Dwelling Depot Credit score Card overview
The Dwelling Depot Credit score Card provides particular financing for giant purchases and sometimes contains a one-time, in-store low cost for brand spanking new candidates. Nonetheless, the shortage of ongoing rewards means you’re virtually at all times higher off with a extra normal cash-back bank card. Card Ranking*: ⭐⭐
*Card Ranking is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Lengthy earlier than I used to be deep into the world of journey bank cards, I opened the Dwelling Depot Credit score Card shortly after my spouse and I closed on our home. We had some main renovations to deal with, so having fun with an prolonged promotional interval of deferred curiosity on that enormous buy made it worthwhile. It additionally helped that the cardboard carried no annual charge.
Nonetheless, until you’re steadily making purchases of $299 or extra and want further time to pay it off, there are possible higher choices on the market.
Right here’s every thing you could know concerning the Dwelling Depot Credit score Card.
The knowledge for the Dwelling Depot Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Dwelling Depot card professionals and cons
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Dwelling Depot card welcome supply
More often than not, the Dwelling Depot Credit score Card doesn’t carry a one-time bonus for brand spanking new candidates. Nonetheless, it sometimes does sweeten the pot.
For instance, now by July 31, it can save you as much as $100 while you’re permitted for the cardboard and use it for an eligible buy at Dwelling Depot (in-store or on-line) inside 30 days of your account open date. The low cost is predicated on the entire buy quantity earlier than taxes and supply charges and should be on a single receipt, however right here’s what it can save you:
- $25 off your buy of $25 as much as $299
- $50 off your buy of $300 as much as $999
- $100 off your buy of $1,000 or extra
Simply observe that this low cost pales compared to different high cash-back bank cards.
Dwelling Depot card advantages
The present supply on the Dwelling Depot card is lackluster, and the cardboard advantages aren’t significantly better. You’ll be able to take pleasure in particular financing provides while you make giant purchases at Dwelling Depot. Particularly, while you make a purchase order of not less than $299 on the cardboard, you’re eligible for six months of deferred curiosity on that buy.
Moreover, you could be focused for an extended promotional interval (or reductions) on bigger purchases.
For instance, a number of years in the past, we had some vital injury to the fence in our yard because of bushes coming down throughout a hurricane. It will’ve set us again almost $7,000 to interchange it (our householders insurance coverage solely paid a small portion for a restore). Quite than worrying about taking the cash out of our financial savings account, we organized for set up through Dwelling Depot and charged the acquisition to our Dwelling Depot Credit score Card.
In alternate, we acquired 24 months in deferred curiosity — which wound up being nothing since we paid your complete steadiness off earlier than the tip of the promotional interval.
Nonetheless, there’s an vital caveat right here. This can be a deferred curiosity supply versus an introductory 0% curiosity supply. The massive distinction? With the deferred curiosity on this card, your curiosity accrues all through the promotional interval. If any steadiness is left on the finish (even just some cents), you’re liable for all of the curiosity accrued for the reason that unique buy. (Alternatively, a 0% annual share charge supply solely begins incurring curiosity on the remaining steadiness when the promotional interval ends.)
In different phrases, when you use this particular financing, it’s essential to repay your complete buy earlier than the six months ends.
Past this profit, the Dwelling Depot card provides you one 12 months to return objects, 4 occasions longer than the service provider’s customary return coverage of 90 days. The cardboard additionally contains zero legal responsibility for fraudulent prices.
Incomes and redeeming rewards on the Dwelling Depot card
The Dwelling Depot Credit score Card doesn’t earn any rewards in your on a regular basis purchases, which thus signifies that there are not any rewards choices on the cardboard.
Different Dwelling Depot card choices
Our evaluation so far has thought of the Dwelling Deport Shopper Credit score Card, however there are another financing choices out there for the retailer. This listing contains:
- Dwelling Depot Mission Mortgage*: Because the title signifies, this product permits you to finance a big residence enchancment undertaking through a mortgage. You have got as much as six months to buy every thing you want and may finance as much as $55,000 — with 4 completely different mortgage durations and stuck month-to-month funds. Nonetheless, even essentially the most favorable (66 month-to-month funds) has a 7.42% APR.
- Dwelling Depot Professional Xtra Credit score Card*: This business revolving cost account is affiliated with Dwelling Depot’s loyalty program for contractors and different companies that purchase provides or different objects with the chain.
- Dwelling Depot Industrial Account*: This cost account isn’t a bank card however permits eligible companies to challenge purchaser playing cards to licensed workers who can then make purchases at Dwelling Depot shops. You should pay the purchases inside 60 days, although you will get a 2% early pay low cost when you pay on-line inside 20 days.
You’ll be able to view extra particulars for these merchandise on this web page.
The knowledge for these merchandise has been collected independently by The Factors Man. The product particulars on this web page haven’t been reviewed or offered by the issuer.
Which playing cards compete with the Dwelling Depot card?
Past the opposite Dwelling Depot choices detailed above, most alternate options to the Dwelling Depot Credit score Card are extra normal rewards playing cards. Listed here are some stable choices:
- If you need rewards at a significant residence enchancment retailer: Contemplate the MyLowe’s Rewards Credit score Card. This card provides 5% off all Lowe’s purchases charged to the cardboard, together with related particular financing choices. This (clearly) gained’t assist Dwelling Depot consumers, however when you’re open to a unique retailer to your residence enchancment purchases, it may be an honest choice.
- If you need stable rewards on all purchases: Go along with a high cash-back card just like the Wells Fargo Energetic Money® Card (see charges and costs). Though it has no annual charge, you’ll earn limitless 2% money rewards on all purchases, and new candidates can obtain a $200 money rewards bonus after they spend $500 in purchases within the first three months. That is far superior to the Dwelling Depot low cost detailed above. This card can be a Visa bank card as an alternative of a retailer card, so it may be used anyplace Visa is accepted.
- If you need particular financing: Go for a card with a 0% introductory APR on all purchases just like the Chase Freedom Limitless®. You’ll take pleasure in 0% APR for 15 months from account opening on purchases and steadiness transfers (then a variable APR of 20.49% to 29.24% applies). You’ll additionally earn not less than 1.5% money again on all purchases, although new candidates can earn an extra 1.5% again on as much as $20,000 spent within the first 12 months.
- If you happen to favor further safety in your Dwelling Depot purchases: Decide a card with buy safety or prolonged guarantee protection. Buy safety usually covers theft or injury to a product inside 90 to 120 days of buy, whereas an prolonged guarantee will typically add an additional 12 months of protection to the unique producer’s guarantee. This may be nice peace of thoughts for many who steadily buy home equipment or different costly objects from Dwelling Depot.
For extra choices, try our listing of the greatest rewards bank cards.
The knowledge for the MyLowe’s Rewards Credit score Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Associated: The highest bank cards to maximise giant purchases
Is the Dwelling Depot card price it?
Typically, no. It match my wants for some particular purchases a couple of years in the past, however I’ve since moved on. For the reason that card is proscribed to purchases at Dwelling Depot and doesn’t earn any rewards, it’s solely a sensible choice for these needing particular financing choices. Virtually everybody else shall be higher off with a 2% cash-back bank card — or one with a real 0% APR supply.
Associated: How to decide on a cash-back bank card
Backside line
I beforehand opened the Dwelling Depot Credit score Card when my spouse and I had been doing a big renovation, however given its array of limitations (and notable lack of rewards), we’ve since shifted our giant purchases to different playing cards. It may make sense underneath very particular circumstances, however most Dwelling Depot consumers will possible be higher off with completely different playing cards for his or her residence enchancment purchases.
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