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Can I Buy A Home Depot Gift Card With Store Credit

Can I Buy a Home Depot Gift Card with Store Credit? Explained

Last Updated on May 25, 2024 by Kimberlee Johnson

Recently, I found myself in possession of store credit remaining from a previous shopping trip at Home Depot. This led me to contemplate the possibility of using the credit to purchase a Home Depot gift card.

I was curious about this possibility and decided to check it out. I’ll share whether it’s possible to use the store credit to buy a Home Depot gift card. Read on.

Can Home Depot Gift Cards Be Purchased Using Store Credit?

Home Depot Gift Card

Home Depot gift cards cannot be purchased using store credit [1]. 

Their store credit is exclusively valid for in-store purchases and can be used to buy nearly any item within their inventory.

“If you default on an unsecured debt, you won’t lose anything (except points on your credit score).”

Jean Chatzky, American Journalist

So, if you were hoping to use your store credit in buying Home Depot gift cards, you’ll need to explore alternative options, as this transaction is not allowed under their established policies.

But what gift cards does Home Depot offer?

Where Else Can You Use Your Store Credit From Home Depot?

Home Depot’s store credit is exclusively redeemable in its physical stores, and it allows you to purchase various home improvement and construction products.

“When it comes to Home Depot, it’s store credit for hammers and paint, but gift cards require a different kind of currency.”

Howkapow Gift Site

Within Home Depot stores, you can utilize your store credit to purchase a wide range of products and services, including tools, building materials, appliances, garden supplies, and more.

So, it’s like a secret treasure you can only use when visiting the Home Depot store. But where do you buy Anthropologie gift cards?

What Exactly Is A Home Depot Credit Card?

A Home Depot credit card is a financial tool that can be useful for homeowners. It comes with a special perk: six months of interest-free financing on purchases totaling $299 or more.

This means that as long as you pay off your purchase within those six months, you won’t have to pay any interest. 

However, there’s a catch. If you don’t pay off the full amount within that time frame, you’ll be hit with deferred interest charges dating back to the day you made the purchase.

Find out how you can redeem Facebook gift cards here.

Are Store Credit & Gift Cards The Same?

Store credit, often known as merchandise credit, is issued in the exact amount of a returned item’s value. In contrast, gift cards come in predetermined amounts. 

Both store credit and gift cards can be used like cash, but the key difference lies in where you can use them. 

Store credit is typically limited to the retailer that issued it or its affiliated brands. 

At the same time, gift cards are often more versatile and can be used at various retailers, depending on the card’s terms.

What Is Home Depot Card’s Maximum Credit Limit?

Hand Holding Home Depot Gift Card

The maximum credit limit on a Home Depot Credit Card can reach as high as $25,000. 

But, this generous limit is typically granted to individuals with excellent credit scores [2], substantial income, and minimal existing debt. 

Your specific credit limit will depend on various factors, including your creditworthiness and financial situation. 

If you have a strong credit history and financial stability, you might have access to the higher end of that credit limit scale.

What Is Home Depot Card’s Minimum Credit Score?

To get approved for a credit card from Home Depot, you must have a credit score of at least 640. This score requirement aligns with what’s typical for many store credit cards. 

It is a benchmark to assess your likelihood of responsible credit card use. 

The likelihood of approval increases, and one’s access to more favorable terms and larger loan amounts, when one’s credit score is 640 or higher.

Also Read: Simple Steps To Use IKEA Gift Cards Online

FAQs

How can I convert my Home Depot gift card to cash?

Home Depot gift cards cannot be converted to cash, as they are non-returnable and non-redeemable for cash unless mandated by local laws.

Can my Home Depot credit card balance be transferred?

Home Depot credit cards do not permit balance transfers. You cannot move an existing balance from another credit card to your Home Depot credit card account.

Can Walmart store credit be used to purchase gift cards?

Yes, a Walmart credit card can be used to buy gift cards.

How often does Home Depot increase credit lines?

Home Depot may increase credit lines automatically every six to 12 months, and you can also request a credit limit increase within the same timeframe. 

These options provide opportunities to accommodate your changing financial needs and how good you are at paying back the money you borrow.

What is the bad thing about store credit?

One bad thing about store credit is that it often comes with high-interest rates. 

If you owe money on your store credit card and don’t pay it off quickly, you might have to pay a lot of extra interest—sometimes even more than 30%.

To Wrap It Up

So, after researching whether you can buy Home Depot gift cards using store credit, here’s what I’ve found. You can’t use your Home Depot store credit to buy Home Depot gift cards. 

This store credit is a handy tool to spruce up your DIY projects, but it’s only good inside Home Depot stores. 

You can’t use it online or for gift cards; it is handy when tackling home improvement tasks. 

Remember, next time you’re in Home Depot, that store credit can be your best buddy, just not for gift cards. 

References:

  1. https://www.nerdwallet.com/article/credit-cards/good-bad-store-credit-cards-difference
  2. https://money.usnews.com/credit-cards/articles/everything-you-need-to-know-about-credit-scores
Kimberlee Johnson
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