Features of each type of Home Depot Credit Cards

How To Pay

Additional Calculations and Payments

Contact Details

Do you know what all a home depot credit card can offer?

Features of each type of Home Depot Credit Cards

2) How Home Depot Credit Card payments are calculated

1)            Method “M”, applied for payment calculations of Home Depot Customer Credit Cards:

• The method starts with calculating each different balance. Balances differ as they can be promotional or normal. To calculate the daily balance for each different balance the following formula is used:

Daily balance = Balance from the previous day + Interest charge on it + any new charges for the day – new credits or payments.

• Then the daily balance for each different balance is multiplied by the daily periodic rate. This is done for each day of the billing cycle.

Daily Periodic Rate = Annual Percentage Rate / 365.

Daily Balance * Daily Periodic rate = Daily Interest Charge.

• The Total interest charge is the sum of all daily interest charges or:

Total Interest Charge = ? Daily interest charges

• When the daily balance is calculated any purchases as of the transaction date are added. Then any credits or payments are subtracted and other adjustments are made.
• After this the balance subject to interest rate is calculated as the average of the daily balances during the billing cycle. The billing cycle begins on the day after the statement closing date and is usually 30 days.

2)            Method “H” is also used to calculate payments on Home Depot Commercial Credit Cards:

• Again, it starts with calculating the daily balance. This is done when to the balance from the previous day is added the periodic finance charge on it. Then any new transactions are added and new credits or payments are subtracted.

Daily Balance = Previous Balance + finance charge on it + any new transactions – new credits or payments

• When the daily balance is calculated it is multiplied by the daily periodic rate it applies to. The result is the daily periodic finance charge owed. These calculations are done for each day of the billing cycle and for each different balance.
• The sum of all the daily periodic finance charges gives the total periodic finance charge for the billing period.
• The Balances subject to finance charge are the averages of the respective daily balances.
• Finance charges are imposed every day until full payment of the total amount owed is credited.

Types of penalty fees

There are two types of penalty fees for each of the different types of credit cards issued by Home Depot:

• Late fees:  Late fee is owed when the cardholder of Home Depot Customer Credit Card fails to pay the minimum monthly payment required. The minimum monthly payment is based on the purchase prices of the items one has ordered and does not include taxes. The late fee is added for each billing cycle that the cardholder has a past due payment. The late fee is $25. If during the next six billing cycles the cardholder has an additional past due payment the late fee will be $35. For owners of Home Depot Commercial Revolving Charge Card the penalty fees for late or returned payment are as follows:

$25 on balances up to $500;

$30 on balances from $500 to $1000;

$35 on balances from $1000 and over

Fees for late payments for cardholders of Home Depot Commercial Account are $20 on balances up to $100 and $30 on balances of $100 and over.

Home Depot Credit Center provides a couple of ways to contact them for any occasion.

• Electronic messages via the online account of the cardholder. The normal response is within 2 working days;
• The old-fashioned letters: The mail box of Home Depot Credit Center is at the following address:

Home Depot Credit Services

P.O. Box 6405

Dallas, TX 75265-3000.

• Phone calls to the Credit Center Online Account Support for customer credit cards on: 1-866-875-5488 for US citizens. For owners of Home Depot Commercial Credit Cards the phone number is as follows: 866-875-5489 for USA, and 972-653-4123 for other countries.
  • In case of lost or stolen credit card, Home Depot advises to call immediately at 1-866-875-5488.

Home Depot Customer Credit Cards: This credit card is issued to customers only. There is no annual fee required and for purchases above $299 the retailer offers no interest for the first six months. These cards are offered with annual percentage rate (APR) varying between 17, 99% and 26, 99% for purchases. These rates vary based on the creditworthiness of the cardholder. The credit limit is determined by the yearly income and review of the credit reports of the applicant.

The transaction fee required for this credit card is $5 or 3% of the amount of each transaction (whichever is greater). Default rate is 29.99% and the minimum finance charge is $2.  HD Customer Credit Card offers a promotional interest rate of 15.48% for purchases higher than $2000. There is no interest charged if the entire balance is paid by the due date each month. The due date is 25 days after the close of each billing period.

Home Depot Commercial Revolving Charge Cards: This card is presented to small to large businesses to credit and keep track of their purchases.  It cannot be used for purchasing goods and services for personal or household purposes. APR for purchases is 21.99% and 15% for businesses in Georgia and North Carolina. The Default APR is 26.99% and 20% for commercial cardholders in those two states. The minimum finance charge required for these credit cards is $1.

Ways to make a payment for your HD credit cards: There are 3 ways to make Home Depot Credit Card payments.

1) By post: Home Depot offers 2 addresses to where you can mail your payment each month. Cardholders are advised to mail their payments at least 5-7 days before the due date to avoid late payments when using regular mail. The working hours of the processing offices are until 5p.m local time. Any mail received after this hour will be considered as credited on the following day. The addresses to make your mail payment are:

Home Depot Credit Service                              Home Depot Credit Service

Processing Centre                                           P.O Box 6028

Des Moines, IA                                               The Lakes, NV

50364-000                                                     88901-6028

2) Online: There is no service fee for paying off your credit card online. The only requirement for online payments is a functioning online account. When applying for a Home Depot Credit Card online, the online account is a part of the application process. Also for online payments the ABA 9-digit routing number and the bank account number are needed. Online payments should be enrolled each month and automatically debiting the owner’s checking account is not available. Electronic payments are credited as of today’s date when they are received prior to 5 P.M local time. Immediate confirmation of the payment request will be sent from the processing office.

3) In store: Cardholders may visit one of the over 2000 Home Depot stores and pay for their HD credit cards either by cash or credit.
A way to avoid interest on purchases:
The grace period is a way to avoid interest on purchases. For owners of Home Depot Customer Credit Cards this grace period is 25 days and for Home Depot Commercial Credit Card holders is 20 days. The grace period is only applied when credit card owners have paid their full New Balance each billing cycle. If that’s not the case the grace period cannot be used until full payment of the New Balance for two billing cycles in a row.