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Home Depot credit card rip-off

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  • Home Depot credit card rip-off

    Not long ago, I needed a new mower and decided on the Honda. The guy I was talking to told me to open a HD account and i'd get 10% off and no interest or payments for 6 months. Cool!! Sign me up! Well, the "fine print" info came in the mail about a week ago and while the "no interest/no payments" thing is true, what he forgot to tell me and the $9.95 a month "service fee" on the card. That ten bucks kills off any "no interest" savings, and it's every month! Needless to say, I paid off the card and will cancel it as soon as the ck is posted. If you have a HD card, read the fine print incase this is something new.

    Mark
    Congratulations to Mr. "the sky is falling" Al Gore, nominated the new Village Idiot!

  • #2
    Re: Home Depot credit card rip-off

    sort of the same fine print with me approx. 1.5 years ago.

    i had both the 6 months and 1 year no payment, no interest.

    i would get a statement every month and on the first page/ cover page it showed nothing due so i ignored it. this was after i used it for approx. 6 different transactions and $2800. later. 1 day i looked at the whole statement and found an interest charge
    i looked at the front and it said nothing due

    after reading the 3 pages it came with and calling the finance dept. i was informed that the first page was for normal monthly charges, which i had none and never used it for. the last page was for special promotions. basically the 6 month and 1 year special promotions were hidden on the last page. since i was late by a couple of weeks, they were charging me interest on that purchase from day 1, (original date of purchase) at the rate of 19%.

    i went to h.d. that night and paid off the whole card and cut it up in front of them. the manager and 2 other customer service people were also amazed and also thought that nothing was due. i had to show them the fine print on page 3.

    i called the 800# c.s. rep.
    i was informed that in the disclosure, small print from 6 months ago explained this. the complaint i made was it was decieving and who reads 20 pages of small print. they told me that the customers like the format of posting the special promos on the last page. as it turned out, i didn't pay the finance charges.

    i still get their promos and i havn't used the shreaded card in 1.5 years.

    i guess this is their latest gimmic in offering interest free financing.

    i guess they need to inform the store management and employees about their promo finacing. they were clueless then and clueless now

    rick.
    phoebe it is

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    • #3
      Re: Home Depot credit card rip-off

      Find out what bank is behind this card and be sure you do NOT deal with them. I've head that the Lowes credit card is a big rip-off too.

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      • #4
        Re: Home Depot credit card rip-off

        all "this store only" cards are a rip off it is like a convinces(bad spelling) store it is nice that it is there but it will cost you to use it.
        9/11/01, never forget.

        Comment


        • #5
          Re: Home Depot credit card rip-off

          This is either new or a US only option. But thanks for pointing this out as I will be watching for it in the fine print this weekend as they are having one of the 10% no pay for 6 months and I need a bunch of material for the basement

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          • #6
            Re: Home Depot credit card rip-off

            As has been said, it's the same with every store-offered card. Sears, Lowes, Victoria's Secret (yeah...I know all you guys have VS cards...), etc. No matter how attractive the offer, it's not worth the cost of carrying the card. Unless you intend to completely pay off the purchase right away, the discount is useless.
            I put it all back together better than before. There\'s lots of leftover parts.

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            • #7
              Re: Home Depot credit card rip-off

              I got the HD card to get the 10% off my TS2400. Bought the saw and paid off the card right there at the cashier immediately.

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              • #8
                Re: Home Depot credit card rip-off

                I have a Home Depot card and have never had a service charge for it. I got it to buy my table saw. They had the 12 months no payment no interest deal going. I was told up front by CS that if I did not pay it off entirely one year to the day, interest would be accrued from the date of purchase.

                Comment


                • #9
                  Re: Home Depot credit card rip-off

                  I'm with dlgdoo. I bought all new blinds for the house last year with mine. I took a few months to pay them all off with the 6 months no interest/no payments deal they had at the time and 10% off first purchase. I also read over the details and the only $9.95 fee I see for mine is if I make a payment by phone. Maybe it is something new, not sure. I cancelled mine some time ago. I also agree with everyone else that those kinds of cards are usually not a good idea. And keeping them around can be hard on your credit report if you have several as you can reach a point where you have too much credit available to you (I used to have that problem as I carried many types of cards for international business travel as you never knew what card was gonna be excepted where).
                  Still enjoying all 10 fingers!

                  Comment


                  • #10
                    Re: Home Depot credit card rip-off

                    Citibank is the issuer of HD's credit cards. The situation first mentioned by woodmeister is just the tip of the iceberg. Try tracking how payments and credits are applied when a personnal, non-commercial, account has both revolving and promotional(i.e., no payments for "x" number of months) balances. I have an MBA in financial management with experience as a financial controller within Chase Mahattan bank and I have to struggle to keep the account straight and prevent them from applying payments and credits to promotional balances while leaving revolving balances erroneously outstanding and open to accumulating finance charges and late fees. And when issues concerning credit are referred to HD, in whose name Citibank is upsetting customers, HD's reply is to refer such questions to Citibank! You can't make ths stuff up!
                    there's a solution to every problem.....you just have to be willing to find it.

                    Comment


                    • #11
                      Re: Home Depot credit card rip-off

                      As soon as I saw it, I wrote a check for the full amount and mailed it in. (like having the canceled ck online for proof!) Anyways, learned my lesson, but did save 10% on a $500 mower! Kinda offset the tax anyways.
                      My son got a card offer not long ago,,,,,worst case senerio on being late............41% APR!!!!! Yea, and people wonder why so many are dying in debt!
                      Congratulations to Mr. "the sky is falling" Al Gore, nominated the new Village Idiot!

                      Comment


                      • #12
                        Re: Home Depot credit card rip-off

                        In case any of you missed it, there was a good interview with Harvard Law Professor Elizabeth Warren on NPR last week about the credit card industry and all the tricks and traps they use to try and get your money. Nothing honest about working in that industry. I think I would have more respect for a masked gunman who holds you up in the parking lot.

                        http://www.npr.org/templates/story/s...toryId=9156929
                        "When we build let us think we build forever. Let it not be for present delight nor for present use alone. Let it be such work that our descendants will thank us for, and let us think, as we lay stone upon stone, that a time is to come when these stones will be held sacred because our hands have touched them, and that men will say, as they look upon the labor and wrought substance of them, "See! This our fathers did for us."
                        John Ruskin (1819 - 1900)

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                        • #13
                          Re: Home Depot credit card rip-off

                          Maybe it's just me (I doubt it), but have we all noticed that at almost every turn of events, Home Depot seems to be ripping off the consumer!

                          Over the last few years, I've gone from a "BORG Fan" to "I can't stand to walk in the store!". I've spent a few $Thousand$ over the last couple of years and I'm at the point now where I'd really like to see Ridgid get the he!! out of their stores, so I can feel good about any further tool purchases.

                          I ran into their "fine print" credit card fraud last year and did exactly as most of you are now doing... pay it off and rip it up. Their poor service on home remodel's has made national news and recently I discovered that their "DuPont" branded flooring isn't a "DuPont" product at all. (Home Depot pays them for the use of the brand it seems.)

                          How many other things are not what they appear to be in the Big Orange? After finding some of their "Christmas" special products just don't check out on the internet, I'm becoming increasingly alarmed that honesty is no longer in the HD corporate structure. I was hoping that with Nardelli gone, things would turn around.... but the downward spiral seems to be totally out of control.

                          CWS

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                          • #14
                            Re: Home Depot credit card rip-off

                            Originally posted by oldslowchevy View Post
                            all "this store only" cards are a rip off it is like a convinces(bad spelling) store it is nice that it is there but it will cost you to use it.
                            Oldslowchevy is talking real sense here in my opinion.
                            the dog

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                            • #15
                              Re: Home Depot credit card rip-off

                              I just bought a band saw and got the card for 10% off. Got to check on it PDQ

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