Home Depot Consumer Credit Card Review

The Home Depot Consumer Credit Card is best for DIY enthusiasts who spend a lot of money buying materials for home improvement projects. It can also be a huge boon if you’re planning to make an expensive home upgrade—for example, buying a new set of home appliances for a kitchen remodel—and you need time to pay the balance off. 

However, if you’re looking for a card that will reward your large or frequent project costs, this is not the card for you. Unlike other home improvement store cards, it doesn’t even have the option to earn rewards or enjoy ongoing purchase discounts. It just boasts an array of financing deals that vary throughout the year.

Pros Explained

• Ongoing access to special financing offers: Home project costs can add up fast, and interest-free financing options can help you spread out expenses for no additional cost. The special finance offers include six months at 0% APR for all purchases of $299 or more, and more specific product offers throughout the year. Since most credit card APR offers are a one time offer for new cardholders, we like that this card offers financing options now and later. You won’t have to rush to get all your home projects done at once.
• Sizable first purchase discount: You only get $25 off purchases of $25 to $299 and $50 for purchases of $300 to $999, but the discount jumps to $100 if your first card purchase is $1,000 or more. If your first purchase is $1,000, that's a solid 10% off, which is in line with the competing big-box building supply store credit card offers.  
• Accessible for applicants with fair credit: It’s typical for store cards to be a bit more accessible to those with less-than-perfect credit, and this card is no different. You may be approved for this card even if you have fair credit, which means your FICO credit score is between 580 and 669.

Cons Explained

• No traditional bonus for new cardholders: While first purchase discounts are common among store cards, but many cards offer juicy bonuses worth several hundred dollars if you meet a minimum spending requirement. If you'd like to rack up big rewards for spending a lot on your home, this isn't the card for you.
• No rewards program: You won’t earn any rewards with this card, which is unfortunate because store cards often reward customer loyalty and other home improvement cards offer at least the option to earn money back on purchases in the form of rewards or rebates.
• Deferred interest “gotcha”: While getting six months at 0% APR for all purchases over $299 is a good deal, the devil is in the (potentially costly) details. If you don't pay your balance off in full before the deferred interest offer ends, you'll be charged interest on the remaining balance going forward plus back interest from the initial purchase date. If this happens, you'll lose anything you saved by using the card. 
• High standard purchase APR: It's normal for store cards to carry high purchase APRs, but because the main benefit of this card is the deferred interest offers, it's crucial to pay attention to the standard purchase APR, which could be as high as 26.99%, which is above even the average store card APR. 

Other Features

Like many store cards, this card isn’t packed full of benefits, but it does give cardholders the following perks:

• Extra time to make returns: As a cardholder, you'll get a full year to make eligible returns, which is much longer than the typical Home Depot policy (30-180 days, depending on what was purchased).
• Additional special financing offers: Cardholders get additional financing deals that change throughout the year. Some offers may be good for as long as 24 months, depending on what you buy and how much you spend. 

Customer Experience

J.D. Power ranked Citi sixth out of 11 national issuers in its 2020 U.S. Credit Card Satisfaction Study. Citi earned 801 out of 1,000 points in the study which was below average.

If you need help with your Home Depot Consumer Credit Card account, you can call a customer service line outside of normal business hours, but not quite 24/7. 

Security Features

You’ll get standard credit card security benefits (like $0 liability for unauthorized charges) with the Home Depot Consumer Credit Card, and Citi will replace your card if it’s lost or stolen. Cardholders can also set up account alerts to get notifications when purchases are made to keep watch for fraudulent activity.

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 don’t 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.