Relying on store credit cards is not a financial strategy I regularly employ. That being said, if there is a reason for doing so I am always open to the idea.
A few months back, while installing a new kitchen in my home, I was in position to consider the pros and cons of opening a Home Depot credit card.
At first, I was against the idea because my plan was to pay with cash. But the more I considered the benefits the more I began to believe that this was the best way to go.
The Pros of the Process
In this section, I want to take a closer look at the benefits associated with opening a Home Depot credit card:
1. The ability to open an account at my local Pittsburgh Home Depot without delay. There is nothing I hate worse than having to fill out a long application or sit on hold waiting for a customer service representative.
All I had to do was provide some basic information, such as my contact details and driver’s license number, and the process was complete. Within 90 seconds the associate told me I was approved. Easy enough, right?
2. No waiting around to start shopping. Even though I was yet to have the actual orange plastic in my hand, I was able to use my line of credit and take advantage of the benefits of doing so.
The associate gave me a receipt with a barcode that acted as my credit card. Until my plastic arrived, this is all I needed.
3. Big savings on a variety of items. The primary reason for opening a Home Depot credit card was the money it would save me.
At the time, my local store was offering 10 percent off flooring and cabinets when using a Home Depot credit card. My plan was to take advantage of the discount and then pay off the bill in full when it arrived. And that is exactly what I did.
The Cons of the Process
At this point, you may be excited about opening your own Home Depot credit card. However, don’t run to your local store just yet. Instead, take a look at these potential drawbacks:
1. Your Home Depot may not always offer a special deal for using your credit card. I still have my card, but there is no reason for me to use it because there is no incentive at the present time.
My advice is to only open a credit card if you are going to get something in return.
2. Phone support was below average. After a couple of weeks, I began to wonder when my actual credit card was going to arrive in the mail. For this reason, I contacted the customer service number given to me by the store associate.
Unfortunately, it took 20 – 25 minutes to get somebody on the phone, explain the situation, and resolve the problem. Bad phone support is a pet peeve of mine, so this was disappointing.
All in all, my experience in opening a Home Depot credit card was a good one. There were a couple of details (such as bad phone support) that were less than ideal, but the money I saved by taking this step was well worth the minor annoyance.
The next time you are in your local Home Depot, ask an associate for details on a store credit card. Also, be sure to inquire as to whether there are any special deals at the present time. You may find yourself saving as much money as me.