Lowe’s Credit Card: Benefits and Rewards

How Lowe’s credit card works

Lowe’s (LOW) provides financing options to its customers to help them complete their renovation and home renovation projects. This is achieved through a credit card called Lowe’s Advantage Card.

The company promises the daily rights and interests of cardholders. They can choose a 5% discount on certain purchases, purchase six-month financing options of more than $299, or purchase 84-month fixed payments of $2,000 or more with a reduced annual interest rate (APR). Cardholders can also take advantage of limited-time discounts and financial concessions provided by Lowe’s.

The card works similarly to many other credit cards. The Advantage card comes with a revolving credit line, which means that as long as you pay regularly every month, you can use the card within the approved limit. Cardholders can avoid interest charges by paying off their full balance every month. As of February 2021, it was 26.99%. There is also a bonus-no annual fee.

Key points

  • Lowe’s Advantage Card provides discounts and financing options for Lowe’s customers.
  • Cardholders can choose a 5% discount, purchase 6-month special financing for more than US$299, or purchase a fixed payment of at least US$2,000 for more than 84 months, and the annual interest rate is reduced by 7.99%.
  • You should have a good credit score to get a Lowe’s Advantage Card.
  • The regular annual interest rate of Lowe’s Advantage Card is 26.99%.

Rewards and benefits

The benefits of Lowe’s Advantage Card include:

  • 5% discount for eligible purchases
  • 6 months of special financing for purchases of US$299 or more
  • A minimum purchase of US$2,000, can enjoy up to 84 months of fixed payment, with a reduced annual interest rate

Customers cannot combine the 5% discount promotion with six months or special financing transactions. In the six-month promotion, cardholders must pay the minimum monthly amount on time and pay the full purchase amount before the end of the six months. Otherwise, the 0% interest clause will be cancelled and the interest will be used for the purchase. The structure of the 84-month special financing offer is a fixed monthly payment and the annual interest rate is reduced by 7.99%.of

The company also offers certain privileges to new cardholders. For example, if you open an account before January 31, 2022, you can enjoy a 20% discount of up to $100 for your first purchase.of

Where can someone get Lowe’s credit card

If you are interested in applying for a Lowe’s Advantage credit card, you can apply at any Lowe’s store. Credit decision only takes a few minutes. You can also apply online. If you pass the prequalification, you can apply immediately and get a decision, just as you would apply in a store. Prequalification will not affect your credit score.

Once approved and the card is activated, the cardholder can use it for any purchases made at Lowe’s, but does not exceed a certain credit limit, which depends on the customer’s creditworthiness. No other retailer or automated teller machine (ATM) accepts Lowe’s cards.

What kind of credit is required for Lowe’s credit card

Lowe’s did not specify the minimum score required to obtain the advantage card. But it is always a good idea to check your credit score before applying. If you have at least good credit, then you have a good chance of qualifying. According to Experian, this is about 670 or even higher.

Where can I use Lowe’s credit card?

Since Advantage Card is a store credit card, you can only use it in Lowe’s stores. You can also use it to make purchases on the company’s website. You can’t use it like a regular credit card for daily shopping at other retailers.

You can only use the Lowe’s Advantage card at Lowe’s stores or Lowes.com.

Alternatives to Lowe’s credit cards

The credit card provided by Home Depot (HD) has similar functions to Lowe’s Consumer Credit Card.The Home Depot consumer credit card has the same six-month benefits with 0% interest as the Lowe’s card. According to reputation, its APR ranges from 17.99% to 26.99%. This means that if your credit is good, the rate you pay may be lower than the Lowe’s card.

For bulk purchases, Home Depot provides a separate card called the project loan card. This card provides loans of up to $55,000 with a loan term of 90 months and a fixed annual interest rate of 16.24%.

Lowe’s credit card terms and conditions

Like any credit card, Lowe’s Consumer Credit Card has terms and conditions that should be thoroughly reviewed. The terms and conditions include APR, late fees, fines and other useful information.

The following is the updated information for Advantage Card as of February 2021:

  • Annual interest rate: 26.99%
  • Late payment fees: up to $40 for consumers who fail to pay the minimum payment before the due date

Cardholders who choose the 0% financing discount for purchases of $299 or more and have not paid the full purchase within six months will be retrospectively applied to the interest on the date of purchase. In addition, the minimum monthly payment card payment is not always sufficient to pay for the purchase in full within six months.

Therefore, borrowers who wish to avoid unexpected interest payments should remain vigilant, and once the six-month period is over, they will not leave any balance.

Who should consider using Lowe’s credit card

Lowe’s Advantage credit cards provide great benefits for home improvement masters and DIYers who make the most of their shopping at Lowe’s. Even if a special financing transaction has never been used, cardholders who purchase a large number of home improvement products can save a lot of money through a 5% promotion every year. For example, a cardholder who spends US$2,000 at Lowe’s every year can save US$100 a year.

Those who plan to carry out large-scale DIY home renovations but do not want to pay the full cost in advance can benefit from this card. Through 84 months of cost financing at an annual interest rate of 7.99%, the interest paid by cardholders is significantly lower than most credit cards.

Bottom line

If you are a loyal customer of Lowe’s, you may want to consider Lowe’s Advantage Card. Compared with some other retail credit cards, it has no annual fee and lower APR. You can choose to enjoy a 5% discount on daily shopping, or you can enjoy special financing for six months when the purchase exceeds $299. If you purchase more than US$2,000, you can make a fixed payment with a lower APR for 84 months. Like other retail cards, you can only use this card in Lowe’s stores or on the company’s website.

Frequently asked questions

How do I get Lowe’s credit card?

You can apply for the Lowe’s Advantage Card at any Lowe’s location. If you want to see if you pass the prequalification without affecting your credit, you can fill out an application online. If you meet the conditions, you can enter the application stage. It will take a few minutes to decide whether to apply in-store or online.

In which other stores can I use my Lowe’s credit card?

You cannot use Lowe’s Advantage card. That’s because it is just a store card. This means that you cannot use it at other retailers for daily purchases. But you can use the card online at Lowes.com.

Can Lowe’s credit card establish credit?

Just like any other credit product, Lowe’s Advantage Card can help you build credit. Remember, you need to pay regularly, otherwise your credit score will be affected.

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