I have a Home Depot credit card with a $2.5k limit and 12, 18 or 24mo 0% APR period if I spend 600, 1k or 2k respectively. How would you spend this? Assume I have no tools. I was thinking:
>cordless drill/driver, impact, circular saw, impact wrench (plus impact sockets)
>GE profile indoor smoker
And some other crap. The credit card extends the return period for up to a year, so it's basically borrowing this stuff for free while deciding if I want to buy it a year from now. I was gonna get the makita subcompact line with 2.0ah batteries.
I lease my mom’s house and have a farm so some tools would be nice. My cordless Bostitch impact and drill/driver haven’t worked since last year, so I wanted new ones. I have a corded saw but cordless sounds so nice and convenient. My cars getting older and will need maintenance soon and I drive a lot for work so impact wrenches sounded great. I also had to get stitched a couple years ago from busting my knuckle while changing troony fluid so in general it sounded nice. Seems like a good basic set, I don’t see an immediate need for a sawzall or multi tool so was gonna wait until I do, if ever.
And the smoker just dropped a few months ago and is now on sale. It looks awesome. I’ve wanted a smoker for years but have been worried about it just becoming a thousand dollar rust bucket, since that happens to every single one I see. I’m a bit on the fence about such a large purchase and it makes my gut churn a bit though. But I know it’d be liberating and remove a lot of friction to have tools. What do you guys think?
I don’t feel like writing a post shilling more tools, but I will say you may have just missed all of the power tool sales by like a week. Might want to wait for one of HD’s 24hr sales on a kit you like (power tools are on there like once a week) or the father’s day sale.
Ryobi HP if you’re just a DIYer. Milwaukee if you want all the coolest new power tools to snap pics of. DeWalt if you want contractor grade without spending the premium on Milwaukee because of their tradie loyalty. DeWalt 20V is good for a serious DIYer whose willing to spend above Ryobi money and they have tons of sales at different retailers.
Still no complaints about my Ridgid, but the Ryobi HP lineup is so good and so large plus all their random household and outdoor gadgets/tools, I would shill the Ryobi first.
Makita is sort of a dying brand, their 18V lineup is lagging so far behind other brands. DeWalt’s Atomic stuff is a head above Makita’s subcompact.
There’s a decent DeWalt kit on the 24hr sale today.
I would consider buying online if you can. Far more power tool kits and deals available, same for impact sockets and tools along those lines, they don’t really have much in store besides Husky, which are straight but their website will have Gearwrench and Tekton and Sunex and stuff I think and the prices are normally about the same as Amazon which is quite fair.
Also while I’m here shilling…
Picrel is the DCD891, this is a great impact wrench for automotive. The high torques are big and overkill for 95% of passenger car jobs, and the newer DeWalt Mid-Torque XR is so powerful for a mid torque that it will do like 99% of automotive jobs where you want a 1/2” impact
Just remember… I think the DCD891/892 is the newer model, and the DCD894/896? is the last gen model. They look almost the same, same size, except the newer 891 is 600lbs of torque while the older version is 330lbs. And the newer one is actually cheaper on HD’s website. 330lb will make you want a high torque for certain jobs, 600lb will be enough for pretty much all of it and you likely won’t even need a high torque.
I have the DeWalt Atomic impact driver and it SUCKS. Yes it packs a punch but it tries to be too smart for its own good. It has too many quirks. Get it if all you do is drive screws into deck boards, but if you're doing more delicate work it lacks a lot of finesse. It's like the difference between electronic throttle vs plain old cable pedal. The atomic simply shuts down if you don't press hard enough on the trigger AND WON'T WAKE UP AGAIN until you let go completely of the trigger — unacceptable! In what world can I not fricking send it when going full pressure on the trigger?
>go to home depot for metric hex nuts
>all the drawers are empty/full of unrelated shit and empty bags from when mexicans stole the fasteners inside
frick home depot fastener section man
My local Northern Tool’s individual wrench and socket selection was so fricked up for months at one point because some dindus went in there and stole thousands of dollars worth of sockets/wrenches that it took them foreber to get inventory correct again.
Daily reminder that those stolen goods are represented in the higher prices us Yuro-ancest’ered people have to pay so don’t be afraid to kick a thief in the balls when you see one.
Store cards are objectively stupid and bad for your credit, and we all know you won't pay it off before APR kicks in.
Stop being stupid, learn how credit works and don't go into debt buying fricking tools of all things
I agree that store cards are stupid. I got it years ago before knowing anything about credit cards and it gave me a discount on whatever I was buying at the moment. But at the moment I could use some tools, a fridge and this new smoker or on sale while I’m being offered 0% APR for 12-24mo, and this card extends the return period up to a year. I will definitely pay it off or return the items in time, I’m a bit of a card/bank churner and SUB prostitute.
I was looking at the makita subcompact line, but don’t want to get into brand wars.
I may end up just going cheap on used tools as needed and only grab the smoker. Still rolling it all over. But I look around my house and see all the things I’d do if I had the tools, and in a sense the free return window / warranty extension is optimal, provided Home Depot doesn’t ban me from future returns for executing that option.
Drop the card idea and just use them as a tool rental
Service then…
Harbor freight used to be the place to rent tools then all these grubby looking white dudes were getting all pissed off over restock fees
That’d be way more expensive and I live too far away. I am seeing if a friend from the city will rent tools from the library for me though
>Why do you say store cards are bad for credit? Only the initial hard inquiry would be bad as far as I understand, which is already off my record.
You can only have so much Debt (or potential debt) to your name. Even if you currently have no debt, just the credit line existing (which will jump to 29.9%APR) means you have the potential to spent $2500 and owe 29.9% on it.
You think the bank doesnt know this?
You think this is a good thing?
>It’s strictly better than paying cash, and the warranty / return extension is strictly better than any other alternative that I know of.
Why is it better than paying cash?
You get NOTHING for paying with this card.
A card with low APR and cashback is whats actually "better than cash"
The return window and warranty extension mean almost NOTHING in the real world.
>The financing leaves my cash flow untouched for 1-2 years
So your cash is sitting and losing value every single day, when the same cash could be making you 2-5% every single purchase with a real credit card?
You could be bolstering your credit with a real card, which allows you even better cards with better returns and better APRs in the future?
Instead you are sitting on a HUGE APR card, that can only be used at Home Depot, with no perks of any sort, thats actively hurting your credit building ability.
>I can afford it, not sure why this is so hard for you guys to understand.
Because 0 APR store cards only exist for people who cant actually afford it.
Anyone who can actually afford something goes out and buys it. Anyone who is financially literate pays for it with a real credit card.
Nobody believes you can afford it, you have a poorhomosexual snake mentality of returning used tools right before the return window is up.
You are the exact type of person to fall for the poorhomosexual store card trap.
I mean how the frick dont you have a cordless drill driver yet if you have all this money laying around?
Everyone sees through you, making a big mistake
Source on a higher total credit limit being bad?
>You get NOTHING for paying with this card.
I get a one year return period rather than 90 day. I have other cashback cards that are on their promotional periods too currently for 0% APR, but they don't extend the warranty. I've never owned a smoker, don't know that I'll use it and so it feels risky. The return period extension is nice for that.
>So your cash is sitting and losing value every single day
No, the owed cash would be sitting in either an HYSA or treasury bills. I have real cards, this is the only dumb card I have.
>actively hurting your credit building ability.
Again source please? Genuinely curious. I may close the card if this is true, but I'm doubtful.
>I mean how the frick dont you have a cordless drill driver yet if you have all this money laying around?
I said I had a couple Bostitch (paid $30 for a drill/driver, impact and two batteries w/ charger), but they've gone to shit and I've just been using my coreded ones or borrowing as needed. I had a Ryobi too that I got for free saw but it was useless. I've been reluctant to buy anything until I have a house, or at least a mortgage. And with this, I wouldn't really be purchasing the stuff, and could return it no problem so it doesn't violate my principles in that regard. And yeah, it's poorgay stuff. I'm going to continue living like a poorgay until I have at least a couple mil personally.
Regardless, the gf wasn't too excited about the smoker idea, so combined with the input from here I'm probably not doing any of this. I did find a used subcompact saw for $40 though that I might pick up this weekend.
A bank may see a higher credit limit as a risk because you have the potential to overextend yourself and hurt your ability to repay your debts. It's stupid I know.
If you use the card make sure to put away X amount of dollars a month so you can pay the bill when it comes time to pay. Don't assume you will have the money automatically, an emergency may come about and now you are double fricked.
>If you use the card make sure to put away X amount of dollars a month so you can pay the bill when it comes time to pay. Don't assume you will have the money automatically, an emergency may come about and now you are double fricked.
Oh you know OP is gonna frick this one up! Kek!
>A bank may see a higher credit limit as a risk because you have the potential to overextend yourself and hurt your ability to repay your debts.
False
>It's stupid I know.
Yes it is, because it’s a figment of your imagination.
>A bank may see a higher credit limit as a risk
Tell me you know frick-all about credit without saying you know frick-all about credit.
21 open credit lines with a total available credit of $363,700, my current largest credit line being $39k after I closed out my $58k travel card last December.
At no point in the last 25 years have I ever had an adverse action taken for having "too high" of a credit limit.
Wanted to add, thanks for taking the time to reply with an effortpost. Gotta go now, but please get back to me with a source on the higher limit being a bad thing if you can.
This homie cant figure out what basic debt to income ratio is.
He cant figure out why a bank wouldnt like bad credit lines with *literally as high as legally possible* interest rates on them.
He cant figure out why racking up $2500 of debt and letting it sit for 24 months is a bad thing.
He didnt so a single bit of research on what banks actually want, and how to use a credit card to make said banks happy. Hes doing everything he can to be a high risk borrower.
He's somehow gonna be real surprised when he goes to buy a home, that the banks wont be jumping up and down to give him a favorable loan either.
An available credit line isn’t debt. And the point of this whole strategy is that if I need to bring the cards balance to $0, I can just return the stuff. There’s an opportunity cost to NOT doing it this way, in real interest earned. I’ve done this before when I had a lot of projects going on, but I returned within 90 days not a year. My credit is great btw but I don’t have any plans to leverage that anytime soon, so I don’t mind if this temporarily tanks since it’s so easily reversible with the return period.
Am I wrong? I feel like you guys are all just assuming I’m irresponsible but logically this isn’t a bad use of the card. Free tools and smoker for a year, what’s not to like?
The debt owed will be earning me interest and I’ll get a lot more projects done this summer, with more time to find better deals.
Why use cash or any other credit card if buying the smoker from Home Depot? I’d rather the extended return period than the cashback in this case, I think it’s a better risk:reward.
My credit rating says otherwise moron. Forgive me if I trust the credit bureaus over some random autist with an unwashed ass on PrepHole about these matters.
>My credit rating says otherwise moron.
b***h homie, you lease a house from your mom.
You cant afford a smoker and have to buy and return tools to use them.
Your credit rating aint shit, ESPECIALLY since you dont have a mortgage. If you werent such a gay mooching off your mother you would know credit rating isnt the only thing that matters when buying actual assets.
>Forgive me if I trust the credit bureaus over some random autist with an unwashed ass on PrepHole about these matters.
You arent trusting the credit bureaus, if you would have called up and asked your bank if this was a wise decision and if it would help you in the future when you man up and actually buy a home or business, they would have laughed in your face.
I already own a business moron. I don’t bother buying a home because rent is so cheap nets me better returns right now. You guys are so moronic
>He cant figure out why racking up $2500 of debt and letting it sit for 24 months is a bad thing.
When I moved after a breakup I treated myself to new furniture. I maxed out a $28k credit line with the furniture store which offered me 48months defered interest financing. I paid the minimum payment calculated as:"1%of your balance plus assessed interest rounded up the whole dollar" at the end of the 4 years I had only paid off about $10.5k of the furniture paying the minimum payments and finished paying off the rest by using some of my maturing CD, and savings that had been earmarked for this purchase.
I could have paid that $28k out of pocket in a heartbeat from savings. I could have pulled money out of my investment accounts to rebuild my savings fund. My investment accounts earned me an average of 10% those 4 years. So had I paid cash out of pocket to avoid "racking up debt" I would have lost out on some growth. Even if we only consider what my HYSA was earning at the time (3.25%ish) that's still nearly $4k of lost potential.
It makes absolutely zero sense to pay for something with cash when the bank is literally lending you money for free.
Sure, the bank is banking on you being a consoomer and taking longer than the deferred interest financing program lasts to pay it off so they can assess those accrued interest charges. Amd on 0% ALR promos they want to lul you into making small minimum payments with no interest to rack up large balances during the promo period.
That's literally what banks are in business for, to make money for their shareholders. But the banks also have a term for people who game the system they've set up: Deadbeats.
The APR on your credit cards doesn't mean shit if you pay off your balance in full every month, your balance is subject to a promotional 0% APR, or is subject to defered interest financing.
>It makes absolutely zero sense to pay for something with cash when the bank is literally lending you money for free.
OP here and yeah that’s my point. You’re losing money but using a free loan and letting the money you would’ve spent earn interest instead.
>The APR on your credit cards doesn't mean shit if you pay off your balance in full every month, your balance is subject to a promotional 0% APR, or is subject to defered interest financing.
Aaaand this. I could pay cash right now, but instead will similarly ear-mark it in a HYSA. It’s a free $112 bucks basically, PLUS an extended return period. And the credit card even lets you do retroactive pricing, so during any sales I might get further discounts.
>moron boomer who dosent understand debt to credit ratio seething over people who do
It’s a tale as old as time.
And I have the cash to comfortably pay for all this, but there’s no advantage to doing so. Why do you say store cards are bad for credit? Only the initial hard inquiry would be bad as far as I understand, which is already off my record.
And yes I’d be buying online.
>Store cards are objectively stupid and bad for your credit,
This is absolutely false. Project harder.
>and we all know you won't pay it off before APR kicks in
There’s that projection we talked about.
>Stop being stupid, learn how credit works
The ironing is delicious. My perfect excellent credit score would like a word with you.
>and don't go into debt buying fricking tools of all things
I’m sorry you’re incapable of fiscal responsibility.
Cut the card in pieces
>Cut the card into pieces
this is my last resort!
Why? It’s strictly better than paying cash, and the warranty / return extension is strictly better than any other alternative that I know of. That combined with my current promo make it a better offer than my other cards.
I’m pretty certain about getting the smoker this week. I’m still on the fence about buying new tools. These tools would help my business and personal life run smoother. The financing leaves my cash flow untouched for 1-2 years, and the return period means it’s a risk free option for 12 months.
You still have to pay for the shit
You will have to make minimum payments and if anything bad happens, you'll end up paying $600 in interest for being moronic
The smoker is a buy because it’s steeply on sale and I’ve been following this models development since it was in kickstarter / indiegogo stages. I’ve waited on buying a smoker until something like this hit the market, and waited even longer for a sale. It’s a splurge, yeah, but I’ve been killing it lately and if I don’t use it enough to warrant the money spent, I’ll return it.
The tools though aren’t on sale, and I’ll still get the extended return if I wait for one. So maybe I’ll just get the smoker, and keep an eye out for tool sales. But I really want them.
Quit asking advice if you’re going to argue.
This is bad advice
>a woman
I need to be reasoned out of this, not just told that I’m stupid.
>ITS BAD BECAUSE, IT JUST IS OK SWEETIE?!!!
If you can't pay cash, you shouldn't buy anything unless you absolutely need it.
Interest free is fun but stress free is ideal
I can pay cash, but doing so is disadvantageous in this case.
I don’t miss payments, I would just set the balance aside in a HYSA. If I face a financial crisis within the 12m return period window I can just return it too.
I have an idea…
Open the front door, go outside and play
Hide and go frick your self
I’m a farmer, I’m outside all the time.
It's 2k dog how stressed could you be
>How would you spend this?
I wouldn't credit cards are for fools.
>I have a Home Depot credit card
>How would you spend this?
is this what millennials do? get a credit card and then max it out right away?
I’ve had it for several years and have never used it. I didn’t even know it was still active until this smoker went on sale, and I researched the return policy, saw an extended one if bought with the card, then called to see if my card was still active. Then I searched my email to see if I had any promo offers, and I do.
>How would you spend this?
It's not a gift card moron, it's not your money. you're borrowing it. Maybe you should only buy shit you can afford
I can afford it, not sure why this is so hard for you guys to understand. It’s just not advantageous to pay cash, since I then miss out on 0% APR loan and +9mo to the return window.
Those things aren't real advantages you fricking moron. They are worthless trinkets to lure consoomers with no impulse control like you in. A fricking smoker you've been following on social media? Are you fricking kidding me? How are you even real?
Am I not allowed to buy a smoker? I’ve wanted for a long time. And being able to return everything for a full refund a year later is a huge advantage. I have no debt currently, fwiw.
>Am I not allowed to buy a smoker?
Who or what exactly has kept you from buying said smoker already?
A 3 month return policy was just far too short for you? Had to have the extra 275 days?
>Had to have the extra 275 days?
When offered, why not? I hadn't bought one prior because I didn't want an outdoor smoker, and this new one just came out. It's on sale for the first time now, so I'm considering it.
I'm probably at 3-5k of tools in a decade of trade and hobby work. I would use half of your credit for material. Once you start doing things to your house, it doesn't take a lot to flush $2k. Even a hobby will siphon your funds in material cost.
Whatever battery system you get into, you'll basically be locked into that tool line unless you get fed up and switch. I'm THIS close with ryobi, but $30 brushless low profile driver is pure kino. I use higher end brand corded tools for anything that's not basic.
Credit is not wealth considering it as some "opportunity" is amazingly moronic unless you instantly pay it off.
Not wasting money is PrepHole
If you instantly pay it off, you’re losing money. Why are you guys not getting this
I wouldn't because it's not a fricking gift card.
But I’m gonna be buying this smoker regardless. And I wanted to buy a power tool set this year. It’s stuff I was already planning on buying.
Well kiddies I purchased the grill and a sweet set of Dewalt tools. A lsmall balance left over. Ill save that for an emergency
Dope. Just set up auto payments for whatever your 0% interest period is. Or if you need to make the score look better, pay a big chunk cash now and get it below 30% used and you will be fine.
Lots of people here are confused. My credit score always goes up with more cards because of the higher credit limit, as long as you don’t get more than a couple cards a year and keep the balances low
There’s no point in trying to convince these people. They think it’s still sound financial planning to put money in the mattress.
>They think it’s still sound financial planning to put money in the mattress.
Nah I invest in old iron, brass, lead, land, etc.
Yes and if you have a 0% interest card for 24mos, you can put that $2k in your favorite stock or crypto for 2 years.
Post pics of brisket when done.
Someone has been pretending to be me, this was my last post
. Eventually, I'll be buying the smoker and this was my logic:
:
>Yes and if you have a 0% interest card for 24mos, you can put that $2k in your favorite stock or crypto for 2 years.
But I actually found the three tools I wanted most (makita subcompact saw, drill and impact) for $120 total. Which is extremel likely to net me a better (and guaranteed) return via the savings vs buying new. I'll be buying the batteries new though, bringing the total to around $300 vs $5-600 buying new, so essentially I already profited $2-300 (or nearly 100%) by buying used, and will probably profit again when I flip them (hoping to sell them for around $200 as a kit).
I didn't buy the smoker and will have to wait until the next sale, because I just got pic rel (for free) and don't wanna overwhelm my gf with a bunch of new kitchen stuff taking up space. But I'm itching to get it so my cooking workflow can be totally hands off and I can make anything. Made some awesome pizza out of the Anova btw, so good I don't even want an outdoor high temp oven anymore. After I get bored of the Anova I'll start looking at it again.
Glad to see I was right regarding this. To me it still seems like using the Home Depot card is a good idea if you plan on buying new and value extended return period over cashback.
>bought Makita subcompact
Eww, good luck with that. Every other brand at Home Depot has compact 18V setups without all of the downsides of Makita. And DeWalt’s Atomic and Milwaukee M18 compact brushless and Ridgid Subcompact are all pretty affordable and more up to date than the Makita.
And yea, credit anon is dumb, opening a new card and giving you a higher overall limit isn’t a bad thing. But if you look at overall credit usage, keeping under 30% ($3k on cards with a $10k limit across those cards) will be fine and <10% utilization is even better. As long as you don’t open a ton of cards in a short period of time, opening the HD card and keeping a low balance on it is better for your score than not opening the card at all.
The thing is, I didn’t open a new card. I already had the card, and forgot about it and had never considered using it until this smoker sale came up. It only occurred to me use it as I investigated their return policy, since I was really on the fence about this item. Would it stink up my house or break down over time? It’s a new item so no one knows how it performs after a year. The card extends return policies to a year, so it sounded like a good idea. And I wanted to grab new tools this year anyway, and doing so would extend the 0% APR period. But everyone dog piled on it being a dumb idea for some reason.
>makita, ewww!
They look cool and will get the job done for me. I have corded tools if I need more oomph, these will be kept in my car for work around the farm (which is off my property) and home.
>Glad to see I was right regarding this
You were right about what?
Thinking banks LOVE when dudes making 35k a year have existing credit lines, where they could potentially max out all their cards spending like 10-15 grand at 29% APR?
They love it when utilize and hold 90% debt on credit lines for 24 months?
Those sorts of circumstances make them real confident in loaning you 300k?
If you would have actually talked to a bank about how to get proper loan, they would have explained to you what good credit cards and bad credits are. What good credit utilization is, and what bad credit utilization is.
Did you know student loan debt and medical debt is viewed differently in the eyes of the bank as opposed to personal debt, when debt to income is concerned?
Instead you are sitting here thinking black and white where your current "score" matters, when experian will "boost" your credit score for downloading their phone app.
I hope you enjoy your smoker living at your moms house
Maybe youll get it in the will, so you dont have to bother with such things like, actually talking to a bank about credit.
Anyone can suddenly take on all kinds of debt you fricking moron. What is stopping you from applying to every high interest loan offer you get in the in the mail after they loan you money? Nothing dipshit. I’m not that anon but I’ve talked to the bank and been given a mortgage. It’s real simple.
Why would they want to loan $300,000 to someone's who hasn’t demonstrated they can be responsible with multiple lines of smaller credit dipshit? It’s almost as if the amounts you can borrow get bigger and the interest rates get smaller over time while demonstrating your ability to be responsible with credit isn’t it?
Hey moron, I don’t care that it will lower my score while borrowing the tools. Once I care, I’ll either pay off or return the tools, clearing my debt. It’s not complicated, and I don’t care that my score would temporarily be lowered by the high utilization.
I think HOME DEPOT charges 29.99% interest on credit cards.
I already made my purchases people. Suddenly I dont care what your opinion is. Honestly never did.
Just had to gloat about my awesome 790 credit score. Smokers going with a brisket btw.
based. get her paid off sometime anon, don't forget in 20 months
I got one when first started, had some big jobs lined up and it was a life saver they gave me 11k limit. Figure out what you want gear wise. Like seriously itemize all the shit. Then do price comparisons on all of the items you want. Print out the cheapest price comparisons and hd will do price matching for the lowest. Then wait around for those hd mailers they send. You can get a option to get 15%-18% off bigger purchases or get fixed rate purchase no interest if paid 12-18mo kinda deal. I maxxed it out, funded my tools for my shop and workers tools with that coupon deal. Paid it all back in 7 months easy. Was truthfully like they fronted me the money to spend more at their store basically.
store cards are dumb but you should probably buy stock options with the card's cash advance, and once you hit that limit buy as many dewalt 20V brushless stuff you can get your hands on. maybe stock up on a bunch of lightbulbs too
not trolling here but go with
Ryobi
Husky
Simply due to the lifetyme warranty.
Beside. most people that buy tools don't abuse them like they should.
Just do what the future senators and doctors in my town do, have one of your boys get a job at HD where they are told the code to the Milwaukee locker every morning, have him text it to you, then come in at 7am during their morning meeting and "borrow" all the tools from Home Depot.
This seems to work pretty well as they are the loss leader in the state.