Home Depot Business Credit Account for Fuel Savings and More

Having a Home Depot business credit account can be a game-changer for contractors and small business owners who frequently purchase materials and supplies from the home improvement giant.

You can earn 5% rewards on purchases, which can really add up over time, especially if you're a frequent shopper.

With a Home Depot business credit account, you can also take advantage of exclusive discounts and promotions, including discounts on fuel purchases.

This can be a huge cost-saver for contractors who use their vehicles for work, with some accounts offering up to 3 cents off per gallon on fuel purchases.

A Home Depot business account is a credit offering for commercial contractors and other businesses who frequently purchase materials from Home Depot.

It allows several people to be authorized to make payments using the card attached to it, making it a convenient option for businesses with multiple users.

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The account holder has some limitations, however, and is typically the only person who can make major decisions about the card.

Home Depot's business account offerings are backed by an established financial lender, currently Citibank.

This means you can trust that your account is secure and reliable.

You'll need to sign a personal guarantee and provide personal information as part of the application process.

This is a standard requirement for most business credit accounts.

The application process is simple and will help you access your vendor tradeline faster.

You'll also receive maximum support building business credit, as Home Depot reports to the three major credit bureaus.

This can help you establish a strong credit history and improve your business's financial stability.

The Home Depot business credit account offers a range of benefits and features that can help your business thrive. You can earn perks 4x faster with the Pro Xtra Credit Card, which is ideal if you value rewards.

With the Home Depot revolving charge card, you can choose to pay a minimum payment or pay the balance in full each month. The card has no annual fees associated, and the credit limit will depend on your creditworthiness.

Here are some key benefits of the Home Depot business credit account:

The Home Depot Project Loan offers a large line of credit (up to $55,000) with 6 months to make purchases and up to 9.5 years to pay it all off. This can be a great option if you're spending a sizeable amount of money on a large renovation, add-on, or new build.

By enrolling your commercial card in Fuel Rewards, you can earn 10¢ per gallon for every $100 of qualifying purchases at The Home Depot. This can add up to significant savings over time.

You can redeem your fuel rewards at participating Shell and other select gas stations. Simply swipe your card at the pump, and your fuel price will drop.

The fuel price drop is limited to 20 gallons of fuel per purchase per vehicle. This ensures you can still get the best deal without overloading your vehicle.

Additional reading: How to Account for Credit Card Rewards

Having a clear picture of your purchases is essential for managing your business's finances. Your monthly billing statement contains an itemization of all purchases made on your commercial account or card.

You can track purchases by the buyer or job name, job number, or purchase order. This level of detail makes it easy to keep tabs on your expenses and make informed decisions about your business.

The itemization feature also helps you identify areas where you can cut costs or optimize your spending. By reviewing your purchases regularly, you can make adjustments to stay within your budget and achieve your financial goals.

If you're looking for a more detailed breakdown of your purchases, you can use the buyer or job name to filter your expenses. This is especially helpful if you have multiple projects or clients with different spending needs.

Overall, the purchase itemization feature is a valuable tool for businesses looking to streamline their finances and make better decisions about their spending.

The Home Depot commercial account is a popular choice for many businesses due to its numerous benefits. It offers a 6-month purchasing window to buy items and supplies, giving you ample time to make the most of your new credit line.

One of the biggest advantages of signing up for a Home Depot account is the ability to earn perks 4x faster with the Pro Xtra Credit Card. This card comes with flexible payment options and payment terms, making it a great choice for businesses with varying cash flows.

The Home Depot net 30 account is one of the top net 30 accounts for specific businesses, with no annual fee or application fee. This means you can access your vendor tradeline faster and receive maximum support building business credit.

The Home Depot Project Loan gives cardholders an extremely large line of credit (up to $55,000), 6 months to make purchases, and up to 9.5 years to pay it all off. This is a great option for businesses spending a sizeable amount of money on large renovations or new builds.

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Here are some key features of the Home Depot commercial account:

Overall, the Home Depot commercial account is a great choice for businesses looking to build credit and make the most of their new credit line.

The Home Depot business credit account offers flexible repayment terms, but it's essential to understand the details.

You can choose from 4 tiers with varying APRs and repayment periods, ranging from 66 to 114 monthly payments.

The Home Depot states that monthly payments will not exceed $20 per $1000 spent.

Here's a breakdown of the estimated total paid and amount paid over the original balance for different loan amounts, assuming a 7.42% APR and 66 monthly payments:

However, keep in mind that these calculations assume the lowest tier of 66 monthly payments at 7.42% APR.

It's also worth noting that The Home Depot does not apply a penalty for paying off your loan early.

If you're confident you can make more than the minimum payments each month, the Home Depot Project Loan could be a useful option for you.

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The Home Depot business credit account has some fees and drawbacks to consider. The annual fee for The Home Depot Card is $0, but you can expect hefty APRs of 17.99%, 21.99%, 25.99%, or 26.99% based on creditworthiness.

One of the main drawbacks is that you can only use these cards at The Home Depot and homedepot.com. This limited usage can be a hassle if you frequently shop elsewhere.

Here's a breakdown of the fees associated with each card:

The Home Depot Commercial Account requires payment in full each month, which can be a challenge if your business cash flow is unpredictable.

The fees associated with The Home Depot credit cards and loan options can add up quickly if you're not careful. One thing to note is that The Home Depot Card, The Home Depot Project Loan, and The Home Depot Commercial Revolving Charge Card all have an annual fee of $0.

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The Personal and Business credit cards have a Purchase APR that ranges from 17.99% to 26.99%, based on creditworthiness. The Home Depot Project Loan has a 4-tiered APR system, with the terms and APR subject to qualifying credit approval.

The minimum interest charge for The Home Depot Card is $2, while The Home Depot Commercial Revolving Charge Card has a minimum interest charge of $1. The late fee for all these cards can be up to $40.

Here's a comparison of the fees for each card:

The best way to avoid these fees is to be a responsible cardholder by paying off your balance in full each month.

The Home Depot credit cards and commercial accounts come with their own set of fees and drawbacks. You can only use these cards at The Home Depot and homedepot.com.

One of the main drawbacks is that you won't earn any rewards, whether it's cash-back or rewards points. Hefty APRs on The Home Depot card can become troublesome if you carry a balance.

The Home Depot Commercial Account requires payment in full each month, which can be a challenge if your business cash flow is unpredictable. However, it does offer a benefit of no annual fee or APR on purchases made with the card.

The Home Depot net 30 account is a good option if the cash flow of your business moves quickly, but riskier if it doesn't. You'll receive maximum support building business credit, as they report to the three major credit bureaus.

However, some users have reported difficulty in tracking invoices and making payments with the Home Depot commercial account. Certain accounting software may not be able to track card/account activity, including options like Quickbooks.

Here's a breakdown of the fees associated with each card: