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Lowe’s Credit Card Review
See explanation of our ratings system
See breakdown of this card’s rating
If you are considering applying for a Lowe’s credit card, you will definitely want to read this review first.
Lowe’s actually gives you three options for purchases on its Consumer Credit Card. Keep in mind that, by choosing one option, you don’t get to use the others for that purchase. So if you opt for 5 percent back, you don’t get special financing and vice-versa.
Option #1: 5 percent off on purchases everyday
This option offers 5% cash back on Lowe’s purchases. However, there are some restrictions in the fine print:
Yes that’s right,you’re prohibited from using it along with any couponor those discounts. You can’t get the 5 percent on any price-matched purchases either.
Option #2: 12 or 18 months special financing
For purchases of $299 to $998.99, you are eligible for 12-month financing. The 18-month financing comes into play for purchases of more than $999.
As always with special financing on store-card purchases, you need to read the fine print up front:
Read the rules and you will see that in order to pay no interest, you have to pay off the entire amount before the 12 or 18 months are up. If not, then the interest accrued on your Lowe’s credit card account back-dates from the date that purchase was made — which can be a very unpleasant surprise considering the 26.99% APR.
Conclusion? Only use the financing if you are 100% confident in your ability to pay it off in full before the promotion period ends.
Option #3: Special project financing
This option is aimed at those undertaking major home improvement projects. Your initial purchase has to be $2,000+ for it. If you’ve ever remodeled a house or moved into a bigger home you know how fast you can spend money on new major appliances, etc., so $2,000 shouldn’t be a problem. However, keep in mind that Lowes.com purchases aren’t eligible.
When you make an in-store purchase or order of $2,000 or more and request this option, you have the following choices:
- 36 fixed monthly payments at 3.99 percent APR
- 60 fixed monthly payments at 5.99 percent APR
- 84 fixed monthly payments at 7.99 APR
|5 percent off on purchases everyday||5 percent cash back on merchandise at Lowe's. Not valid when used with coupon.|
|Special financing||Purchases of $299 to $998.99: 12-month financing. Purchases of more than $999: 18-month financing.|
|Special project financing||For purchases $2,000+. Up to 84 months of financing (fixed monthly payments). APR depends on length of loan.|
The Lowe’s consumer credit card is issued by Synchrony Bank (formally known as GE). They don’t exactly have a warm and fuzzy reputation when it comes to customer service, but these new credit cards for Lowe’s appear to be better than what they offered in the past.
store cards have much lower credit score requirements, so if your credit is bad then the Lowe’s offers may be a good way to go. I wouldn’t say they are a slam dunk in terms of qualifying, but the requirements for approval aren’t nearly stringent compared to general use credit cards.
However, if you have good to excellent credit, other credit cards can likely beat all of Lowe’s rewards and financing options:
Alternative for rewards: 6% cash back at Lowe’s
The American Express Blue Cash Preferred gives 6% cash back at US supermarkets on the first $6,000 spent. Many forum members who have this credit card report they use a little trick to get this extra cash back by purchasing Lowe’s gift cards at supermarkets so they can earn 6% on their home improvement purchases.
This is an excellent strategy not only for saving money at Lowe’s, but also Home Depot and the countless other places you can buy gift cards for at your supermarket. Go here to learn more about the American Express Blue Cash Preferred.
Alterantive for financing: Longer 0% on purchases?
Plenty of major-bank’s credit cards offer 0 percent periods on purchases — some of them for periods as long as the Lowe’s card. Plus, these major-bank cards generally don’t have retroactive interest, meaning, if any of the balance remains after the promo period, you WON’T get charged interest that dates back to the purchase date. Your remaining balance will simply get carried over, and the regular APR will be applied going forward.
You can see available offers here.
Why we gave it 2.5 out of 5 stars
We rated this card based on our standards for store credit cards. While the card won some stars for its uniquely customizable nature (the customer gets to choose rewards or special financing on purchases), it lost stars for its lack of perks, high APR and the fact that it can’t be used outside of Lowe’s.
|Interest-free financing: This card offers interest-free financing on purchases over a certain amount.|
|Offers ongoing rewards/discounts: You have the opportunity to earn 5 percent off certain purchases for the life of the card.|
|Fair interest terms: This card does not meet our standards, as its go-to APR is above the average store card APR (according to CreditCards.com's latest retail card survey). However, it does alleviate the interest-burden by offering ongoing, limited-time offers for special financing. So we rewarded half a star.|
|Consumer-friendly incentives: This card is short on perks for loyal customers like free shipping, more flexible returns, etc.|
|Can be used anywhere:This card can be used only at Lowe’s.|
This review was written or last updated Nov. 11, 2016
Category: Personal Finance