Home Depot Credit Card

For large and small home improvement projects alike, there is no better resource than Home Depot, and a Home Depot credit card can make financing home construction projects simple and inexpensive. Before applying for a card, however, interested do-it-yourselfers should investigate the different credit options the store offers, so they can select the plan that best suits their financial and construction needs.

Home Depot offers patrons several credit options.

There are several different cards and credit lines available from Home Depot, and the best option for one person’s credit and home improvement needs may not be the best option for someone else. First, it is important to determine whether you need a consumer or a commercial line of credit, and then choose which plan is best for you.

Consumer credit accounts are intended for use by a single person for their individual purchases. Home Depot offers two types of consumer credit cards, the basic store card and the rewards MasterCard.

The Home Depot Consumer Credit Card is valid only for in-store purchases at Home Depot stores. It does offer excellent incentives, such as no interest and no payments due for six months for any purchase over $299 (as of this writing in November, 2009), although the interest will accrue if the balance is not paid in full by the end of that promotional period. Annual percentage rates vary from 18 to 27 percent, depending on the credit score of the applicant and the size of the purchase, with lower rates for larger purchases, making more intense home improvement projects even more enticing. There is no annual fee for this card, and payments can even be made at the store’s cash registers for cardholders’ convenience.

The Home Depot Rewards MasterCard is a rewards card underwritten by Citibank USA that offers consumers two points for every dollar spent at Home Depot and one point for every dollar spent elsewhere. This is especially useful for consumers who may shop at Home Depot frequently but do not engage in large-scale projects that would trigger the lower interest rate of a store card. The points from the Home Depot credit card rewards program can be redeemed at dozens of different retailers such as Barnes & Noble, Petco, Staples, and Dell, or they can be exchanged for different items such as appliances, tools, vacation packages, gift cards, and more.

Commercial credit cards are intended for business use, and many independent, licensed contractors prefer the Home Depot credit card because of its plans to help business owners track charges by job. There are two types of commercial options available: the revolving charge card and the more strict commercial account.

The charge card option provides itemized billing and free employee cards for all sizes of businesses with no annual fee. Cardholders have the option to pay the account in full or make monthly payments just as with any standard consumer credit card. Free employee cards are available.

The commercial account variation also includes itemized billing, but uses unique identification numbers for each authorized user, so cardholders can see who is making which purchases. Account holdrs have the option of making low monthly payments or paying the balance in full each month.

Consumers can apply for Home Depot cards right in the store.

Applying for a Home Depot card is quick and easy. Interested patrons can apply online at HomeDepot.com, pick up brochures from a store to mail in, or simply apply in-store and have the application processed while they shop. Home Depot credit consultants are available to answer questions about the different options and help consumers choose which type of card is best for their needs. When applying, consumers for the rewards MasterCard can choose among different card designs, and individuals interested in commercial accounts can answer a few basic questions about their business to determine which type of credit is in their best interest.

As with any credit card, responsible credit management is the key to avoiding excessive finance charges and penalties. While a Home Depot credit card may offer great incentives for larger purchases, cardholders should take care not to exceed their remodeling budget. Late fees on each type of credit line vary by the overall card balance, and interest rates may be increased for consumers who fail to pay their balances on time.

Home Depot offers several credit options for both individuals and businesses, with a variety of payment options and incentives based on the type of card and the amount of purchases. Before choosing a credit line at this popular home improvement store, interested patrons should speak with a credit consultant to determine which Home Depot credit card best suits their needs without causing credit problems at a later date.

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