The Home Depot Consumer Credit Card is a store credit card that offers few useful benefits, even when compared to other store credit cards. Unless this card's financing options make sense for you, there are dozens of other credit cards that will provide more value for the average Home Depot customer.
Below, CNBC Select shares the details of this card's lack of benefits and offers more valuable alternatives.
The Home Depot Consumer Credit Card doesn't earn rewards, which makes it a difficult card to consider unless you highly value the extended return window.
- Extended return window for eligible items
- No annual fee
- Deferred interest financing can be expensive if you don't pay off the full balance by the offer end date
- Doesn't earn rewards
Welcome bonus
For a limited time, save up to $100 on a qualifying purchase when you open a new card.
Benefits and perks
Home Depot Consumer Credit Card holders can access special financing offers. Qualifying purchases of $299 or more are eligible for six months of deferred interest financing. You'll pay no interest if you pay the bill in full within six months, otherwise, you'll be charged for all of the interest that has accumulated from day one. You're also eligible for special promotions that provide extended financing options. Card members can take advantage of an extended return window and have up to one year to return eligible purchases.
Rewards
The Home Depot Consumer Credit Card doesn't earn any type of credit card rewards.
Rates and fees
The Home Depot Consumer Credit Card has a 29.99% APR and no annual fee. The penalty for late payments is up to $40 and returned payments are subject to a fee of up to $41.
Home Depot card comparison
Home Depot Consumer Credit Card vs. Lowe's Advantage Card
MyLowe's Rewards Credit Card
Rewards
5% off eligible purchases
Welcome bonus
For a limited time, new accounts get 20% off a qualifying purchase, up to $100
Annual fee
$0
Intro APR
None
Regular APR
Standard APR is 31.99%
Balance transfer fee
Not applicable
Foreign transaction fee
Not applicable
Credit needed
Not applicable
Terms apply.
The Lowe's Advantage Card has a lot in common with the Home Depot card: they both are store cards you can only use at that specific retailer, and both provide deferred-interest financing offers to cardholders.
And while neither card earns rewards, the Lowe's Advantage Card at least provides a 5% discount on all eligible Lowe's purchases. This discount can quickly add up for large purchases or expensive home improvement projects and make the Lowe's card a more valuable option. However, you'll still want to price shop to ensure you're getting the best overall deal, and the 5% discount doesn't apply to every purchase, so it's important to read the fine print.
Home Depot Consumer Credit Card vs. Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card can help you save on interest charges thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
The Wells Fargo Reflect® Card can be a huge help when it comes to financing a big-ticket expense. It has a generous intro 0%-APR period of 21 months for purchases and qualifying balance transfers, then a standard APR of 17.49%, 23.99%, or 28.24% applies. Balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5. Similar to many other 0% APR cards, you only start accruing interest when the 0%-APR period ends.
This makes the Wells Fargo Reflect Card a less risky financing option than the deferred interest offers available with the Home Depot card. With the Reflect card, if at the end of the 21 months you haven't paid the balance in full, you'll only pay the interest you accrue from that point forward. Whereas, with deferred-interest Home Depot card offers if you don't pay off the balance for the special financing period expires, you're responsible for paying the interest from the first day the financing started.
Is the Home Depot credit card right for you?
Outside of niche scenarios, the Home Depot Consumer Credit Card doesn't provide much value. It earns no rewards and doesn't offer a discount on Home Depot purchases. The only real benefits of the card are the intro discount and financing offers. But the terms of these deals typically aren't as good as what's available with the best 0%-APR credit cards. As long as you have the credit to qualify for other cards, there is no shortage of better options for the vast majority of people.
Bottom line
The Home Depot Consumer Credit Card is a store credit card you can use for Home Depot purchases. But it doesn't earn rewards or directly save you money on Home Depot purchases. Most people will be better off with a basic rewards credit card or a card that offers no-interest financing.
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