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Finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. The real perk of using a Home Depot business credit card is your automatic enrollment in the Home Depot Pro Xtra Program, which gives you access to certain discounts and rewards. Participation in their Fuel Rewards program can also shave some cash off your gas spend. If you do, you won’t be assessed late fees for missing your minimum monthly payment. Various lending products ranging from $5,000 to $5,000,000 are available for most businesses, including those with limited history or bad credit, without requiring a personal guarantee.
That said, in exchange for no APR or spending limit, you’re expected to pay off your balance on this Home Depot store card in full every billing cycle. Since most charge cards require businesses to pay balances off in full every month, many allow businesses to make purchases without predetermined credit limits. However, the Pro Xtra Card works more like a credit card, as it gives cardholders the option of either making low monthly payments or paying the credit balance in full every month. Currently, the process for applying for any of the Home Depot credit cards is online, though it can be done in-store.
An Overview of the Home Depot Business Credit Card
After your billing cycle ends, you’ll have a grace period of at least 20 days to pay off your purchases. If you don’t pay your balances in full, you won’t receive a grace period. If you’re enrolled in the 60-day payment terms, review the rules and make sure you understand them. Another option would be to apply for a 0% intro APR credit card first and then use a balance transfer to pay off your Home Depot Card debt. Depending on the offer, this will give you another 9-15 months of interest-free savings on top of the initial 60 days.
But if cash back is your thing, and you’re not an organization member, you might want to set your sights on a true cash back business credit card. And if you default on your payments with The Home Depot Commercial Revolving Card, you’ll trigger the default APR of 26.99%, or 20% if you’re in GA or NC. Late payments are subject to a $38 fee, but you do get a grace period of at least 20 days if you regularly pay your balance in full every month. This card is ideal for a business that spends heavily at Home Depot, and plan to pay the balance off in 60 days.
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So, if you opt for the Commercial Account card, you need to be absolutely sure you can pay down your balance every month so you’re not hit with hefty penalties. Given the two commercial Home Depot credit options discussed, the choice comes down to business needs. Although hardware and home improvement stores are popular among consumers, they are often industry-specific for businesses. Each credit option gives card members an extended window for making returns -- up to one year. This return policy is a significant benefit considering the limited time window for non-member purchase returns is 90 days after the purchase date. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions.
Both of the Home Depot credit lines have late payment fees, so be sure to pay your bills on time to quickly build up your business credit history. Suppose you are a contractor, and you are finding your cash flow can sometimes be challenging. In that case, you probably need a credit solution like the Home Depot commercial credit card or apayment solution for contractors like Billdto finance your construction materials. But the major reason to sign up for either Home Depot business credit card is for your automatic enrollment in the Pro Xtra Program.
Compare business credit cards
They also understand the unexpected struggles that contractors sometimes face. As such, they’ll work with you when you are going to be late on a payment, rather than simply penalize you as a bank or lender would. They rely on your building experience and overall business health to determine what the repayment terms will be. Theapplication processto enroll is fast, taking only a few minutes, and you will receive a response quickly.
Do be aware, though, that your 0% APR period only lasts for the first 12 months after you open your account; after that, a variable APR sets in at a rate depending on your creditworthiness. This rate will also vary with the market, so you’ll have to check the issuer’s terms and conditions for the latest APR information. However, there’s a good chance that your APR won’t be nearly as high as the hefty APR on The Home Depot business credit cards.
Fuel-saving benefits
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace. You’ll load up your Bento’s credit line by transferring your own funds from your business bank account onto your card, so this isn’t a traditional business credit card.
PayPal Working Capital Loan— If you accept PayPal for payment, you’ve certainly seen the PayPal working capital loan advertised to you. This loan is attractive because, like other non-bank lending options, it doesn’t require a credit check. They also don’t charge interest, opting instead of a single fee. However, that single fee can often add up to more than interest, so contractors should carefully weigh the math when considering this method. So, if you have a bigger team, and want even more spending controls, consider picking up a card like the feature-laden Bento for Business.
However, failure to pay back the amount on time will result in hefty penalties. This makes the Home Depot commercial account a good option if the cash flow of your business moves quickly but riskier if it doesn’t. One of the major drawbacks of The Home Depot business credit cards is that they don’t come with any introductory perks or special financing offers. Consider the American Express Blue Business Cash Credit Card instead.
Though its rewards are less straightforward than you might like, they’re make it worth it if you have to make returns or can utilize that fuel discount. Visit the Home Depot Card Benefits website to set up features like your fuel discounts, 60-day payment terms and one-year return window. Earn an impressive unlimited cash back rate of up to 2.5% with this Amex-esque flexible spending business card. You can log in to your Home Depot card account to check your account balance and pay your bill.
In regards to the latter, that’s in reference to Joint & Several Liability. Of course, the advantage of 60-days no interest is of greater importance to those with the Pro Xtra Card , since its minimum payment option is subject to interest charges. Sometimes those without the necessary credit history to establish a professional account will have to give a personal guarantee to qualify. You can pay your account balance, check itemized statements and set up automatic payments. You may receive a default APR of 26.99% fixed on your purchases if you fail to make the minimum payment by the due date and it’s still unpaid by the next due date.
Use it on its own, or in tandem with another business credit card. This Home Depot business credit card offers benefits that are most useful to high-volume spenders. There are two types of Citibank credit cards you can apply for at Home Depot. There is the Commercial Account which is the most common, and easier to qualify for. And some of the best store cards can earn you cash back or statement credits on purchases—the Home Depot’s credit cards can’t.
I understand that when I receive an electronic notice it will replace a paper copy. I also understand that I will need to check both my U.S. postal mailbox and email inbox for legal notices until you let me know by email that all legal notices will be sent electronically. If you choose to receive legal notices and statements electronically and then want a paper notice, call us at the number on the back of your card and we will mail it to you. Build up your credit history with a card that reports to all three major credit bureaus every month. If you don’t repay your balance in full, though, your APR will automatically switch to the super-high penalty APR. Late payment fees are $20 for balances under $100, or $35 on balances of $100 and over.
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