Review of the Home Depot Credit Card





The Home Depot Credit Card last reviewed on 24th March 2006



Summary - The Home Depot Credit Card (issued by CitiBank) is targeted at those who shop frequently at Home Depot. With this card, you get the following benefits
  • No interest and payments for six months on purchases above $299.00
  • Get special deferred payment deals throughout the year
  • Special interest rates for purchases above $2,000.

Let us explore this card in greater detail.

Card Benefits - The Home Depot Credit Card allows cardholders to pay no intererest and payments for 6 months on Home Depot purchases exceeding $299.00. Cardholders also get special deferred payments throughout the year and will also be given special interest rates for purchases above $2000. Furthermore, you get catalogs and event mailings sent to your home.

Fees - The Home Depot credit card has no annual fee. The apr is fixed at 21%. For purchases above $299 (as mentioned earlier), cardholders get to pay no interest and payments for six months. If you choose to carry a balance after the six month period, you will be charged an apr of 21% (which is fixed). The average daily balance method is used to calculate monthly balances.



Verdict - The Home Depot Credit Card will appeal to those who shop very frequently at Home Depot and takes advantage of their six month no interest, no payment option. You do not earn any reward points with this card. Those who want to earn reward points which can be redeemed for Home Depot gift cards may want to consider the following alternatives.

Alternatives - Those who want a reward credit card where you can exchange points for Home Depot gift certificates should consider the Citi® Diamond Preferred Rewards® Card. This card pays 5 points for every dollar you spend at standalone supermarkets, gas stations and drugstores. You earn one point for every dollar you spend on "other purchases". Reward points can be used to exchange for Home Depot Gift Certificates.

Alternatively, you can get the Chase Cash Plus Rewards Visa® Card. This a one of the best cash back credit card that pays 5% rebates for purchases on groceries, gas stations and drugstores. This card offers cardholders the alternative of exchanging cash rebates for gift certificates (of which Home Depot is one of the merchant partners).

Positives
  • No annual fee
  • No interest and no payments for six months on purhases above $299.


Negatives
  • Can only be used at Home Depot stores
  • Cardholders do not earn reward points for Home Depot purchases



Home Depot Credit Card
Cost/Fees/Interest rates
Annual Fees No annual fee
Purchase APR 21%
Min Finance Charge $1.00
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Over-the-credit-limit fee None
Late Payment fee $25.00 - $1000 or less
$30.00 - over $1,000



If you already have the Home Depot Credit Card, we would appreciate if you can take some time to post your review. Our readers will find them very helpful.








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