to consumers with excellent credit on standard credit cards. This high interest rate can eat away at any discounts the card provides, which makes it worthwhile to think twice before charging an item you cannot repay in full immediately.
Usability and Rewards
Two areas where the Home Depot card falls short of the competition are usability and rewards. Usability is the main issue, as this is a store only credit card that is not a part of a payment network such as Visa, MasterCard or American Express. This leaves you with a credit card that can only be used in one place and adds an extra monthly bill that could accidentally be overlooked and paid late.
The second issue is rewards. Sure, you get a 10% signup bonus on your first purchase. This can be a huge reward and the ideal time to sign up for this card is right before making a purchase of $1000 or more. However, a number of cash back credit cards offer $100 bonuses to new customers and also offer 1-5% rewards on all purchases.
Because of these issues, along with the high interest rates this card charges, consumers should use the Home Depot card with caution. It’s a good deal if you use it for a big purchase and pay your balance in full. But if you are the type of person who consistently holds credit card debt, a credit card with a lower interest rate will offer better value.