Home Depot Consumer Credit Card Agreement: Everything You Need to Know
If you`re a frequent Home Depot shopper, you`ve probably been asked if you want to apply for their consumer credit card. And if you`ve taken the plunge, then it`s important to understand the Home Depot Consumer Credit Card Agreement you signed up for.
Here`s a rundown of everything you need to know about the Home Depot Consumer Credit Card Agreement:
1. Interest Rates
The Home Depot Consumer Credit Card comes with a variable APR of 17.99%, 21.99%, 25.99%, or 26.99% depending on your creditworthiness. These rates can change based on market conditions, and Home Depot can adjust them at any time.
2. Late Fees
If you miss a payment, you`ll be hit with a late fee of up to $40. This fee can be charged multiple times for each billing cycle if you continue to miss payments.
3. Annual Fees
There`s no annual fee for the Home Depot Consumer Credit Card.
4. Rewards
The Home Depot Consumer Credit Card offers rewards for purchases made at Home Depot. You can earn up to $100 back in the form of a statement credit for your first purchase of $1,000 or more within the first 30 days of opening your account. Additionally, you can earn up to 24 months of special financing on purchases of $299 or more.
5. Credit Limit
Your credit limit will be determined based on your creditworthiness, income, and debt-to-income ratio.
6. Balance Transfers
You can`t transfer balances from other credit cards to your Home Depot Consumer Credit Card.
7. Credit Score
Applying for a Home Depot Consumer Credit Card will result in a hard inquiry on your credit report, which can temporarily lower your credit score.
8. Payment Options
You can make payments on your Home Depot Consumer Credit Card by mail, online, or by phone. You can also enroll in autopay to have payments automatically deducted from your bank account each month.
9. Ownership
The Home Depot Consumer Credit Card is issued by Citibank, N.A.
In conclusion, the Home Depot Consumer Credit Card Agreement has a few key points to keep in mind. It`s important to understand the interest rates, late fees, and rewards offered by the card. Remember to make payments on time to avoid late fees, and take advantage of the special financing and rewards offered by the card.