Myhomedepotaccount Commercial Revolving (2024)

FAQs

What is a commercial revolving charge? ›

A type of credit arrangement that permits a buyer or a borrower to purchase merchandise or obtain loans on a continuing basis as long as the outstanding balance of the account does not exceed a certain limit.

The Home Depot Commercial Account is only for business or commercial purposes. It is not for personal, family or household purposes. Citibank, N.A. (“we” or “us”) is the issuer of your account. Citibank, N.A. is located in Sioux Falls, SD.

This retail credit card comes with several benefits and perks, but you won't get any Home Depot Credit Card rewards on your purchases. You also won't be able to use your Home Depot Card anywhere outside of Home Depot, making it potentially less useful than other top credit cards that reward home improvement purchases.

You can activate your Home Depot® Credit Card either online or over the phone at (800) 677-0232. The process is necessary as a fraud prevention measure. Its purpose is to give the user access to the card after protecting the account during mailing. The card is invalid until it's activated.

Commercial Account Credit Cards. The Revolving Charge Card allows you to make a choice; you can make small monthly payments, or you can opt to just pay in full each month. With the Commercial Account card, the payments are due in full.

The main risk to revolving credit is taking on more debt than you can repay. Luckily, you can avoid debt problems by always repaying what you borrow in full every month. You should also avoid making only the minimum payments on credit cards or lines of credit because that will keep you indebted forever.

To receive The Home Depot Commercial Account, you must meet our credit qualification criteria for those accounts. Your credit limit will be determined by a review of your credit report and, in some instances, a review of such other financial information as we may ask you to provide.

Alternatively, you can apply in store. Keep in mind that the Home Depot® Business Credit Card card requires Fair credit, which means you need a 640+ credit score for high approval odds.

Early Pay Discount and No Mandatory Fees

However, Home Depot doesn't charge anything for its commercial account. It doesn't even accrue interest. In fact, Home Depot rewards commercial account cardholders with a 2% discount on each invoice if you pay your outstanding balance within 20 days.

The Home Depot® Credit Card is a store credit card and it can only be used at Home Depot stores and through the Home Depot website. Regular credit cards are part of a card network – Mastercard, Visa, Discover, or American Express – so those cards can be used anywhere the card's network is accepted.

What bank runs the Home Depot credit card? ›

The Home Depot Consumer Credit Card can only be used on purchases at Home Depot. The card is issued by Citibank and offers different financing options. If you plan on making a large purchase, this card provides financing options based on the price of the purchase.

While the Lowe's Advantage Card and the Home Depot Consumer Credit Card offer some great perks for their customers, you can only use them at Lowe's and Home Depot, respectively. If you want a solid credit card for home improvements and other purchases, here are a handful to compare.

Home Depot - 10% OFF

Home Depot offers a 10% OFF military discount on regularly priced merchandise for in-store purchases for active duty, retired military, and reservists at participating locations.

You can check your Home Depot® Business Credit Card application status online or by calling (800) 685-6691.

This card has no annual fee, so it doesn't have extra costs to keep in your wallet. It has fairly relaxed credit requirements; we recommend fair to good credit for approval. You can get no-interest financing for as long as two years, which can help finance large home improvement projects.

Common examples of revolving credit include credit cards, home equity lines of credit (HELOCs), and personal and business lines of credit.

A small business line of credit is subject to credit review and annual renewal, and is revolving, like a credit card: Interest begins to accumulate once you draw funds, and the amount you pay (except for interest) is again available to be borrowed as you pay down your balance.

Revolving credit accounts are open-ended debt. They don't have an expiration date and generally stay open as long as the account is in good standing. As money is borrowed from a revolving account, the amount of available credit goes down. As the debt is repaid, the available credit goes back up.

Revolving credit, particularly credit cards, can certainly hurt your credit score if not used wisely. However, having credit cards can be great for your score if you pay attention to your credit utilization and credit mix while building a positive credit history.