If you’re a serious do-it-yourselfer, then you know that The Home Depot is one of the best places to get all of your home improvement supplies. And what’s even better than getting great deals on everything you need for your next project? Getting those supplies for free, courtesy of the Home Depot credit card. In this Home Depot credit card review, we’ll take a detailed look at what this card has to offer, including the benefits and drawbacks.
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What is the Home Depot Credit Card?
The Home Depot credit card is a store-branded credit card that can only be used at Home Depot locations. It offers cardholders a variety of benefits, including 5% off purchases, special financing options, and exclusive coupons and discounts.
There are two different versions of the Home Depot credit card: the Consumer Credit Card and the Business Credit Card. Both cards offer the same basic benefits, but the Business Credit Card also comes with a few extra perks, like extended payment terms and a higher credit limit.
How Does the Home Depot Credit Card Work?
The Home Depot credit card works just like any other store-branded credit card. You can use it to make purchases at any Home Depot location, and you’ll earn rewards points for every dollar you spend. You can then use those points to get discounts on future purchases.
The main difference between the Home Depot credit card and other store cards is the interest rate. The Home Depot credit card has a relatively high APR, so it’s not the best choice if you’re planning on carrying a balance from month to month. However, if you pay your balance in full every month, you’ll never have to worry about the interest rate.
Benefits of the Home Depot Credit Card
There are several benefits that come with the Home Depot credit card. First and foremost, you’ll earn 5% off every purchase you make, both in-store and online. You’ll also get exclusive coupons and discounts, as well as special financing options on larger purchases.
Another great benefit of the Home Depot credit card is that it has no annual fee. This means that you can keep the card without having to worry about paying any extra fees.
Drawbacks of the Home Depot Credit Card
There are a few drawbacks to the Home Depot credit card. First, as we mentioned earlier, the interest rate is relatively high. This means that carrying a balance from month to month will end up costing you more in interest than it would with a lower-rate card.
Another drawback is that the Home Depot credit card can only be used at Home Depot locations. This means that if you’re looking for a card that you can use anywhere, this isn’t the right choice for you.
The Bottom Line
The Home Depot credit card is a great choice for serious do-it-yourselfers who want to get 5% off their purchases. However, the high interest rate means that it’s not the best choice if you’re looking for a card to carry a balance.
If you’re interested in learning more about store-branded credit cards, be sure to check out our reviews of the best and worst cards on the market. You can also head over to our credit card comparison tool to see how the Home Depot credit card stacks up against other cards.