Home maintenance is one aspect which requires the use of funds in a routine manner. However, it is not always possible to use personal funds for doing the home repair work that is required. Inmany cases, it has been observed that a lack of personal funds caused the deferring of home renovation projects for along time. It is at times to difficult to put together the money that is required for doing the renovation. For actively dealingwithfinancial issues that prohibit repair work a person can opt for credit cards that are specifically made for providing home repair credit. Many merchants provide such cards, and there are stores and outletspresent for home décor which are operated by the credit card issuing companies. Therefore the credit card can be used for making purchases related to home repair projects on credit and then pay back the amount in easy installments. This will help in completing the repair work as a lump sum of credit is available for doing the renovation job, and that credit can berepaid in smallerinstallmentswithin a certain duration. This is undoubtedly a suitableoption for those peoplewho can’t afford to pay huge sums for the personal account but can routinely make steady repayments.
The suitability of credit cards offered by home depot
If a person is choosing a credit card that is issued by home depot, thenitisimportant to know the various features of these cards in a detailed manner. Home Depot is a well-known superstorethat features different home improvement articles. Most credit cards are accepted by this store however this association also provides credit cards in their own name. These credit cards are therefore known as branded cards and can be used in all the outlets of Home Depot. This branded credit card is particularly useful if a person wants to do major shopping from this store and wants to pay the borrowed money at a zero percent interest rate. The duration for paying theborrowed sum while making the purchases is also quite long. But if a person is lookingforrewards that are gained by using credit cards for particular transactions, then it should be noted that this type of branded credit card doesn’t provide any kind of rewards or incentives for using the card.
Knowing about the different types of branded credit cards offered by Home Depot
Consumers that do shopping at Home Depot have the choice to select from the two types of credit cards offered by this superstore. A brief delineation of each type of card is given below:
- General credit cards for consumers
The credit card which is offered to customers for making purchases at offline stores of Home Depot and on theironline website is known as a consumer credit card. This type of Home Depot credit card entails no annual fee. But it should be known that incentives are also not given for using the credit card in their stores or on their website for making payments. Purchases worth $299 or more can be made with the help of this card. The period that is present for giving back the amount of $299 or more is about 6 months. This period is known as the period of deferred interest which means if the payment is made within the given time period then interestwon’t be paid by the consumer. The deferred interest period can be longer if the store is giving special offers. The store owners decide theitem for which deferredpayment of borrowed sum is allowed from time to time. In this regard, itisimportant to understand the meaning of the term deferred fully.
When a person is getting the offered of deferred interest on a credit card, then it should be known that the interest is not waived off. It will become part of the calculation at a later stage. If the entire payment is completed before the deferred interest period deadline, then there is no problem. However, if the consumer is unable to finish the payment of installments by the given deadline, then the interest will becharged. But this interest is not charged on the outstanding amount or the amountthatis left to bepaid but on the credit amount which was taken for making the purchase in the first place. Cardholders are allowed to make the repayment within a year. As a bonus, if a consumer has signed up for a Home Depot credit card, then the first purchase comes with a discount. However, these offers are not permanent, and the person who is opting for a credit card from this superstore should ask about first-time purchase benefits.
- Loan card for consumers
This type of card cannot be deemed as a conventional credit card because it is given along with a home loan. Home Depot approves renovation project loans for home maintenance so major projects like roof reconstruction; kitchen remodeling can be done by taking a loan from them. The loan funds are accessed with the aid of the Project Loan Card given by Home Depot. A period of six months is given to spend the money presently on the loan card. There is a draw period during which a cardholder has to pay the interest on the amount that has been borrowed. At the end of this draw period, the balance can be paid off within seven years. If there is the task of completing major renovation projects that will require a considerable amount of funds, then a loan card is suitable, but other factors should also be measured before choosing this type of card for acquiring a home improvement loan.
Hence, before opting for a credit card from this particular superstore brand, it should be ensured that the credit card can be used and the repayments can be made in a timely fashion.