|
|
 Insane Interest Rate on Home Depot Credit Card
Posted Mon September 14, 2009 12:00 pm, by Mary R. written to Home Depot, Inc.
Write a Letter to this Company | Rate this Company
To have the interest rate on my Home Depot card go to 22.9% interest! I had a very small balance, so just paid it off, but how insane is that. I will not shop at Home Depot if at all possible. I will chose Lowe's or Ace now. And when I said something to the credit card company, they said that Home Depot didn't have anything to do with the interest rate???? I doubt that very seriously! If they have their logo on it and can only be used at Home Depot, they can dictate what the interest rate should be!
 Reply
| Log In/Create an account | 5 comments |
|
|
| PlanetFeedback Comments are subject to strict terms and conditions. We reserve the right to deny site membership privileges to any individuals acting inappropriately. |
 |
 |
 |
|
|
by Maegan Z. Posted Tue September 15, 2009 @ 1:08 PM
|
|
|
I agree with the posts below that 21% and up seems to be the standard
for store cards. Herberger's and Macy's are about the same, and again,
the posts below are correct, HD does not set the rate, the bank does.
But remember that interest accumulates from the date you pay, until
the date you pay again, so if you are able to pay off your balance
each month, you shouldn't have to worry much about the interest rate.
Does anyone know if HD has a Visa or Master Card option like Target
and Macy's? With the Target Visa or the Macy's Visa, you can use the
card anywhere Visa is accepted, not just at Target and Macy's.
Reply
|
|
|
|
|
|
by Tooter Posted Tue September 15, 2009 @ 8:59 AM
|
|
|
I used to work at an Ace store and their credit card has the same
interest rate.
Reply
|
|
|
|
|
|
by Just Jeffrey Posted Mon September 14, 2009 @ 9:52 PM
|
|
|
No, really. HD has nothing to do with the interest rate. Their
agreement with the actual credit card company is basically a licensing
agreement. The fact it can be used at HD only, however, should keep
the rate down somewhat simply because there is a lower exposure.
Keep in mind that the CC company told you that they were responsible.
Why would they lie by taking on MORE responsibility, not less?
I agree, however, that 22.9% is very high. Unless your house was
destroyed in a fire and this is the only way for you to rebuild while
you're waiting for the insurance check, paying 23% interest at HD is a
bad idea.
Might I suggest that you simply not use the card, and continue to shop
where you can find the items you want, at the price you want, and a
location convenient? If that's HD, then stick with it. If you like
Lowes or Ace better, then go there.
Reply
|
|
|
|
|
|
|
|
|
|
|
by Retail Veteran Posted Mon September 14, 2009 @ 8:48 PM
|
|
|
The interest rate is determined by the bank and not by Home Depot (or
any other retailer). I have worked at retailers that had their own
store branded credit card. The interest rate was rather high at around
21% or so. We were told by our corporate office that the company was
partnering with the bank and that all terms of the card are determined
by the bank. The credit card company was correct when they told you
that Home Depot has nothing to do with the interest rate on the card.
Reply
|
|
|
|
|
|
SHARED LETTERS 
del.icio.us
Digg this