Does anyone know more about this Home Depot Project Loan MC -- for example, I am assuming it is only good for Home Depot purchases? Or since it has the MC logo, does it mean that technically non-Home Depot purchases can also be made on it as well? Just thought it might be a good idea to inquire here first, before giving Home Depot a call...
@Anonymous wrote:From their FAQ:
How long do I have to make purchases on my Project Loan?
You have 6 months from the time you’re approved for a Project Loan to make purchases. During that 6-month period, interest-only payments are required.
What can I use a Project Loan for?
A Project Loan can be used for any Home Depot in-store or online purchases and for Home Services.
Looks like it's for actual construction material/installations from Home Depot, only.
6-month purchasing window, too, so they really are basically just granting a line of credit to cover a specific project(s).
I'm assuming the Mastercard is to facilitate paying "Home Services" guys, who are typically third-party providers subcontracted by Home Depot. It's probably easier for payments to process with these guys just using the Mastercard network than requiring them all to have access to the in-house Home Depot charge network. Just guessing.
Many thanks for the very helpful and valuable info -- I also took a look at their FAQs when looking at the card details, but must have missed the part about it only being usable as a LOC for specific Home Depot projects when I looked at the FAQs, sorry about missing that earlier & again thanks the heads-up! 