…but the results are a bit underwhelming. CardTrak reports that Home Depot has partnered with Citibank to launch its first pair of co-branded general purpose credit cards. The Home Depot Rewards Mastercard has both a consumer and business version. Under both programs, you earn 2 points for each dollar spent at Home Depot or EXPO Design Center and 1 point everywhere else. Points can be redeemed for the usual assortment of gift cards, merchandise and travel. As an example, 2500 points can be redeemed for a $25 Home Depot gift card. You’ll also earn a bonus 2500 points upon making your first purhcase. More details can be found at http://www.homedepot.com/cards.
Compare this to the existing Chase Home Improvement Rewards card and it doesn’t stack up so well. The Chase card offers 3 points per dollar on any home improvement purchase. Chase’s definition of home improvement purchases are “those purchases made at retail establishments classified by the retailer to Visa and MasterCard as being a home supply warehouse store; a lumber/building supply store; a glass/paint/wallpaper store; or a hardware store.” You earn 1 point per dollar anywhere else. It too allows redemption of 2500 points for either a $25 gift card or a $25 check.