If you’re a frequent shopper at Lowe’s, you may have been offered their credit card at checkout. The Lowe’s Advantage Credit Card offers a number of perks, including a 5% discount on most purchases and special financing options for larger purchases. However, before signing up for any credit card, it’s important to do your research and understand the terms and conditions.
In this article, we’ll provide a comprehensive review of the Lowe’s Advantage Credit Card, including its benefits, drawbacks, and overall value. We’ll examine the various rewards and financing options available, as well as the card’s fees and interest rates. By the end of this review, you’ll have a better understanding of whether the Lowe’s Advantage Credit Card is a good fit for your spending habits and financial goals.
About Lowe’s Credit Card
Lowe’s Credit Card is a store credit card that offers rewards and financing options to its users. It is a great option for those who frequently shop at Lowe’s for home improvement projects and need financing options to make purchases. The card offers discounts, rewards, and financing options that can save money on purchases and help complete home improvement projects.
The Lowe’s Credit Card offers a 5% discount on all purchases made at Lowe’s, which can be a significant savings for those who frequently shop at the store. The card also offers special financing options for large purchases, such as 0% interest for 6 months on purchases over $299 or 0% interest for 12 months on purchases over $1,999. These financing options can be helpful for those who need to make large purchases but need time to pay them off.
The Lowe’s Credit Card has no annual fee, making it a cost-effective option for those who use it frequently. The card also offers a new cardholder offer of 20% off the first purchase, up to a maximum savings of $100. This offer can be a significant savings for those who are starting a new home improvement project and need to make a large purchase.
It is important to note that the Lowe’s Credit Card has a high APR of 26.99%, which can make carrying a balance less than ideal. It is recommended to pay off the balance in full each month to avoid high interest charges.
Overall, the Lowe’s Credit Card is a great option for those who frequently shop at Lowe’s for home improvement projects and need financing options to make purchases. The card offers discounts, rewards, and financing options that can save money on purchases and help complete home improvement projects. Sources:
Lowe’s Credit Card Benefits
Discounts and Offers
The Lowe’s Credit Card offers a variety of discounts and offers for cardholders. One of the most popular discounts is the 5% off on eligible purchases made with the card. This discount can be used in-store or online and can really add up over time. Additionally, cardholders can take advantage of exclusive offers and discounts that are only available to Lowe’s Credit Card holders.
Another benefit of the Lowe’s Credit Card is that there are no annual fees associated with the card. This means that cardholders can enjoy the discounts and offers without having to worry about paying a yearly fee.
Special Financing Options
The Lowe’s Credit Card also offers special financing options to cardholders. For purchases over $299, cardholders can choose between 6 months special financing or 84 fixed monthly payments with reduced APR. For purchases over $2,000, cardholders can choose between 12 months special financing or 120 fixed monthly payments with reduced APR. These financing options can be a great way to make larger purchases more affordable over time.
It is important to note that special financing options are subject to credit approval and terms and conditions may apply. Cardholders should always read the fine print before making a purchase with special financing.
5% Cashback Rewards
Cardholders can earn 5% cashback rewards on eligible purchases made with the Lowe’s Credit Card. These rewards can be redeemed as statement credits or Lowe’s gift cards. This is a great way to earn rewards on everyday purchases and put them towards future home improvement projects.
It is important to note that the 5% cashback rewards are only available on eligible purchases and not all purchases will qualify. Cardholders should always check the terms and conditions to ensure they are earning rewards on their purchases.
Sources: Investopedia, Upgraded Points
Lowe’s Credit Card Fees and Rates
Annual Fee
The Lowe’s Credit Card comes with a $0 annual fee, making it an excellent option for those who want to save money without having to pay extra fees. This means that you can use your card without worrying about any additional costs, making it an excellent option for frequent Lowe’s shoppers.
APR
The APR for the Lowe’s Credit Card is 26.99%, which is higher than the average APR for credit cards. This means that if you carry a balance on your card, you will be subject to high-interest charges, so it’s essential to pay off your balance in full each month to avoid accruing interest charges.
Late Payment Fee
If you miss a payment or make a late payment, you may be subject to a late payment fee. The late payment fee for the Lowe’s Credit Card is up to $40, depending on your balance. It’s crucial to make your payments on time to avoid late payment fees and potential damage to your credit score.
Overall, the Lowe’s Credit Card is an excellent option for frequent Lowe’s shoppers who want to save money on their purchases. With a $0 annual fee and a 5% discount on eligible purchases, it’s a great way to save money and earn rewards. However, it’s essential to pay off your balance in full each month to avoid accruing high-interest charges and potential late payment fees.
Sources:
How to Apply for a Lowe’s Credit Card
Eligibility Criteria
Before applying for a Lowe’s credit card, you should check if you meet the eligibility criteria. The following are the requirements:
- You must be at least 18 years old.
- You must have a valid government-issued photo ID.
- You must have a U.S. Social Security number or a U.S. Individual Taxpayer Identification Number (ITIN).
- You must have a street, rural route or APO/FPO mailing address (no P.O. Box addresses).
Note that meeting these requirements does not guarantee approval for a Lowe’s credit card.
Application Process
The application process for a Lowe’s credit card is straightforward and can be completed online or in-store. Follow these steps:
- Visit the Lowe’s credit card page on their website.
- Click on the “Apply Now” button.
- Fill out the application form with your personal information, including your name, address, and Social Security number.
- Provide your financial information, including your income and employment status.
- Read and agree to the terms and conditions.
- Submit your application.
Once you submit your application, you will receive a decision within a few minutes. If approved, you will receive your Lowe’s credit card in the mail within 7-10 business days.
Application Status
If you have already applied for a Lowe’s credit card and want to check your application status, you can do so by:
- Calling the customer service number on the back of your card.
- Logging in to your Lowe’s credit card account online and checking your application status.
- Visiting a Lowe’s store and speaking with a representative.
It’s important to note that it may take up to 10 days to receive a decision on your application. If you are approved, you will receive your card in the mail within 7-10 business days. Sources:
Lowe’s Credit Card Alternatives
Home Depot Credit Card
If you’re looking for a credit card that offers rewards and financing options for home improvement projects, you may want to consider the Home Depot Credit Card. Like the Lowe’s Credit Card, this card offers special financing options for large purchases. However, the Home Depot Credit Card does not offer cash back rewards like the Lowe’s Credit Card. Instead, it offers discounts on select purchases and exclusive offers for cardholders.
With the Home Depot Credit Card, you can get up to 24 months of financing on select purchases, depending on the amount financed. The card also offers a 6-month financing option for any purchase over $299.
One downside of the Home Depot Credit Card is that it has a higher APR than the Lowe’s Credit Card. The APR for the Home Depot Credit Card is currently 17.99%, 21.99%, or 26.99%, depending on your creditworthiness.
Amazon Prime Rewards Visa Signature Card
If you’re looking for a credit card that offers rewards on everyday purchases, you may want to consider the Amazon Prime Rewards Visa Signature Card. This card offers 5% cash back on purchases made at Amazon.com and Whole Foods Market, 2% cash back at restaurants, gas stations, and drugstores, and 1% cash back on all other purchases.
The Amazon Prime Rewards Visa Signature Card also offers a $70 Amazon.com gift card upon approval. Additionally, if you’re an Amazon Prime member, you can get a $100 Amazon.com gift card upon approval.
One downside of the Amazon Prime Rewards Visa Signature Card is that it requires an Amazon Prime membership, which costs $119 per year. If you’re not already an Amazon Prime member, you’ll need to factor in this cost when considering whether this card is right for you.
Chase Freedom Unlimited
If you’re looking for a credit card that offers cash back rewards on all purchases, you may want to consider the Chase Freedom Unlimited. This card offers 1.5% cash back on all purchases, with no limit on the amount of cash back you can earn.
The Chase Freedom Unlimited also offers a $200 cash bonus after you spend $500 on purchases in the first three months of account opening.
One downside of the Chase Freedom Unlimited is that it does not offer special financing options for large purchases like the Lowe’s Credit Card and the Home Depot Credit Card. However, if you’re looking for a card that offers cash back rewards on all purchases, the Chase Freedom Unlimited may be a good option for you. Sources:
- https://www.homedepot.com/c/Consumer_Credit_Card
- https://www.amazon.com/gp/help/customer/display.html?nodeId=202109110
- https://creditcards.chase.com/cash-back-credit-cards/freedom-unlimited
Conclusion
After reviewing the Lowe’s Credit Card, it is clear that this card is a great option for those who frequently shop at Lowe’s and want to take advantage of the rewards program. With 5% cash back on all purchases, the rewards can add up quickly and save you money on future purchases.
Another benefit of the Lowe’s Credit Card is the flexible payment options, which can help you manage your cash flow and make large purchases more affordable. The card also offers exclusive promotions and discounts, which can provide additional savings for cardholders.
However, it is important to note that the high APR and potential for late fees can make this card expensive if you do not pay your balance in full each month. Additionally, the rewards program is limited to Lowe’s purchases, so if you do not frequently shop at Lowe’s, this card may not be the best option for you.
Overall, the Lowe’s Credit Card is a solid choice for those who frequently shop at Lowe’s and want to take advantage of the rewards program and flexible payment options. However, it is important to carefully consider the potential costs and limitations before applying for this card.
Sources: https://www.lowes.com/l/Credit/consumer-credit-center.html, https://www.creditkarma.com/credit-cards/i/lowes-credit-card-review/, https://www.nerdwallet.com/reviews/credit-cards/lowes-credit-card
