The Home Depot credit card is extremely popular, largely due to the heavy promotion of it. Find out the truth about their Home Depot card before you apply. Technically it's not a scam since there's nothing illegal about it, but it certainly isn't a good deal...

Why It’s Seems Attractive
Make no mistake about it; this credit card which is issued by Citigroup sounds extremely attractive at first glance. The signup promos and benefits are constantly changing, but let’s take a look at what those offers typically are:

10% Off First Purchase?
Periodically they offer an incentive when you apply for a card and get approved. They used to offer a 10% discount on the first purchase made with the card. Upon searching the net, I discovered that a lot of people found this misleading. There’s a lot of fine print to this offer, excluding many products such as John Deere lawnmowers. There are also a number of restrictions surrounding it. Since the credit crunch occurred apparently it is no longer being offered.

$25 Statement Credit?
Instead of the 10% on the first purchase, alternately they are now offering a $25 statement credit for new Home Depot card members. Of course something is better than nothing, but for me and I think for most people, a measly $25 in itself is not a compelling enough incentive to bother with another credit card.

Interest Rates?
This is what many call the biggest “bait-n-switch” part of it. They offer deferred payments and 0% on purchases of $299 or more for the first 6 months, but here’s the catch… that’s only if it is paid off in full within 6 months. If it takes you a day longer than 6 months, you will be charged the interest retroactively for the entire time from the date of purchase. To make matters worse, the interest rate is outrageous – up to 26.99% at the time of this review.

Rewards?
Believe it or not…. THERE IS NONE! There is no cash back or points earned for spending on the Home Depot credit card. So the only thing you get from it is whatever the signup offer is (currently $25) and that’s it.