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Sunday, July 14, 2024

Lowe’s Credit Card Review (Feb. 2024)

Lowe’s Credit Card Review
Brittney Mayer

Written by: Brittney Mayer

Brittney Mayer
Brittney Mayer

Brittney is a Credit Strategist and Finance Expert who has spent years honing her knowledge of the credit industry both personally and professionally. Brittney applies her more than a decade of research experience to crafting in-depth consumer guides designed to help CardRates readers make better, more informed financial decisions.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewed by: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

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Advertiser Disclosure

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.

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!

Bank of America® Customized Cash Rewards credit card Review

at Bank Of America'ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% - 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

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.

Bank of America® Customized Cash Rewards credit card Review

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.8

OVERALL RATING

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
  • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and cash rewards don’t expire as long as your account remains open.
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles for purchases
0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days (Balance Transfer Fee 3% for 60 days from account opening, then 4%)
19.24% - 29.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

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.

Discover it® Miles Review

at Discover Card'ssecure website

AIR MILES RATING

★★★★★

4.9

OVERALL RATING

  • UNLIMITED BONUS: Unlimited Mile-for-Mile match for all new cardmembers—only from Discover. Discover gives you an unlimited match of all the Miles you’ve earned at the end of your first year. You could turn 35,000 Miles to 70,000 Miles. There’s no signing up, no minimum spending or maximum rewards. Just a Miles-for-Miles match.
  • Automatically earn unlimited 1.5x Miles on every dollar of every purchase
  • No annual fee
  • Turn Miles into cash. Or redeem as a statement credit for your travel purchases like airfare, hotels, rideshares, gas stations, restaurants and more.
  • 0% intro APR for 15 months on purchases. Then 18.24% - 28.24% Standard Variable Purchase APR will apply.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Terms and conditions apply.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
18.24% - 28.24% Variable APR
$0
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.

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 Feb 2024
  • 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.

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.

Advertiser Disclosure

CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.