Home improvement can be expensive. If you add the new appliances’ price to your basic project needs, the total sum of your expenses can be overwhelming. With this, it is such a significant advantage to have a credit card that will allow you to get hold of discounts on every purchase you make. That’s the case for Lowe’s shoppers who are eligible for a Lowe’s credit card.
Lowe’s Advantage Credit Card
Intro Bonus: 20% off on first purchases (max of $100)
Regular APR: 26.99% (Variable)
Credit Score: 620+ (Fair)
Annual Fee: $0
Highlights:
- It is a closed-loop card that can only be used at purchasing Lowe’s products online or in-store.
- New owners will receive a 20% discount coupon that can be used on their first purchases.
- The card allows 5% off on eligible purchases.
- There is an option for deferred interest or fixed monthly payments instead of 5% off.
- It charges $0 annual fees.
Full Review:
Lowe’s credit card is a closed-loop card that can be a handy financial tool when purchasing hardware, appliances, and other home improvement items. It only requires a fair credit score of at least 620 or above, so qualifying for its application is more manageable than other regular credit cards. Also, you can try to pre-qualify for a Lowe’s Advantage card without impacting your credit score.
On the other hand, given its nature as a store card, Lowe’s credit card is not meant to function as a primary card that you can use everywhere. It is only valid at Lowe’s stores in the U.S. and Canada. Needless to say, it is not a flexible card, but for the right person, it is all worth it.
Lowe’s Credit Card Discount Rewards
This Synchrony-issued card charges no annual fees, so you can be sure that it won’t add up to your yearly financial responsibilities. New card owners will also get an introduction bonus of up to 20% off in their first purchases through January 31, 2022. It is not the best welcome gift to have since the discount has a max cap of $100 (which means it is only applicable to a max of $500 purchase), but as a regular card that can provide you discounts at all times, Lowe’s credit card can impress you.
Indeed, despite lacking reward programs, Lowe’s credit card can provide unlimited 5% off on eligible Lowe’s purchases in-store or online. This gives you instant savings every time you shop at Lowe’s, and it can even go up to 10% off on specific purchases during the special cardholder promotion days.
The Lowe’s credit card allows users to choose between 5% off and financing options.
If you are about to make big purchases, you can trade the 5% discount for special financing deals. The first option is the deferred interest, which is different from the 0% intro offer available in other cards. No interest will be required in this offer if the $299 worth of purchases or more is paid off in full within the six-month promotional period. If not, you will incur interest payments going all the way back to the purchase date, and that means a hefty bill to pay. Remember that the card has a variable 26.99% APR, and you could incur a fee of up to $38 due to late payment. On the other hand, Lowe’s credit card allows 84 fixed monthly payments on purchases of $2000 or greater at a reduced APR with no prepayment penalty.
In the end, Lowe’s credit card can still pass the standard of excellent store credit cards. It lacks other aspects, such as the generosity in intro bonus and availability of rewards programs, but it can be a friendly card for home improvement pros and amateurs. The 5% discount seems fair, and the financing options are great if you need more time to pay a large purchase. All in all, just like our remarks in other credit cards we’ve reviewed before, this one can be a perfect shopping tool… if you know how to use it properly.
