Lowe’s Credit Card Review of Benefits

Lowe’s Credit Card Review

The Lowe’s credit card offers a few great incentives if you shop at the store regularly. You can sign up for this card either in the store or online for an added convenience. Online is arguably faster, as you can fill everything out in one spot. Before you get approved for the Lowe’s credit card, you will undergo a credit check. However, once you get the card, you can start saving right away. This article will go over the finer points of this card, including a few drawbacks.

Lowe's credit card offers helps customers finance their DIY remodeling projects.

Lowe’s Credit Card Benefits

Low Interest Period

If you purchase something that is $2,000 or more with your Lowe’s credit card, you can ask for low interest. You can lock yourself into three, five, or seven-year repayment plans. These plans come with varying interest rates depending on which one you choose. The three-year repayment plan comes with a 3.99% APR, five years in 5.99%, and seven years is 7.99%. This isn’t automatic, so be sure to ask for it if you’re purchasing large items.

Discounts

Just for using your Lowe’s credit card, you’ll get a 5% discount on anything under $299. If it’s over $299, you can request the 5% discount when you check out. Once you ask, Lowe’s will immediately remove the percentage from your bill. This discount applies to both online and in-store purchases. There is also no limit on how many times you can get the 5% off.

Six Months of Deferred Interest

Once you spend $299 or higher with your Lowe’s credit card on a single purchase, you can choose to defer your interest. You’ll get a 0% APR for six months. This gives you enough time to pay your purchase off, without the additional interest. You should only take it if you know you can pay the entire balance off.

No Annual Fee

Unlike some retail store credit cards, the Lowe’s credit card has no annual fees. So you can use your card a few times a year or a few times a week without trying to offset the annual fee. This is a particularly good deal for anyone who only shops are Lowe’s sporadically.

Flexibility to Choose Benefits

When you’re going to check out, you can choose which benefit you want to use. Your choices are the 5% discount, six months of deferred interest, or the low-interest period. You won’t have this option at many of the bigger stores. This helps if you have some higher expense items you need to make payment on. But you also have smaller purchases where you just need the 5% off. You have the freedom and the flexibility to choose.

Immediate Benefits

For anyone who likes immediate benefits, the Lowe’s credit card offers them. You don’t have to wait a set amount of time to redeem your rewards. The 5% discount is applied right away, on every purchase below $299.

Itemized Statements

Each billing period, you’ll have access to itemized statements for your Lowe’s credit card. These statements make it easy to track what you’ve spent, and where you’ve spent it. You’ll be able to see exactly where you are with your payments and balances for each billing cycle. If you have linked accounts, you can see the individual or consolidated statements each month as well.

Lowe’s Credit Card Sign Up Offer

Once you’re approved, you’ll be eligible for the Lowe’s card sign-up offer. Again, you’ll get a choice of three different offers you can pick from. You can get 10% off your first purchase, and this has a cap of $2,000. There is the offer of six months of special financing with a minimum of a $299 purchase. Finally, there is 6, 60, or 84-month financing at a reduced APR. You pick which one you want when you sign up.

Dangers of Deferred Interest

Although six months of deferred interest sounds great, there are dangers with it. If you don’t pay the balance in full by the end of the six months, you’ll get hit with deferred interest. This means that Lowe’s will charge a 26.99% APR back to the day you made the first purchase. You’ll get six months of 26.99% APR added onto your balance.

Not Able to Combine Offers

While it’s true that the Lowe’s credit card gives you the freedom to choose your rewards, you can’t combine them. You can choose one of the other on each purchase. You should really look at what you’re buying to make sure you pick the best reward for your purchase.

Limited Discounts

The Lowe’s card offers several discounts, but they come with strings attached. Your discount won’t work on any extended protection or replacement plans, certain appliances, shipping, or gift cards. These items are in your terms and conditions that come with your card.

The Lowe’s credit card is a great option for someone who shops smart at Lowe’s. Several benefits can add up to decent savings if you choose them wisely. The reward flexibility is another great selling point. Many stores don’t allow this, and Lowe’s is one of the bigger box stores that does. Whether you shop at this store occasionally, or a few times a week, it’s worth checking into.

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Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.