Lowe’s credit card is a good option for those who shop at Lowe’s frequently and pay their balance in full each month, as it offers rewards programs like 5% cashback on all purchases or 5% cashback on Lowe’s purchases with a longer due date. However, Reddit reviewers warn of the high interest rate if you carry a balance.
The My Lowe’s Rewards Credit Card functions as a store credit card, meaning it can only be used for purchases at Lowe’s. However, it offers a compelling benefit for frequent shoppers: a 5% discount on eligible purchases. This makes it a strong contender for your home improvement credit card needs.
Cardholders can also take advantage of special financing options. Be sure to read the terms carefully, though. Some financing offers may include deferred interest, which can be less advantageous than introductory 0% APR offers found on other credit cards.
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Are you considering getting a Lowe’s credit card? Here’s a quick rundown of the pros and cons to help you decide.
Pros
- Rewards programs: Lowe’s credit cards offer rewards programs that can save you money on your purchases. For example, the Lowe’s American Express card offers 5% back on Lowe’s purchases and can be used anywhere that accepts American Express.
- Longer due dates: Some Lowe’s credit cards, such as the Lowe’s Business Card, have longer due dates than standard credit cards. This can give you more time to pay off your balance each month.
Cons
- High interest rates: Lowe’s credit cards typically have high interest rates. If you don’t pay your balance off in full each month, you could end up accruing a lot of interest charges.
Overall, Lowe’s credit cards can be a good option if you’re a frequent Lowe’s shopper and you pay your balance off in full each month. However, if you’re not a frequent shopper or you carry a balance on your credit cards, you’re better off with a different card.
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Lowe’s My Lowe’s Rewards Credit Card Financing Options
The Lowe’s My Lowe’s Rewards Credit Card offers three financing options for your home improvement projects:
1. 5% Everyday Discount:
This is the simplest option. You get a flat 5% discount on all eligible purchases made with your My Lowe’s Rewards Credit Card. This can be a great way to save money upfront, especially for smaller purchases.
Pros:
- Easy to understand and use.
- Immediate savings on your purchase.
Cons:
- Doesn’t apply to all purchases (see exclusions below).
- May not be the best option for larger purchases where you can take advantage of longer-term financing.
2. No Interest if Paid in Full Within 6 Months:
This option allows you to finance your purchase of $299 or more for 6 months with no interest if you pay the balance in full within that timeframe. This can be a good option for spreading out the cost of a larger purchase without incurring interest charges.
Pros:
- Interest-free financing for 6 months.
- Good option for budgeting larger purchases.
Cons:
- Requires paying off the balance in full within 6 months to avoid interest charges.
- Minimum monthly payments may not be enough to pay off the entire balance within 6 months.
3. 84 Fixed Monthly Payments at 9.99% APR (For Purchases of $2,000 or More):
This option allows you to finance your purchase of $2,000 or more with fixed monthly payments for 84 months at a reduced APR of 9.99%. This can be a good option for financing a very large project and spreading out the payments over a longer period.
Pros:
- Fixed monthly payments for easier budgeting.
- Lower APR compared to the regular purchase APR.
Cons:
- High minimum purchase amount ($2,000).
- Long repayment term (84 months).
- Interest accrues from the purchase date.
Key Highlight of each Financing Option
| Feature | 5% Everyday Discount | 6 Months Special Financing | 84 Fixed Monthly Payments |
| Discount | 5% | 0% (if paid in full within 6 months) | N/A |
| Minimum Purchase | None | $299 | $2,000 |
| Financing Term | N/A | 6 months | 84 months |
| APR | N/A | N/A (during promo period) | 9.99% |
| Best For | Small purchases | Budgeting larger purchases | Very large projects |
The regular purchase APR for the My Lowe’s Rewards Credit Card is currently 31.99%. This is a high APR, so it’s important to pay off your balance in full each month to avoid interest charges.
Bottom Line
The best financing option for you will depend on your specific needs and budget. If you typically pay off your Credit Card balance in full each month, the 5% everyday discount is a great way to save money. For larger purchases, the no-interest financing option can be helpful if you can pay off the balance within 6 months. However, be cautious of the high regular purchase APR if you carry a balance. Finally, the 84-month fixed payment option can be useful for very large projects, but be aware of the long repayment term and minimum purchase amount.
Lowe’s Advantage Card FAQ
The Lowe’s Advantage Card is a store credit card that can only be used for purchases at Lowe’s stores and Lowe’s online.
The card offers a 5% discount on eligible purchases and various special financing options, including deferred interest and fixed monthly payments on large purchases.
Yes, new accounts are eligible for a 20% discount on a qualifying purchase, up to $100.
No, the card does not have an annual fee.
The standard APR for the Lowe’s Advantage Card is 28.99%, with a minimum interest charge of $2.
No, the card does not support balance transfers.
No, the card does not have foreign transaction fees
The card offers a six-month deferred interest on purchases of $299 or more and fixed monthly payments with a reduced APR of 9.99% for eligible purchases of $2,000 or more over 84 months.
The 5% discount does not apply to services (such as installation fees), gift cards, and cannot be combined with other discounts.
No, the card does not have a traditional rewards program.
The Lowe’s Advantage Card offers a 5% discount on eligible purchases and special financing options, while the Home Depot Consumer Credit Card does not offer an ongoing discount but does provide a similar six-month deferred interest financing and an extended return period on purchases.
The Wells Fargo Reflect® Card offers a 0% intro APR for 21 months on purchases and balance transfers, which is a more straightforward financing option compared to the deferred interest and fixed payment plans of the Lowe’s Advantage Card.
If you frequently shop at Lowe’s and can take advantage of the 5% discount on eligible purchases, this card may be beneficial. However, for financing large purchases, you might find better terms with a general credit card offering a 0% intro APR.
You can apply for the Lowe’s Advantage Card online through the Lowe’s website or in-person at any Lowe’s store.
While Lowe’s does not specify a required credit score, store cards typically require at least fair credit. Checking your credit score before applying can help gauge your chances of approval.
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