what credit score is needed to get a home depot credit card
The Home Depot Consumer Credit Carte du jour can help you relieve money paying off those big home improvement projects. It offers no interest for six months on eligible purchases, and in that location's besides an introductory disbelieve offering. Exterior of that, benefits are limited and don't measure upwards to other card offers. Larn more about the pros and cons of this Habitation Depot credit menu in our detailed review.
This credit carte is a good fit for: Home Depot shoppers who regularly spend $299 or more and want to pay off purchases over time.
Peak perks
The Home Depot Consumer Credit Menu has a few features that the retail giant'southward frequent shoppers will like.
Intro involvement financing offers
There are no interest charges on purchases of $299 or more that you lot pay off within 6 months. During special promotions, this card offers up to 24 months of interest-gratis financing. If you lot often brand large purchases at The Domicile Depot and demand some fourth dimension to pay them off, these financing offers are cracking for avoiding interest charges.
Ane of import affair to sympathize is that these are deferred interest offers. Deferred interest means if you don't pay off the purchase within the allotted time frame, you lot're charged interest going back to the purchase date. This tin cost you a lot of money if you're unable to pay in total.
Imagine y'all use your menu'south half dozen-month financing on a $500 purchase. If there's any corporeality left afterward half-dozen months, even just $1, you'll exist charged half dozen months' worth of interest.
Up to $100 off a purchase
As an introductory offering, y'all get up to $100 off a buy fabricated in the commencement 30 days with The Dwelling house Depot Consumer Credit Carte. You can make the purchase in a shop or on The Domicile Depot website. The amount of the discount depends on how much you lot spend. Here'southward how much you get based on the amount of the purchase:
- $25 off a purchase of at to the lowest degree $25 but less than $300
- $l off a purchase of at to the lowest degree $300 but less than $999
- $100 off on a single-receipt buy of at to the lowest degree $1,000
This is a reasonable disbelieve for a store credit card. Notwithstanding, it doesn't friction match the best credit carte sign-up bonuses, and so make sure to check those out if yous're looking to get every bit much value as possible.
No annual fee
Y'all can add together this Home Depot credit card to your wallet without any extra yearly costs, as it doesn't charge an annual fee.
Ane year to make returns
The Abode Depot Consumer Credit Card offers extended returns and an easier return process. When y'all pay with The Home Depot Consumer Credit Card, you have 365 days from the date of purchase to receive a total refund, which is much longer than the standard xc days The Home Depot normally offers. And if you're missing your receipt, The Home Depot may exist able to locate it in its system.
Good for building credit
Ane of the challenges of increasing your credit score is finding a card you lot qualify for. Many require a high credit score, and those that don't often accept all kinds of unnecessary fees.
The Home Depot Consumer Credit Card can be useful if you're working on your credit. It has lenient approval requirements, as many applicants with credit scores in the low- to mid-600s have been approved. Card activity is reported to all three consumer credit bureaus, so if you pay on time, information technology can help your credit.
Learn more than: The Consummate Guide to Agreement Your Credit Score
Special cardholder offers
Domicile Depot occasionally rolls out special offers for its cardholders. For case, it will sometimes offer 5% back as a argument credit on specific types of purchases.
What could be improved
Despite its perks, The Abode Depot Consumer Credit Carte also has a few big flaws that hurt its value.
No rewards
The Abode Depot Consumer Credit Card doesn't earn rewards points, cash back, or whatsoever other type of rewards on your purchases. This is a significant disadvantage compared to the best credit cards, and even compared to other store credit cards.
Some shop cards earn cash back on purchases. Many others earn rewards points that tin exist redeemed for a souvenir card. Rewards similar these are a nice way to become something of value on your spending and can help make store credit cards worth it. Because this Abode Depot credit card doesn't offering rewards, the only reason to use it is for its financing offers.
Can only be used at The Dwelling Depot
This is a closed-loop shop credit card, which is one of the major differences between almost store cards and traditional credit cards. "Closed loop" means a card can only be used with the retailer that issued it -- in this case, at The Domicile Depot stores and on The Home Depot website.
Quite a few store credit cards are like this, but it'due south still a notable drawback. Yous're very limited in terms of where you tin can utilise a Home Depot menu, and information technology's usually improve to have a credit menu you can use anywhere you want.
Deferred interest financing
Equally explained earlier, the financing you go from The Home Depot Consumer Credit Carte is deferred interest. While that tin can assist you lot avoid interest, it's important to fully sympathise how deferred interest works.
With this type of financing, the interest on a purchase is deferred until the finish of a specific fourth dimension period. If you lot don't miss whatsoever payments and you pay off the purchase by the end of that time flow (ordinarily 6 months with this Home Depot credit card), and then you pay no interest. If yous miss a payment or don't pay off the purchase in fourth dimension, the carte issuer can accuse you lot interest going back to the buy date.
The best 0% intro April credit cards typically offer waived interest. At that place'due south no interest for the introductory flow, and if you have a balance left over later, you're only charged involvement going forward. If you tin can authorize for an intro 0% April credit bill of fare, that's a much safer way to finance purchases.
A FICO® Score of at least 600 is recommended to utilize for The Dwelling house Depot Consumer Credit Card, and a score of 640 or college gives you better approval odds. Applicants who get this card usually have scores in the fair credit or skilful credit range.
Go on in mind that credit menu applications are based on a variety of factors. Although your credit score is important, it's not the just matter that determines whether you become approved for a credit card.
Alternatives to consider
- If you have a good credit score: The Wells Fargo Active Cash℠ Carte du jour is ane of the top credit cards from a value perspective. It offers a 0% intro APR for 15 months, giving y'all plenty of fourth dimension to pay off large expenses. This Wells Fargo card besides rewards you with 2% cash rewards on purchases.
- If y'all're open to cards from other home improvement stores: The Lowe's Reward Card is a standout among shop credit cards. It gets you an automatic 5% discount on eligible purchases in stores and online. Or you also have the option to get deferred interest financing (without the 5% disbelieve) on eligible purchases.
As of Apr. 01, 2022
| | |
| Wells Fargo Active Greenbacks℠ Card | Lowe's Advantage Card |
| Rating paradigm, 5.00 out of v stars. 5.00 stars Nosotros want your coin to work harder for yous. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, four.00 out of five stars. 4.00 stars We want your money to work harder for y'all. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| Employ Now for Wells Fargo Active Greenbacks℠ Carte On Wells Fargo'due south Secure Website. | Read Review |
| Read Full Review | |
| Rates & Fees | |
| Credit Rating Requirement: Practiced/Fantabulous (670-850) | Credit Rating Requirement: Good/Excellent (670-850) |
| Welcome Offering: $200 greenbacks rewards offering | Welcome Offering: twenty% off commencement purchase |
| Rewards Program: 2% greenbacks rewards | Rewards Program: 5% off Lowe's purchases |
| Intro Apr: Purchases: 0% intro APR, 15 months from account opening Residual Transfers: 0% intro APR, 15 months from account opening on qualifying residual transfers | Intro APR: Purchases: 6 months special financing Balance Transfers: North/A |
| Regular APR: fifteen.24%-25.24% Variable Apr | Regular April: 26.99% |
| Annual Fee: $0 | Almanac Fee: $0 |
| Highlights:
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| Utilise Now for Wells Fargo Active Cash℠ Card On Wells Fargo's Secure Website. | |
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Yous shop at Home Depot ofttimes and y'all either want to finance purchases or you're trying to build your credit score.
For the typical consumer, the Home Depot Consumer Credit Card offers express usefulness. That'due south ofttimes the case with store credit cards, but almost of them at to the lowest degree earn rewards points or cash back.
The lack of benefits means this Habitation Depot card is simply useful for 2 things: its deferred interest financing or every bit a stepping stone to better cards later on you've improved your credit. If neither applies to you lot, check out other credit menu reviews and you should exist able to find one that you like more.
Source: https://www.fool.com/the-ascent/credit-cards/home-depot-credit-card-review/
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