Are youexcited to read the topic Home Depot Commercial Account .
The Home Depot, Inc. is a public company that leads and specializes in retail and home improvement. Headquartered in Atlanta, it operates in all 50 American states. The retailer offers affordable and comfortable credit card options for you to purchase with ease and manage your accounts. This article focuses on the Commercial Account provided by Home Depot. The store wants you to finish your job for your personal or commercial requirements.
Home Depot has a commercial account only for commercial or business purposes. Citibank provides those accounts and related credit cards. You must pay no annual fees and follow no minimum monthly payments and spending limits. However, you must pay your bills within your billing term or face a penalty.
Home Depot Commercial Account
Citibank makes the Home Depot Commercial Account available to you only for commercial or business activities. It cannot get used for personal, agricultural, household, or family purposes. It is a net-30 vendor account meaning that you must pay the amount in full within 30 days of purchasing the products.
You can itemize, get a bill after purchasing the required products, and set spending limits on the other buyers on the account. The store reports to all three credit bureaus viz Experian Small Business, Dun and Bradstreet, and Equifax Small Business in the case of commercial accounts.
Applying For A Home Depot Commercial Account
Your business must be a partnership, corporation, embassy, school, sole proprietorship, limited liability, government, financial institution, non-profit, or other types. Being an applicant, you will be the authorized buyer on the account. You may add more buyers and track the transactions. Your card will contain your and your company’s name. To be on the safer side, the store asks for detailed information regarding you (as the authorized buyer) and other mentioned buyers.
It offers versatile payment options with no annual fees. You must be an authorized person, a decision-maker, or a majority shareholder. However, you and the other buyers must follow the eligibility criteria. For a commercial account, your current credit score must be at least 640. It is a fair credit score. It also accepts excellent and good credit scores and does not allow balance transfers.
Home Depot Commercial Account Card
As a Home Depot Commercial Cardholder, you must pay your bills within the payment term or else pay late fees. You must also pay the high-penalty APR that gets applied if you pay later than your billing term. The APR penalty that reaches 29.9% is termed high. So, it is better to stay below 14% of the APR penalty. However, Home Depot’s APR goes to a maximum of 21.99%.
This card does not include minimum monthly payments and spending limits. This card can get used only at Home Depot and its website. However, according to the conditions, the store will set your credit limit according to your credit report. The minimum credit limit can be $1,000. However, you will get informed about it when you get your card. This card offers you cashback only if you are a member of a professional trade organization.
Advantages Of Home Depot Commercial Account
The following are the advantages of Home Depot Commercial Account:
- You can manage your account and pay online and through invoices.
- Being a Home Depot commercial cardmember, you can separately enroll for the fuel rewards program.
- You will have two payment terms of 30 and 60 days.
- You can allow some of your employees to purchase on the account.
Disadvantages Of Home Depot Commercial Account
The following are the disadvantages of Home Depot Commercial Account:
- Your current credit score must be more than 640 and is a fair credit score.
- If you get later than the billing term in paying your bills, you will get an APR penalty of up to 21.99%.
- You must be an authorized person of your organization.
Conclusion
Home Depot allows you to use its commercial credit cards only in its store and website. Being an authorized person in a business, you can add a few buyers to the commercial account and control employee spending. This commercial account gets better for small businesses and construction companies. Applying for this account and its credit card is easier than the Commercial Revolving Charge card. This store requests a credit bureau report, and you may ask them for a few details related to your credit bureau check.
Frequently Asked Questions
- What Are The Different Accounts Offered By Home Depot?
Answer:
Different accounts offered by Home Depot are Consumer, Commercial, Commercial Revolving Charge, Pro, and Pro Xtra.
- What Is The Commercial Revolving Charge Account Offered By Home Depot?
Answer:
It is harder to get eligible for the Commercial Revolving Charge Account than the Commercial Account. The former allows you to pay in full or make small monthly payments. It also allows every buyer on your account to have a credit card, while you may track their transactions. This card automatically makes you eligible for the Pro Xtra membership.
