5 Things to Know About the Home Depot Credit Card

There's special financing on big purchases. But it's not a true 0% offer, and you won't earn any ongoing rewards.

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Paul Soucy
Lead Assigning Editor | Credit cards, credit scoring, personal finance

Paul Soucy has led the Credit Cards content team at NerdWallet since 2015 and the Travel Rewards team since 2023. He was an editor with USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also built a successful freelance writing and editing practice with a focus on business and personal finance. He was editor of the USA Today Weekly International Edition for six years and received the highest award from ACES: The Society for Editing. He has a bachelor's degree in journalism and a Master of Business Administration. He lives in Des Moines, Iowa, with his wife, Sarah; his two sons; and a dog named Sam.

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There’s something appealing about strolling through Home Depot’s wide aisles, dreaming of home improvement projects that might be in your future. Unfortunately, The Home Depot Consumer Credit Card doesn’t elicit the same good vibes, despite its $0 annual fee.

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That’s because the store-branded card doesn't earn ongoing rewards and offers little in the way of perks. Even the most loyal Home Depot fan would probably be better off with a flat-rate cash-back or rewards card.

Here are five things to know about The Home Depot Consumer Credit Card :

1. It offers deferred interest

The Home Depot Consumer Credit Card can help you finance a big home project; in fact, that's its primary selling point. It offers deferred interest on purchases of $299 or more.

Be aware, however, that there's a difference between deferred interest and a true 0% intro APR offer . With the former, interest is accruing in the background during the introductory period. With the latter, the interest rate during the intro period is literally 0% — no interest is accruing at all. This makes a big difference it you get to the end of the intro period and you haven't paid off the balance completely.

With The Home Depot Consumer Credit Card , if you fail to pay off the balance completely by the time the deferred interest period ends, you’ll be charged all the interest that was adding up from the day you made the purchase. That could end up being an expensive oversight. By contrast, with a 0% offer, you will pay interest only on the remaining balance and only going forward.

If you can qualify for a card with a true 0% introductory APR offer that lasts 12 months or longer, you’d be better off. The BankAmericard® credit card is a great alternative. You get 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 16.24% - 26.24% will apply

NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.

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Or if you're seeking to earn rewards on your purchase, the Chase Freedom Unlimited® is also a good pick. It offers a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 20.49%-29.24% Variable APR . Plus, you'll earn at least 1.5% cash back on every purchase with the card.

2. You won't want to carry a balance

Even if you don't take advantage of the deferred interest offer, you'll want to avoid carrying a balance from month to month. As with many store-branded credit cards, the ongoing interest rate can be quite high. The ongoing APR is 29.99%, Variable .

3. Cardholders enjoy a longer return period and exclusive offers

Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you'd normally get on Home Depot purchases. That could come in handy, especially on large purchases that you end up regretting later.

During special promotions, cardholders can also qualify for up to 24-month financing.

4. Home Depot offers a separate card for bigger projects

Home Depot also offers the Home Depot Project Loan Card, which allows cardholders to borrow up to $55,000 for big improvement projects. As of August 2023, you might be able to qualify for a loan as low as 7.42%, but your actual terms will vary.

It's designed to finance major projects such as kitchen or bathroom remodels and could appeal to consumers who don't have access to lower-APR loans elsewhere, such as a home equity loan .

5. Loyalty doesn't always pay off

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Hardcore Home Depot fans could benefit from The Home Depot Consumer Credit Card 's financing offers. But without ongoing rewards, you can do better.

For example, if you're a do-it-yourselfer and you're not loyal to Home Depot, the MyLowe’s Rewards Credit Card offers 5% off eligible store purchases, earning it a place among NerdWallet's best store credit cards . For purchases of $299 and up, you can choose either the 5% discount or a similar deferred interest offer.

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Paul has been the lead editor for NerdWallet's credit cards team since 2015 and for the travel rewards team since 2023. Previously, he worked at USA Today and the Des Moines Register, then built a freelance writing and editing business focused on personal finance topics. He has a bachelor's degree in journalism and an MBA. See full bio.

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