Home Depot Credit Card — Financing With No Interest For a Certain Period

The Home Depot credit card can help you with emergency home improvements that you may not be able to afford to pay for upfront. The retailer offers two types of consumer credit cards — the Home Depot Consumer Credit Card and the Home Depot Project Loan Card. Neither of the cards has an annual fee. You can use the cards to purchase items on credit at Home Depot stores and get months to repay the amount without interest. Citi is the bank behind the Home Depot credit cards.

The Home Depot project loan card is ideal for individuals undertaking large renovation or building projects. The card gives you up to a $55,000 line of credit that you can pay off in 84 months. The loan card charges an interest rate of 7.99 percent.

Customers with the Home Depot credit card have up to a year to return products. If you are considering getting a Home Depot consumer credit card, know that the retailer doesn’t offer cash-back rewards like most retailers with store card programs. However, Home Depot frequently runs promotions to encourage customers to purchase with its card.

The repayment period for Home Depot credit cards depends on the size of the purchase. No interest is charged if you pay off the balance within the offered repayment period. The interest rate is 17.99 percent–26.99 percent depending on your credit score.

If you make a purchase of $299–$999, the retailer gives you six months to pay the balance without interest. If you make a purchase of $1,000 –$5,000, you get 12 months to pay with no interest. With purchases of more than $5,000, you get 24 months to pay with no interest. However, be careful because you will be charged the full interest even if you are only late by one day.

If you open a new Home Depot credit card account, the retailer offers $25 off purchases of $25–$299. You will enjoy $50 off purchases of $300–$999, and $100 off purchases of more than $1,000 as a welcome discount.

Home Depot customers can apply for the retailer’s store credit card. The card may be hard to get if you have a bad credit score. Since Home Depot looks at other factors, a good credit score is important but it doesn’t guarantee that your card application will get approved.

You may get approved for the Home Depot credit card with a credit score of 600. However, you have a better chance of getting approved if you have a score of at least 640. Individuals with an excellent score enjoy a low-interest rate on the retailer's financing plan. 

Home Depot may lower your credit limit for several reasons. The common reason is high credit utilization. That happens when you keep using more than 30 percent of your overall credit limit. In any case, frequently hitting 30 percent credit utilization can have a negative impact on your credit score.

A string of missed or late payments can also lower your Home Depot credit limit. The credit limit may also drop if your card has been idle for a long time, which results in low credit utilization.