Home Depot Credit Card Discount 2020: Save Up To $100 On Furniture, Appliances, Storage & More

What Are The Benefits Of Home Depot Credit Cards?

Home Depot helps you achieve your dream house with its unique financing options and services. Before investing in a living space with a Home Depot credit card, get abreast of the benefits and perks that come with it.

1. New cardholder’s discount

On your first purchase using the Home Depot credit card, a new cardholder gets $25 off on a minimum order value of $999. You can also avail $100 off on a purchase of $1000 or more within 30 days of opening the Consumer credit card.

2. Access to special financing offers

If you wish to refurbish or remodel a huge chunk of your house, the Home Depot Project Loan Card allows cardholders to take a loan of up to $55,000 for big improvement projects at a relatively low APR  of 7.99% for up to 84 months.

3. 0% deferred interest on purchases for 6-24 months

For purchases of $299 or more, no interest is charged if the balance is paid in full within 6 months

4. Longer return period policy

Don’t like the coffee table even after a few months of purchase? Return it! Home Depot credit card users get the perk of hassle-free returns within a year (four times longer than the usual return period at Home Depot).

5. Other Perks:

• Accessible for applicants with fair credit

• $0 annual fee

• Account alerts when purchases are made or when payments are due

• No interest for 60 days on all purchases

• Save 10 cents per gallon for every $100 spent via Fuel Rewards

*Also Read: Bed Bath & Beyond Credit Card Deals 2020

Things to remember before buying a Home Depot Credit Card

Before solidifying any decisions about buying a Home Depot credit card, you might want to know some terms and conditions. Skim through the information Zoutons has consolidated below: 

1. The Interest is Deferred NOT Waived

With the financing plans available, if you make a late payment or fail to pay off the entire balance by the due date you’ll lose the deferred interest plan and will be charged interest for the entire period of the loan. You can be charged interest for the entire period of the loan, even if you’re only a month or two into your payments.

2. High Interest Rate

The variable interest rate depends on your credit score but the rate lingers at a heavier end of the interest spectrum.

3. No Rewards Program

Not all users wish to take a loan for home improvement projects and need discounts on their everyday purchases. As a cardholder, you won’t benefit from your frequent trips to the Home Depot store since they do not provide any exclusive discounts and rewards.

4. Strict Penalty Policy

If you fail to pay off the entire balance before the six-month period expires, you'll have to pay all of the interest that accumulated during that time on the entire original balance. This means you will be paying interest even on the portion of your debt that you already paid off. The policy of the promotional period is different than regular credit cards that offer 0% APR for a few months and extract interest only on the leftover balance.

5. Inflexible Usage

This card can only be used at a Home Depot store or website making it impractical for everyday purchases, since one does not visit Home Depot everyday.
*Checkout this Best Buy Credit Card Review

How Many Types Of Home Depot Credit Cards Are Available ?

Home Depot gives four alternatives to its users according to their home improvement needs. 

1. Consumer Credit Card

This card is suitable for individual users who occasionally invest in home improvement solutions. Unlike the Best Buy credit card that offers 5% back in rewards, Home Depot credit card does not have a reward system in place. Instead, you get exclusive financing deals on select purchases with a minimum order amount of $299.

2. Project Loan Credit card

Handle any home improvement project when you get a loan of up to $55,000 at a fixed rate of 7.99% APR and 84 months to pay with Project Loan Credit card. This card is a life saver for anyone who needs immediate funds for a large project.

*Also Read: Wayfair Credit Card Deals 2020

3. Commercial Revolving Credit Card

If you are a contractor or a commercial builder, you can get an extra mile of savings with this Home Depot credit card because you get automatic membership to the Pro Xtra program, a deferred interest plan and online account management. This card is ideal for firms and contractors with huge investment projects.

4. Commercial Account Credit Card

Business and commercial builders can open a new Home Depot Commercial Revolving or Commercial Account credit card to save up to $100 on your first purchase of $1000 or more.

Home Depot Credit Discounts & Deals 2020 : Most Redeemed

1. Avail Up To $100 Off On All Categories:

• Redeemable on all products and categories

• This is an exclusive deal for all Home Depot credit card holders

• Free shipping is also available on this deal

• Credible on orders made via :
  -App
  -Website
  -In-stores

• Applicable by new and old users

• Cannot be merged with other Home Depot credit card discounts

• No requirement of any Home Depot promo code

Discount could vary as per different categories:

2. Enjoy 6 Months Financing on 0% Interest Charge:

• Shop for $299 or above to activate this deal

• Applicable on all products and categories

• Valid for all users equally

• Make your payments using:
  -Home Depot Credit Card

• Financing can be done via several times per cardholder
  -Interest shall not be charged if the value is paid in the 6 months purchase

• Redeemable on online and In-store orders

• No Home Depot is mandated at the checkout page

• Can be availed with other Home Depot credit card discounts

*Also Read: Target August Coupons and Deals 2020

3. Save Up To 70% Off On All Categories:

• Valid for new as well as old users

• No restriction on minimum cart amount

• Unlock free shipping on orders worth $45

• This deal can be redeemed online and in-store purchases

• Applicable on all products & Categories:
  -Furniture
  -Home Decor Items
  -Appliances and many more

• No need of any Home Depot credit card discounts code

• Payment modes available:
  -Home Depot credit cards
  -Online banking
  -Bank cards

• Can be merged with other running deals to score higher savings

Discount details are as follows:

4. Get Up To 30% | Storage Solutions :

• Home Depot Credit Card discounts can be redeemed by all users

• Minimum transaction amount is not compulsory

• Discount could vary as per different categories

• Valid on the following products:
  -Storage bins
  -Closets
  -Shoe Storage Baskets and many more

• This is an online exclusive deal

• Use it with other exclusive Home Depot coupons and deals

• Shop for $45 and above to score free shipping on your orders

• Home Depot promo code is not needed

5. Bag Up To 40% Off | Bathroom Vanities:

• Place your order via Home Depot app or website 

• No restrictions on minimum cart value

• Redeemable by new and old users

• All modes of payment options are available

• Home Depot coupon code is not required at the checkout page

• Can be clubbed with prevailing Home Depot credit card discounts

Following are the items under this deal:

*Also Read: Home Depot Deals of the day

Home Depot Credit Vs Lowe’s Credit Card: Which One Is More Beneficial?

Both the Lowe's Advantage Card and the Home Depot Consumer Credit Card can be a helping hand for their frequent store visitors since they offer great continuous financing options for loyal users. You can get special zero percent deferred interest financing on purchases in both the stores so long as you pay it off in full within six months. 

With a reward program that gives 5% off on everyday purchases and special promotions throughout the year, Lowes credit card is a very tough competitor to Home Depot credit cards. Moreover, the Lowe’s Advantage Card comes with more low-interest special financing options for big projects and a sign-up bonus that’s slightly easier to achieve.

While these companies retail similar products, there are some significant differences between their credit cards. Let’s weigh both the cards better:

Final Take :

Ultimately, the debate between the Lowe’s and Home Depot credit card comes down to where you shop. Although consumers with good credit can get a much more favorable interest rate from Home Depot. The Lowe’s Advantage Card is a better alternative for obtaining discounts than for financing home improvement projects.

*Recommended Reading: Kohl’s gift Card Discounts 2020

FAQs

Q. Where can you use the Home Depot credit card?

The Home Depot credit cards can only be used at their website or offline stores.

Q. What credit score do you need to get a Home Depot credit card?

Home Depot credit cards require a Fair to Better credit score of 640 or above. 

Q. How can you apply for a Home Depot credit card?

Anyone can apply for the card online via the Home Depot website or in any offline store.

Q. How long does it take to get the Home Depot credit card approved?

Online applications for the Home Depot credit card usually get approved instantly. However, in rare cases, they hold the approval/disapproval for up to 14 days. After the application, you will either receive a new card in the mail or a rejection letter within two weeks of submitting an application.