Applying For The Home Depot Personal And Business Cards
Customers can apply for either of The Home Depot cards in person at a Home Depot store or online.
If applying online, youll be redirected to a Citibank application page.
If youre applying online, youll be redirected to a THD Loan/GreenSky application page.
Simply fill out the appropriate forms and submit your application.
If you decide to apply in person, a Home Depot employee will assist you in submitting your application and walk you through any questions you may have.
Cardholders Enjoy A Longer Return Period And Exclusive Offers
Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you’d normally get on Home Depot purchases. That could come in handy, especially on large purchases that you end up regretting later.
Cardholders also enjoy rotating exclusive offers, such as 10% off a certain brand for a limited time, or 24-month financing offers during special promotions.
Does Home Depot Do A Hard Credit Check
Yes, Home Depot does complete a hard credit check on all store card applications.
Home Depot must determine the eligibility of all store credit card applicants, and so the company does perform a hard credit check.
This involves submitting your personal details and Social Security information for a credit bureau to carry out its determination on your status.
Home Depot advises that customers cannot pre-qualify for this store credit card in any way, and must complete the mandatory hard credit check.
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Apply In Person For A Home Depot Card
How To Best Use A Credit Card For Home Repair
Before choosing a new credit card to charge your home repair expenses to, you should identify your goals. Are you looking to earn cash back rewards to use any way youd like? Travel rewards towards your next big trip? Discounts at the store that come with card ownership? Or do you simply want as much interest-free time as possible to pay off the purchase? Once you know what you want to get out of a new home improvement card, you can determine which card will be the best fit for you.
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Pros And Cons Of The Home Depot Credit Card
When compared to other store cards and reward cards, the Home Depot card has many more negatives than positives and is somewhat lacking in key areas. But that doesnt mean its worthless, far from it. Take a look at these pros and cons and youll see what we mean:
Pro: No Annual Fee
The lack of an annual fee is very important. It means you can keep the card in your wallet and use it only when you make qualifying purchases and can collect rewards. The fact that you wont pay an annual fee means theres no harm in leaving it on the sidelines as you use other reward cards for bigger and more important purchases.
Pro: Easy to Apply
One of the great things about closed-loop credit cards is that you dont need a Good or Excellent credit score to apply. You can apply for the Home Depot credit card even if you have a low credit score, which means you can use this card to improve your score and build a strong credit history.
Pros: Everyday Financing
With the Home Depot card, you can take advantage of everyday financing options, getting an intro rate of 0% for specific periods of time. If you need to make a big purchase but dont have the money just yet, this is a great way. Youll get what you need completely interest-free and can repay the amount when you have the cash.
Pro: Extended Returns
Con: High APR
The interest rate goes as high as 26.99% and youll be stung with even greater fees and penalties if you fail to clear your balance and pay the minimum.
Cons: Low Rewards
Getting Canadians The Cash They Need
Home Equity Takeout
Own your home? Need cash? Your home is your castle, and that castle may have more treasure in it than you think. Access the equity in your home to pay for life’s little unexpected events, cover bills, or just to get cash to buy yourself something nice.
The Personal Loan Is Personal Again
A loan is a very personal thing. Nobody wants to have to borrow money to pay for life’s necessities, but the fact is from time to time we all need a personal loan. Whether it’s to cover student loans, buy a car, or pay off that credit card, we can help.
Get A Mortgage – Buy That Dream Home
The dream of owning your own home is one we all share. Sometimes your situation doesn’t fit perfectly into what the bank expects of you. The Money Depot has the flexibility to fit a mortgage around your financial situation, not the other way around.
Got Questions About Getting A Loan? Give Us A Call 1 804-2220
Get Cash For Your Business
As a business owner you have to make decisions in real-time. Sometimes those decisions will tax your cashflow, and you don’t have time to do the bank’s two-step. At the Money Depot we are business owners helping business owners get the cash they need.
Grow Your Business With Commercial Mortgages
What Does The Money Depot Do?
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Benefits And Features Of The Home Depot Consumer Credit Card
Consumer Credit Cards offered by Home Depot are not traditional store credit cards with loyalty programs. A $0 annual fee is all that separates this card from competitors for people who frequently shop at the store but need some breathing room when paying off big purchases.
If you want to finance a large purchase, you should only invest it as an investment. Even with the special financing offer, interest charges can mount up over time and become financially burdensome. In this situation, the credit card may be a valuable option if you plan on fixing up your home to increase its resale value.
Avoid simply financing items that arent useful in the long run, such as a new power tool. It would be best if you only bought those items after paying your monthly bill. If not, you will be charged an APR ranging from 17.99% 26.99%.
If you want to know if you qualify for the credit card before applying, you can use Home Depots preapproval tool.
Average Credit: 600 699
If youve just started to use credit or are recovering from a missed payment or two, youll probably have a lower credit score in the 600s.
This means youll have trouble getting approved for many of the credit cards you see advertised most, but dont worry, there are still offers out there for you.
Not knowing this, you may try to apply for several cards and get declined which, in turn, will hurt your credit score even more. If youre in this group, youll want to know which credit cards will offer you the best chance of approval and apply for those cards first. You may be able to get approved for some of the leading cards, but its iffy.
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Fees & Finance Charges To Watch
While the fees charged by this card are pretty standard, the real gotcha to watch out for is the back interest you will be charged on interest free purchases if you dont pay your balance in full within the specified time frame. This card will actually cost you money if you carry balances beyond the end of promotional financing offers.
The Home Depot Consumer Credit Card Vs Discover It Cash Back
If you’re after a new credit card, the Discover it® Cash Back can help you earn maximum rewards. The card lets you earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases – automatically. Your bonus cash each quarter ks limited to the first $1,500 spent.
Below, we’ve included the 5% rotating bonus calendar for 2021:
|Gas stations, select streaming services and wholesale clubs||Restaurants & PayPal||Amazon.com, Target.com & Walmart.com|
The best part about the Discover it® Cash Back is that it comes with an introductory offer: Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! Theres no minimum spending or maximum rewards. You could turn $150 cash back into $300.
Not only are you earning up to 5% cash back, but you also have the opportunity to double all of the rewards you earn in one year. Although home improvement stores aren’t part of the calendar, you can still earn 5% back on common purchase categories.
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What Credit Score Does Home Depot Require
Like most other store credit cards available, such as Lowes or Target, the Home Depot credit card does require its applicants to have a satisfactory preliminary credit score to be successful.
You need a in order to be eligible for the Home Depot store credit card, as determined by the credit bureaus check.
Home Depot Vs Lowe’s Credit Card: Which Is Right For You
Ready to start your next home project and considering a store credit card to finance it? Check out this Home Depot vs. Lowe’s Credit Card comparison to help you decide which card offers the most benefits.
Whether you’re planning to sell or staying put, home improvement projects can increase your property value and provide you with a new home feel without the need to move. If you don’t have the cash readily available to finance your next renovation project, you may want to consider a store credit card to pay for materials and supplies.
Home Depot and Lowe’s are popular places for novice homeowners completing small projects and contractors working on larger jobs. Both home improvement retailers have branded store cards with different perks, benefits, and special financing offers that could help you save on your home renovations and repairs. If you don’t prefer either store, this Home Depot vs. Lowe’s Credit Card comparison can help you choose which card is best for you — and your wallet.
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Us Bank Visa Platinum Card
Depending on the size and expense of your home project, a 0% APR card with a long introductory period might make more sense than a branded store card. The U.S. Bank Visa Platinum offers 0% APR for the first 20 billing cycles on purchases, has no annual fee, and a regular APR of 13.99%-23.99%.
Theres a bit less risk with this card than the Home Depot Consumer Credit Card too. Any balance remaining at the end of the intro period will only begin accruing interest from that date, rather than taking on retroactive interest from your purchase date like the Home Depot cards deferred interest offer.
However, you should still pay off as much of your balance as possible and ideally all of it before the end of your introductory period to avoid being hit with the high ongoing APR. You also wont earn any special rewards or discounts with this card, but it can be a good choice to give yourself a buffer to pay down your project expenses.
Capital One Quicksilver Cash Rewards Credit Card
If you want to take advantage of a 0% APR introductory period and the opportunity to earn some cash back over time, the Capital One Quicksilver Card could be a good option. Youll have 15 months of 0% APR on new purchases, then a regular variable APR of 14.99%-24.99%. Plus, youll get unlimited 1.5% cash back on every purchase and can earn a $200 welcome bonus when you spend $500 within three months of account opening.
*All information about the The Home Depot Consumer Credit Card, AAdvantage® Aviator® Red World Elite Mastercard® and Capital One Quicksilver Cash Rewards Credit Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.
The Home Depot Consumer Credit Card
- Intro bonus:
- at our partners secure site.
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Things To Know About The Home Depot Credit Card
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Theres something appealing about strolling through Home Depots wide aisles, dreaming of home improvement projects that might be in your future. Unfortunately, The Home Depot Consumer Credit Card doesnt elicit the same good vibes, despite its $0 annual fee.
Thats because the store-branded card doesn’t earn ongoing rewards and offers little in the way of perks. Even the most loyal Home Depot fan would probably be better off with a flat-rate cash-back or rewards card.
Here are five things to know about The Home Depot Consumer Credit Card:
Which Is The Right One For You
If you have a preference for Home Depot or Lowe’s, the decision on a store card is easy. But if you don’t, finding the right store credit card for you can be a bit harder. When comparing the Home Depot vs. Lowe’s Credit Cards, first decide what is most important to you.
If you need to make a large purchase, one of the special financing offers available through each store credit card could help you save big on your home improvement or repair. Both store credit cards require good or better credit to qualify for these special offers, so you may want to check your credit score if you don’t know what yours is before you apply.
The Home Depot Consumer Credit Card offers up to a year to return purchases made with the card. If you aren’t sure about something you bought or tend to take longer to return things, this might be the better choice for you. However, the Lowe’s Advantage Card gives you access to cardholder event promotions, like a certain percentage off your purchase. The most recent event in 2020 gave 10% on eligible purchases when charged to the Lowe’s Advantage Card. There are currently no cardholder events to take advantage of.
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Enroll In Paperless Statements And Letters
To enroll in paperless for your account, start by reading the terms and conditions below. You are agreeing to receive your statements electronically only and some of your legal notices electronically only. If you do not wish to enroll, choose Cancel and deselect the Paperless Statements and Letters checkbox.
How Much Of A Home Improvement Loan Can I Get
With a home equity loan, you can typically borrow between 80% and 85% of your homes value, minus whats owed on mortgages, and make payments over five to 20 years. A home equity loan may work if you have at least 15% or 20% equity in your home and if you need all the money at once to cover your project.
The Home Depot Consumer Credit Card Vs Lowe’s Advantage Credit Card
The Lowe’s Advantage Credit Card is a much better offer from Home Depot’s main competitor. It not only provides financing options, but also gives 5% off your eligible purchase or order charged to your Lowes Advantage Card. However, you cannot simultaneously finance a purchase and receive a discount.
Just like The Home Depot Consumer Credit Card, you can enjoy six-month financing on purchases of $299 or more. Alternatively, you can finance purchases of $2,000 or more into 84 fixed monthly installments with a reduced APR of 7.99%.
Keep in mind, though, that the standard APR for the Lowe’s Advantage Credit Card is relatively high. At 26.99%, you never want to miss a payment, as this will negate any of the savings you earn with this card.
Since The Home Depot Consumer Credit Card does not offer any discounts on purchases, you may want to apply for a cashback credit card instead. The Citi Double Cash lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
There are no caps or restrictions, so you’ll receive valuable rewards that you can convert into a statement credit, direct deposit, check or points. While the Citi® Double Cash Card 18 month BT offer does not have special financing offers, earning cash back on both your costly and routine purchases may be a better deal for some.
Can You Save With The Home Depot Credit Card
Youll save right off the bat with a one-time new account discount of $25 off $25+, $50 off $300+, or $100 off $1,000+ on qualifying purchases. Long term, youll always get 6 months of special financing on $299+ orders, which comes in handy for home renovation projects or higher-priced items like refrigerators, bathtubs, and outdoor grills. Just be sure to pay off the balance within 6 months, otherwise, the 17.99%26.99% APR kicks in and youll be paying back interest starting from the purchase date.
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