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Why Is Home Depot Special Financing Considered Underrated? | home depot special financing

If you have considered Home Depot as you looked at home improvement, you may have also considered the credit card offers they make available to customers. Home Depot emails you from their main home depot site to inquire about a significant percentage you have to shop somewhere else for the corresponding phone number. They usually apply only to the special financing deals that the home depot doesn't offer you elsewhere. The card offers are often compelling and easy to qualify for if you don't already have a good credit score that is close to optimal, though there are some disadvantages to using them.

First of all, these offers can be confusing. The key wording on the emails may be something like “If you qualify for this credit program, we will finance up to X dollars”. The actual amounts involved can vary quite a bit from application to application. Sometimes you'll be offered a low introductory rate of around seven percent, but if you don't pay it off in full during the introductory period, you could end up with a higher interest rate or a much higher monthly payment than you were expecting.

Second, there is no direct relationship between the specific home depot loans you're approved for and the lower percentage rate or fee waived by the company when you use their card. Home Depot credit card offers are designed to lure you into their store with what looks like an irresistible low APR. The reality is that when you go inside, you have to pay that same low APR. The whole sentence in the email to you was designed to entice you to take the action the company wants you to take. Paying it in full after the promotional period expired is never going to happen.

Third, once you find yourself staring at a major bill in the mail or your inbox, that's not the only bill you have to worry about. Before you send the home depot credit card company a couple hundred dollars for a couple thousand dollars worth of inventory, you need to make sure that you've paid all of your other bills on time as well, because if you don't, you could face late fees of up to thirty days or more. If they waive the fee for the in-store purchase and then raise it to your credit card bill later, you may be stuck with a bill that totals several times the original one you agreed to pay.

So that brings us to point number four: if you want to save money, you don't want to use a home depot credit card provided by this particular company. That's because they're offering you a special financing rate for a product that doesn't cost any less than what you'd pay at any other location. They're giving you special financing interest rates for something that costs one tenth or one fourth of what you'd pay at any other retailer. Those kind of prices don't make sense.

What you can do instead is to look for another home improvement store that is willing to provide you with some pretty good terms. You can go to a major discount center like Costco instead. Costco card provides members with unlimited discounts on purchases, including those of Home Depot merchandise. Not only are the savings from Costco Home Depot special financing rates higher than those offered by the home depot credit card company, but you can pay off your purchases much faster as well.

Now here's the catch. Costco cards don't really make any credit card purchases. If you want to get a special financing offer from a major discount center, you're going to have to pay cash or give them access to a credit card. This means you can't just charge everything you purchase online or charge your kids' college tuition fees. Home Depot does offer rebates on some of their purchases, but they don't usually cover everything.

It will be very easy to apply for a home depot financing offer. You simply fill out an application form and let the company do the rest of the work. They'll pull your credit and will review it to see if you qualify. After you do that, you just have to mail in the application and you should have approval in about an hour.


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