By Chad Morris


5 Min. To Read

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If you plan to remodel your home, or do such activities professionally, Home Depot offers a selection of credit cards that provide extended return periods and discounts on financing. Because these cards aren’t co-branded with Visa, MasterCard, or another credit card company, they can only be used at Home Depot. Let’s check them out.

First up is Home Depot’s consumer credit card. Any product purchased in the store with this card comes with a 12-month return policy. Normally, Home Depot purchases must be returned within 3 months to qualify for a refund. The card has a minimum interest charge of $2, which is double what many co-branded cards charge.

Purchases above $299 that are made with the consumer credit card are eligible for special financing. This promotion is a long-standing offer, although the terms can vary. Typically, the special financing will last up to 2 years. This is a good thing, because the regular APR on the card tends to be higher than what most co-branded cards charge.

Next up is the project loan card. As the name suggests, this card is intended for specific big projects that a home may require, such as the remodeling of a bath or kitchen. A credit line can be as high as $55,000, so more than one room can be done at a time. Like the consumer credit card, there is no annual fee. Unlike the consumer card, the project loan card carries a low fixed interest rate. A balance on a project loan card must be paid off within 7 years.

Professional home builders have two cards to choose from. One is the commercial revolving card, which as the name suggests has a revolving line of credit. Multiple cards can be issued for employees. The card has an above-average APR, although residents of Georgia and North Carolina receive reduced rates.

The commercial account doesn’t have a revolving line of credit. The full balance is due at the end of each month, and this means no interest is charged. It offers more account management tools than the revolving card does. For example, the commercial account comes with buyer ID cards that let authorized users make transactions. This service also provides a greater degree over employee spending. Invoices can be paid and itemized as well within a commercial account.

Both commercial cards have a host of benefits that aren’t available with the consumer cards. For example, both professional cards come with a Fuel Rewards card that provides savings on gasoline purchases at Shell and other participating locations. The program comes with a discount of up to 10¢ per gallon, and there is a maximum of twenty gallons per vehicle per purchase.

Home Depot’s commercial cards also come with an extended grace period to pay off a purchase before interest is charged. The term is 60 days, which is about twice as long as most co-branded cards offer. Like the consumer cards, Home Depot’s commercial cards also provide 12 months to return purchased items.

Monthly statements for commercial cards are organized by SKU (stock keeping unit), a feature that would come in handy for professionals. Purchases can also be tracked by job name or PO (purchase order) number.

Commercial cardholders also receive a free membership in Pro Xtra, Home Depot’s loyalty program. There are several perks here, such as discounts on products, help with tax preparation, and the ability to export records into Microsoft Excel.

Whether these non-co-branded cards are worth opening depends on a variety of issues. For instance, Ace Hardware has a Visa Signature card, but some consumers, especially professional remodelers, may prefer Home Depot’s size and selection. Lowe’s has a consumer card that’s not co-branded, although it does offer an American Express for small businesses.

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