Many stores in USA offer their own branded credit card. Similarly, The Lowe’s also offers the Lowe’s Credit Card but it can only be used at Lowe’s stores, and the discounts and perks you get are available only at the popular home-improvement store.
The special thing is that the Lowe’s Credit Card offers many discounts and perks are plentiful. As the Lowe’s Credit Card has zero annual fee, and you save up to $100 on your first in-store purchase after becoming a cardmember.
Like many store cards, the Lowe’s Store Card has a very high standard APR. The special financing offer only saves you on interest if you pay off Credit Card Debt within the promotional period.
Interest is charged from the date of purchase if you don’t pay the balance in full, so you could end up with a larger bill. You also don’t get the flexibility you get with other rewards cards tied to a single store brand
7 Things to Know Before You Apply for The Lowe’s Credit Card
You’ll have to think carefully about whether a Lowe’s card is right for you — but many DIYers find the Lowe’s credit card worth using. In this Lowe’s Advantage card review, 7 key things you should know to make your own decision before applying for a Lowe’s credit card.
1. 5% Discount at Checkout
The Lowe’s credit card offers a tempting perk for frequent shoppers: a 5% automatic discount applied right at checkout on most in-store purchases. This benefit stands out compared to other store cards that make you wait for rewards or send out coupons periodically. With the Lowe’s card, you save instantly!
While the discount is attractive, there are some exclusions to be aware of:
- Gift cards are not eligible for the 5% discount.
- The discount cannot be combined with other offers, including those for military personnel, Lowe’s employees, or the store’s low-price guarantee.
Remember these limitations when making purchases to maximize your savings with the Lowe’s credit card.
The discount also cannot be used with Contractor Packs, fees, taxes, extended protections, replacement plans, assembly charges, shipping, or delivery. Additionally, certain brands like Kichler and Weber are excluded from the discount.
2. Deferred Financing Offers
For purchases of $299 or more, you can opt for six months of 0% APR financing. Lowe’s also occasionally offers special promotions that extend the 0% financing period.
For example, you might be able to get 12 months at 0% APR on appliances or installed heating, ventilation, or air conditioners at certain times of the year.
The 0% rate applies only if you pay off the full balance of the purchase within the promotional period. Otherwise, you’ll owe interest back to the purchase date, which can become very expensive.
3. Special Project Financing
If you’re planning a significant home improvement project and anticipate spending $2,000 or more, Lowe’s offers Fixed Pay Financing to help you manage the costs. This program reduces your APR and allows you to spread out your repayments over a fixed timeframe with consistent monthly payments.
As of May 2024, there’s one Fixed Pay Financing option available:
- Reduced APR of 7.99% for 84 Fixed Monthly Payments: This option lowers your interest rate but requires a longer commitment of 84 fixed monthly payments to pay off your project.
4. Special Savings
When you open a Lowe’s Advantage Card, you get a 20% discount on your first purchase, up to $100. If you open your account in the store, ask the cashier to apply the discount. If you apply online, by text, or with a QR code, you’ll get a coupon code to use in the store or online.
However, you can’t combine this 20% discount with the 5% off everyday offer, special financing, other special discounts, or use it on Weber or Kichler products.
5. A High Standard APR
There are also some big negatives to be aware of when considering whether to apply for a Lowe’s credit card — and the standard APR of 26.99% is one of them.
This is a very high interest rate, so you could end up paying a lot of money if you don’t pay off your balance at the end of the billing cycle or before your 0% promotional rate ends. The interest you pay will be much higher than the 5% rebate you get for using the card, meaning it will cost you more to use the card.
6. Deferred Interest on Financing Options Can Result in Owing a Lot
Deferred interest offers are dangerous because if you fail to pay the entire amount outstanding on the card by the end of the stipulated time period, you will have to pay back the interest.
For example, if you borrow $1,500 on your Lowe’s Card, qualify for 0% interest for six months, and don’t pay the loan in full, you’ll get 26.99% on $1,500 from the date of purchase. Interest will have to be paid. , This means you would have paid interest at a rate of 26.99% on $1,500 owed six months ago, which would be about $200 in past interest costs.
7. Project Financing Can Be a Risky Option
Project financing also poses the same risk of not being the best financing option, because your interest rate can go back to the standard APR if you miss a certain monthly payment.
Plus, lower fixed interest rates may also make your project more expensive than paying cash – although the special rate may still be better than what you’d pay with a personal loan or home improvement loan.
Bottom Line
The Lowe’s Credit Card offers a variety of discounts and financing options that can be very beneficial, especially for frequent shoppers and DIY enthusiasts.
However, the high standard APR and deferred interest financing can pose significant risks if not managed properly. Make sure to weigh the benefits and drawbacks carefully before deciding if the Lowe’s Credit Card is right for you.
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