Anyone use a Home Depot or Lowes Commercial Credit Card
I am starting a new rehab and was considering applying for a Home Depot commerical credit card. The reason was two fold. The first being I can build credit for my LLC. The second being I could use any financing deals they offer.
Anyone have any expierence with a Lowes or HD credit card. Are there any better options?
Originally posted by Aaron McGinnis:
For an even bigger discount, get a cash back credit card and pay off your lowes/HD account with said credit card.
How does one do this? I have a Lowe's consumer card and can't figure this out. My only options are to pay via ACH or check. Perhaps I need the commercial card?
Thanks!
As a Real Estate Investor I have been using this Lowe's program for several years to save a bundle. If you're re investor, Landlord or Property Mgr. you can save a minimum of 7% at Lowe's. Just sign up for the Lowe's Accounts Receivable (LAR)account for 5% off plus get an additional 2% prompt pay discount through the Community Buying Group program. I also get Free Appliance delivery and $20 flat fee delivery. If I have over $2,500 of materials to purchase I can go to the ProServices desk and get volume pricing (usually 12 to 14% off and the 2% is stackable on any special quotes, discount pricing or coupons except military discounts. See details at https://secure.communitybuyinggroup.com/lowes
Originally posted by @Aaron McGinnis:
Step 1: Get a HD or Lowes commercial account
Step 2: Spend an absolutely ridiculous amount of money in a stupidly short period of time.
Step 3: Get called by the super squirrel secret regional manager and given the construction illuminati decoder ring.
Step 4: Bypass the big box store entirely and go to the wholesaler.
Yes, Virginia - the secret handshake is real.
And my non-smartass answer is: It's worth it to get the discount. For an even bigger discount, get a cash back credit card and pay off your lowes/HD account with said credit card.
The BIGGEST reason to get an account is invoice tracking. Say goodbye to tracking individual receipts - every single SKU that you buy goes online... this is true for both HD and Lowes.
It's also super helpful to be able to hand your key players a charge card and stop having to do endless phone sales (Which take FOREVER if there's a line)
IMO, it's a lot more helpful than having a business CC with employee cards... wrangling receipts is never, ever fun or easy when you're dealing with a process that may entail several trips a day to various stores.
I also encourage the use of gas account cards for underlings for the same reason - they report every dime spent to your online account.
You can really pay the Home Depot card off with a credit card?
i just got the normal HD credit card a few weeks ago. the best thing i like about it is the fact that i dont have to pay it in full, whereas my AMEX needed to be paid in full. so, now i have more money for rehab by paying just the min balance.
I was a manger for HD for years and understand their CC's better then they do. The responses you received are a mixed assortment of programs. HD and Lowes have 3 options for financing. A consumer card, commercial card, and a home equity loan.
Consumer card - allows you to get 6 months (or more) no interest on any purchase above $299. Lowes give a choice of this or 5% off. The interest rate is that of loan shark.
Commercial card - allows you to get 5% off but there isn't any special financing.
Home Equity loan - this is really just a personal loan. You can buy what ever you want for 6 months with out interest but after 6 months it rolls into a loan payment and the account can no longer be used for purchases. They advertise a 7.99% interest rate but out of 1000 applications I had seen ZERO get that rate.
The consumer and home cannot be opened in a business name.
I have used the consumer card on several flips because by the time the house is sold the bills are coming due. I get $30k interest free for 6 months. You can't beat that!
Originally posted by @Adam Bartomeo:
I was a manger for HD for years and understand their CC's better then they do. The responses you received are a mixed assortment of programs. HD and Lowes have 3 options for financing. A consumer card, commercial card, and a home equity loan.
Consumer card - allows you to get 6 months (or more) no interest on any purchase above $299. Lowes give a choice of this or 5% off. The interest rate is that of loan shark.
Commercial card - allows you to get 5% off but there isn't any special financing.
Home Equity loan - this is really just a personal loan. You can buy what ever you want for 6 months with out interest but after 6 months it rolls into a loan payment and the account can no longer be used for purchases. They advertise a 7.99% interest rate but out of 1000 applications I had seen ZERO get that rate.
The consumer and home cannot be opened in a business name.
I have used the consumer card on several flips because by the time the house is sold the bills are coming due. I get $30k interest free for 6 months. You can't beat that!
Thank you all for the input. I've had the HD card for renos in the past and wanted open one in my LLC, but maybe it's just better to keep in my personal name. My goal is to receive the 0% at this point. Thank you all for the great info!
I was at Home Depot the other day and the employee that was helping me said that Home Depot is getting rid of their 5% discount on commercial cards and that If I need anything do all of it before January 25. This was confirmed by another employee at a different Home Depot store.
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The 5% has been getting phased out. They went from doing it automatically to making you ask, to making you ask and then having to get a manager so it takes an extra 10 minutes when you check out.
We also had a BAD security breach with our Lowes commercial card, and summarily closed it after Lowes did a terrible job of managing it.
Finally, Home Depot has gotten weird about payments. Their online payment system for their accounts stopped working, so our office manager had to spend an hour a month on the phone getting our bill paid.
It finally got to the point where it wasn't worth having the account anymore, so we stopped using it.
Not promoting anyone, but I have been using ULOVE2SAVE.com for coupons. There lowes coupons come out every month and are costing 2.25, they are never out and ship to my house fairly quickly. Usually receive with in 3 days. They also have resteraunt coupons, taco bell, culvers, burger king, ect... they run like 2 dollars and let you purchase any value meal for free.
@Adam Bartomeo, what kind of interest rates do you see on the Home Equity Loan? How difficult is it to get this or apply for this?
They boast as low as 7.99. While I managed a Home Depot I never saw anyone get that low.
It is as easy as getting a credit card
@Adam Bartomeo, what if I wanted to use that for my project but have my contractor make the purchases?
Home Depot offers an 11% rebate to match Menards. As stated by Amie D. they also do a price match but often it's better to go this other route... They offer bulk discounts on just about everything. Another trick if you're a pro member is asking the Pro Desk to put your order into what's called the "Bid Room" and attempt to get an even better discount. I saved over $800 (Bulk discount was only $580) on my last shingle order by doing this, and I got my 11% rebate in the form of a gift card. Total savings with "Bid Room" discount and gift card was over $2,000
You can obtain the 11% rebate slip from the Pro Desk after check out.
I hope this has been helpful,
Joe
@Aaron McGinnis @Adam Bartomeo Does anyone on here recommend getting a Home Depot commercial card am I really gaining any benefit over my Chase Business card that I already have?
1. I can pay my chase card off when i want too HD card has to be paid within 60 days
2. My contractors already have employee cards from my chase account so no advantage for HD their its the same thing.
In the end is it really worth having?
I have never signed up for a commercial card. I was never interested in the minimal benefits that it has. I ONLY use the consumer card. The 6 month, 12 month, 18 month and 24 month no interest payments afford me the time to rehab a property and sell it before the balloon payment comes due. Basically, I am borrowing tens of thousands at 0% interest for months at a time. It has always been a no brainer to me!