by Katerina Nikolas

Created on: May 03, 2010

Home Depot stores are a popular choice for those engaging in home maintenance and repairs. They accept a range of credit cards which the consumer may already have and these are Discover, Visa, MasterCard and American Express. They also offer their own consumer Home Depot credit card which is issued by citi.cards.

Customers who prefer to handle statements and phone calls in Spanish may well appreciate the service which offers Spanish as a language of choice. From time to time Home Depot do offer certain promotions where those with a Home Depot credit card can take advantage of special deals, although currently the only promotion is the interest free offer on purchases for the first 6 months.

Conditions apply to the interest free offers advertised. To take advantage of the zero percent interest rate the consumer must spend a minimum of $299 and meet the monthly minimum payments on the card by the due date. This can be a good offer for those who want to purchase items above $299 and take advantage of the interest free period. However if the full balance is not repaid within 6 months then interest is calculated from the day of purchase. This condition also applies if a monthly payment is late or missed. 

For those who are attracted by the initial promotion but then fail to comply with the conditions, interest rates are high. Based on individual credit scores the interest rates start at an APR of 17.99% and then increase to 21.99%, 25.99% or 26.99%. The astute consumer can take advantage of the interest free offer but those who then find they cannot repay the balance in full by the due date, or pay it one day late, find themselves subject to the interest rate being applied to the full balance from day one.

The Home Depot credit card is fee free, but carries the usual late payment penalty fees. These are outlined and increase depending on the size of the balance. A flat fee of $20 applies to late payments on balances under $100 and rises to a $39 fee for over $500.

The card really has nothing unique to offer and goods purchased on a regular credit card would also be interest free if the monthly payment is made on time, plus the consumer would be able to take advantage of other card offers and incentives. As other cards are accepted in store then the store card is superfluous and most likely to appeal to those who do not carry other cards and are thus more likely to fall into the 6 months interest trap.

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