The only way to check your Home Depot store credit balance is by visiting the store personally with your physical card and legal I.D. The cashier will check it for you, unlike before, when you could inquire about your store credit balance online.
- Currently, it is not possible to check the Home Depot store credit balance online or by calling 1-800-Home-Depot
- For security reasons, the cashier will verify your Home Depot store credit every time you make a payment
- You have to provide your driving license or other valid photo ID to verify your Home Depot store credit
- Home Depot Store Credit is Non-transferable and it doesn’t expire
Is Store Credit Same As Gift Card?
People normally ask about store credit and if it is similar to a gift card. Well, store credit is issued whenever you return an item to the store. Instead of giving you a refund in cash, you will need to purchase something in the store using the credit given. A gift card is purchased from a store in any denomination you would like to give as a gift to someone. In short, they are not the same.
How Can I Use My Home Depot Store Credit?
Since the store credit is tied to the person who obtained it, you’ll have to purchase something else worth that amount. If you like, you can top up extra money for items costing more than your store credit. Giving someone your store credit is worthless unless you accompany and let him choose something he likes to make the purchase. In return, they can give you cash.
Alternatively, you can convert all or some of your store credit to cash by simply visiting the cash-out store credit page request. They will send you the cash sent through your PayPal account or a cheque mailed. But, to convert the store credit into cash, you will incur a 10% cash-out fee.
Pros And Cons Of Home Depot Store Credit
|Minimizes losses only the store credit owner can access it more chances doesn’t expire you can sell Convertible Customer loyalty
|Not transferable10% cash-out fee if you lose the card, claiming it may not be easy can not be exchanged with a gift card. You cannot use it online.
Pros Of Home Depot Store Credit Explained
Home Depot helps you minimize the losses by giving you store credit whenever you return an item that is not cash refundable. Sometimes you might buy items but find out later it’s not the one you wanted, it doesn’t fit well in your house or maybe it has faulty issues.
So, rather than rendering the item useless, Home Depot allows you to take back the item as per their return policy in exchange for store credit. With the store credit, you can purchase the item you wanted with the equivalent money or top up more if the product cost is higher than the limit.
Only The Store Credit Owner Can Access It
To minimize the cases of potential fraud experienced before, a Home Depot credit card is linked to your legal identification. Meaning you will be the only person to access the credit as it’s not transferable. You have to visit their stores and show the necessary identification to spend it. So, it won’t be very helpful to someone else unless you accompanied them to the store.
More Chances To Get Other Items
Home Depot gives you more chances to pick another item by giving you store credit when you return a product due for one reason or the other. Being given another chance to pick something else is what makes some customers stick to various stores. It’s no doubt that they’re some stores which don’t take back goods once they leave their stores, which is disadvantageous to many clients who are not satisfied after purchase.
The good thing about store credit is that they don’t expire sooner. With it, you are given enough time to make another purchase. Usually, from the return date, you will be given 365 days which is ample time to plan yourself accordingly and buy some things you want. In case you didn’t, you do not find something great upon return.
You Can Sell
If you have an unwanted store credit, sell it to a friend or family member who needs to buy something of a similar amount at the Home Depot. Since the card is linked to your identification, you have to go with them when buying the items. Use your credit to pay for the goods and have them give you cash value equivalent to that amount.
They Are Convertible
Whenever you feel like purchasing nothing else from the store, you can always change your store credit into cash. Visit the cash-out store credit and request money to be sent to your PayPal account or have a check mailed. The only disadvantage is the cash-out fee of 10%.
Purchasing something with surety that you can return under certain circumstances improves customer loyalty to particular stores. The depot has confidence in its products and puts more emphasis on customer satisfaction. In return, customer loyalty to the store keeps on improving while they sell out the brand through word of mouth to their friends and families.
Ongoing Access To Special Discount Offers
You can decide to use your credit on the product on the offers momentarily, so long as the value matches. Topping more money on the product on offer that you want makes more sense than just buying anything.
Cons Of Home Depot Store Credit Explained
Unlike gift cards, you cannot transfer the ownership of the store credit to someone else since it’s linked to your details. The far much you can do is accompany the person to the store and let them pick whatever they want, and you make the payment.
10% Cash-Out Fee
When you spend your hard-earned money on something which didn’t fit your needs and later returned it you will, of course, want to get your money back in full. But, unfortunately, if you want to convert the credit to cash, you will need to pay a 10% cash-out fee of the total amount of the store credit. This is a great disadvantage, especially if you had spent a lot of money in the store, making the 10% huge amount.
If You Lose The Card, Claiming It Is Not Easy
The store credit may not have an expiration, but if you lose it, it’s gone since they are just barcodes on plastic with no tracking. You’ve to keep it safe and use it when you get something you like to avoid losing it. In case it’s lost, report the same in the store immediately.
Cannot Be Exchanged With The Gift Card
Store credit isn’t a valid tender for gift cards; you can only use cash, debit, or credit cards. In the end, you’ll have to use it personally.
You Can’t Use It Online
Store credit can only be used at the store by the linked person. Online transactions are not possible because the store needs to verify the store credit before you use it. The only thing you can do is check the available product and go to their stores and place the order.
Home Depot Consumer Credit Card
The Home Depot consumer credit card is a store credit card issued specifically for Home Depot purchases. With this particular card, you can save money on interest, especially when paying off your purchases, thanks to their special financing offer. The card is suitable for family shoppers, homeowners, brand loyalists, deal seekers, DIY enthusiasts, or people who want to make expensive home upgrade.
But, if you are looking for a credit card that will reward your frequent or large project cost, then this card isn’t it. Unfortunately, the Home Depot credit card doesn’t have the option to earn rewards or enjoy ongoing purchase discounts, unlike other home improvement store cards. They only boast financial deals that differ throughout the year.
Benefits Of Home Depot Consumer Credit Card
1. Access to ongoing special financing offers
2. Holders enjoy a sizable first purchase discount
3. Accessible to applicants with good credit scores
4. Cardholders are given extra time to make returns
5. Cardholders get additional special financing deals that change throughout the years.
6. Good customer experience
7. Great security features
8. Limitations of Home Depot Consumer Credit Card
9. Cardholders don’t get a traditional bonus
10. No reward program
11. There is a high standard purchase APR
12. Deferred interest “gotcha.”
13. Applicable for people with good credit scores only.
Home improvements are costly, and sometimes it becomes a must-do thing instead of wanting to. If that is the case, a credit card from Home Depot may be the ticket, especially for emergencies with high price tags. Home Depot offers different credit card types, including consumer and company, to be used at the store. Interestingly, Home Depot offers store credit to its customers for returning items that you can use anytime. You’ll not regret the decision of choosing Home Depot for any home upgrade, among other things. Their customer service experience is top-notch.
References: 1 https://moneyrook.com/home-depot-store-credit-balance/
References: 2 https://www.homedepot.com/c/Gift_Cards
Last Updated on October 5, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.