I'm planning on starting some home improvement projects, is getting a Home Depot credit card a good way to help finance it?
Answered by Vanessa Watson, expert at CreditCardFlyers.com:

Looking at store cards and traditional credit cards can be a great way to find a card that is the right match for you in terms of benefits and rewards, so let’s take a look at the card being offered by Home Depot to see what it offers.

While store cards can seem like a great idea in the moment, they have some real downsides, so it pays to take a close look before signing up. Store cards tend to come with higher APR's and in this case that holds true, with an APR in the 17.99% - 26.99% range, which is something to consider. Traditional credit cards can offer lower APR's and give you the opportunity to earn rewards on purchases that can be used for everything from cash back to travel. With the Home Depot cards you do not earn rewards on purchases, making them less lucrative.

What about the six months of no interest payments? This is an offer store cards often make. At first this seems like a great deal, but only if you know you’re going to pay the balance down, and we all know that in life things happen, and you may not be able settle up with them at the end of the six months. What then? You will be billed for interest accrued from the day you made the purchase. Here too, there are non-store credit cards available offering 0% APR promotion periods, so you keep interest charges down, without worrying about the accrued interest charges kicking in if you don't pay the entire balance in time.

So yes, store cards can help with financing home improvement projects, but they may end up costing you more in the long run, when a traditional card will give you better terms and APRs or 0% interest and actually reward you for using it.

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