Lowe’s Credit Card Review (2017)

Lowe’s Credit Card Review

Store Credit Card

Ashley Dull
By: Ashley Dull
Posted: November 8, 2017
Opinions expressed here are ours alone, and are not provided, endorsed, or approved by any issuer. Site may be compensated through the issuer affiliate programs.

Though currently sporting over 1,800 locations across the country, Lowe's began in 1921 as a humble hardware store in North Wilkesboro, North Carolina, that also sold sewing notions, dry goods, and horse supplies in addition to the hardware staples. After changing hands a few times — and narrowing its focus to hardware and building supplies — Lowe's began to expand across North Carolina, and, eventually, into all 50 states.

Whether you need concrete or compost, dustpans or drop cloths, you can likely find it at your local Lowe's. And with the Lowe's Advantage Credit Card, you can choose to save 5% on them, too. Perfect for those Lowe's customers who practically have their own red vest, the Lowe's Advantage card also provides the opportunity to select special financing offers on large purchases, making the cost of that new sander a little less abrasive.

Lowe’s Card Overall Rating: 2.8/5.0

One thing many store cards have in common is a particularly high APR — and the Lowe's Advantage Credit Card is no exception. In fact, the card's 26.99% APR can make carrying even a small balance — let alone the thousands from a major appliance or home repair — less than ideal. On the positive side, the Lowe's consumer card does offer a few options for avoiding that high APR on large purchases.

Specifically, your Lowe's Advantage card will give you a choice of rewards when you make an in-store purchase. You can choose to receive a 5% discount on your purchase or, if your purchase is at least $299, you can choose special financing. Several financing plans exist, including six-month 0% APR financing — meaning you pay no interest if you pay your purchase in full within six months. Project financing options allow for longer terms, offering 3.99%, 5.99%, or 7.99% APR for 36 months, 60 months, or 84 months, respectively.

Lowe’s Credit Card

  • APR: 26.99% as of Nov 2017
  • Annual Fee: $0
  • Rewards: Earn 5% cash back on Lowe's purchases
★★★ 2.8/5.0

If you would rather receive the 5% discount, you'll see the savings right away; unlike typical cash back rewards, your Lowe's Advantage discount will be applied to your purchase right at the register. The downside of the credit card discount is that it doesn't stack; in other words, you can't use your discount in combination with other discounts, including both Lowe's coupons and manufacturer's coupons.

As an additional perk, new cardholders who sign up for the Lowe's Advantage Credit Card can enjoy a special one-time bonus of $30 off your first in-store card purchase. This offer only extends to those who apply — and are approved — for their card in a Lowe's location, and can only be applied to the first in-store purchase made the same day. If the entire $30 discount is not used on your first purchase, the remaining balance will be forfeited.

Approval Requirements & Application

The Lowe's Advantage Credit Card is reported to be among the more difficult store cards to get, generally preferring applicants with "fair" credit or better (FICO scores above 620). While you can apply for the Lowe's card online, it's recommended that you apply in-store to take advantage of the one-time signup offer.

Better Cards to Use at Lowe’s

If your hammer is used to open bottles more than it is to actually hammer nails, your Lowe's card will likely be a better coaster than it is a credit card. You'll probably get significantly more value from an all-purpose rewards card that lets you earn cash back, points, or miles on every purchase, rather than limiting yourself to Lowe's. The company may have over 1,800 locations, but it still doesn't sell everything.

Cash Back

Cash back credit cards are an awesome way to save on whatever you buy, often offering up to 5% cash back rewards on popular categories — including home improvement stores. You can choose between cards that provide unlimited flat-rate rewards or opt for bonus rewards in yearlong or rotating categories. The best part? Your cash back rewards stack with any coupons you choose to use, including those from Lowe's!

CASH BACK RATING

★★★★★

5.0

OVERALL RATING

5.0/5.0
  • Unlimited 1.5% cash back on every purchase — it's automatic
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.99-24.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • No annual fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
15.99% - 24.74% Variable
$0
Excellent/Good

0% APR

If interest makes you sad, then a credit card with an introductory 0% APR offer is the way to turn that frown upside down. With a good 0% APR card, you can enjoy 12 months or more of interest-free balances — which makes Lowe's measly six months look lame. Plus, you won't be expected to spend hundreds to enjoy your financing deal.

0% INTRO APR RATING

★★★★★

5.0

OVERALL RATING

4.7/5.0
  • $0 Introductory balance transfer fee for transfers made during the first 60 days of account opening
  • 0% Introductory APR for 15 months on purchases and balance transfers
  • Monthly FICO® Score and Credit Dashboard for free
  • No Penalty APR – Paying late won't raise your interest rate (APR). All other account pricing and terms apply
  • $0 Annual Fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
15.99%-24.74% Variable
$0
Excellent Credit

Travel Rewards

If you're considering a Lowe's Advantage card to finance home improvement expenses, chances are good you'll be ready for a little away time by the time construction is over. Use an awesome travel rewards credit card to turn every paint purchase and bathroom buy into points or miles that can get you away from the build site — and onto the beach.

AIR MILES RATING

★★★★★

5.0

OVERALL RATING

4.9/5.0
  • Enjoy a one-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel
  • Earn unlimited 2X miles per dollar on every purchase, every day
  • Fly any airline, stay at any hotel, anytime
  • Travel when you want with no blackout dates
  • Miles won't expire for the life of the account and there's no limit to how many you can earn
  • No foreign transaction fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
13.99% - 23.99% (Variable)
$0 intro for first year; $95 after that
Excellent, Good

Although the perks offered by the Lowe's Advantage Credit Card can be valuable to those working on big projects — or those on a first-name basis with their local Lowe's cashiers — that's about the extent of the card's ideal audience. Most casual shoppers won't get enough value from the card to make it worth the hard credit pull. Pick a cash back or travel rewards card to make the most of your purchase, or enjoy financing for those big purchases with a great intro 0% APR card.

What Others Say About the Lowe’s Credit Card

Although many reviewers really dig the automatic 5% discount the Lowe's Advantage Card offers, the inability to stack discounts with special financing really sands them against the grain. Other cardholders are unhappy about the issuing bank's tendency to drop credit limits with no warning.

CreditCards.com
A review from CreditCards.com says:

For homeowners and do-it-yourselfers who make periodic runs to home improvement stores for any number of purchases, the Lowe’s Consumer credit card is an easy choice. Though the card is only usable at Lowe’s, the 5 percent discount, myriad of special financing offers and lack of annual fee is hard to beat, especially if you have several upcoming renovation projects in mind. And unlike standard cash back cards, there’s no wait to collect rewards – the discount is immediately applied at the register or online checkout. Like most retail cards, however, the excessive APR and lack of fringe benefits mean occasional customers need not apply. — CreditCards.com

★★ 1.9/5.0
CreditKarma.com
A review from CreditKarma.com says:

I used this card for 5 and half years, for them to just close my account. I have NEVER missed a payment with them. After calling customer service and speaking with a manager, they had no interest in reactivating my card because my credit score has dropped due to a hardship. The only thing they take into consideration is your credit score, it does not matter how long you have been a loyal customer. I used this card for special interest rates, and as a safety net for if anything went wrong with the house. After 5 years, I had managed to build a credit limit of $8,500. Once I fell into a hardship, my credit took a hit, and they decreased my credit limit to the balance I had left on the card at the beginning of this year, around $700. Rebuilding your credit takes time after a hardship, and apparently, I couldn't repair it fast enough for them. This was one of my highest credit limits, with the lowest balances, and the longest age of credit. All of which will now impact my credit even more. I will never use their services again. Their competitors have not closed or even lowered my credit limit. — CreditKarma.com

1/5.0
WalletHub.com
A review from WalletHub.com says:

I like the card for certain things. For instance, I do a lot of home improvement projects, so I shop at Lowe's a lot, and it just made sense to get this card. I get 5% off most purchases at Lowe's if I use this card, so that comes in very handy. Also, this card periodically has a special where I pay no interest for 6 months on a single purchase, so if I need to buy a major appliance this really helps out. The APR is a bit high - I think its nearly 25%, so I try not to leave a balance on the card. I would definitely recommend it for other people who regularly shop at Lowe's, or need to make big purchases from Lowe's. — WalletHub.com

★★★★ 4/5.0

Is the Lowe’s Card Right for You?

If the smell of sawdust is your happy place, the Lowe's Advantage Credit Card may just be for you. The 5% discount is a nice, straightforward bonus, particularly if you don't like to bother with finding, clipping, or downloading coupons, and the financing offers can be good for those working on big home repair projects or updating major appliances.

Unfortunately, if your most-used tool is a roll of duct tape, you may not get much use out of the Lowe's card. Instead, pick an all-around credit card that offers awesome rewards or flexible financing so you can spend — and earn — wherever you go.