Lowes Credit Card

Lowes Credit Card

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  • Offers a 5% discount on most Lowe's purchases
  • Deferred interest on larger purchases
  • Project financing allows you to get super-low rates on major projects
  • Choose from a 5% discount, deferred interest financing, or project financing on eligible purchases
  • $30 discount on your first purchase with the card (offer valid until June 10, 2018)
  • Cannot combine cardholder discounts with coupons, military and employee discounts, Lowe’s low price guarantee, or volume or special discount programs
  • 26.99% standard APR
  • No annual fee

Our Detailed Review

  • Closed-loop card, so you can only use it at Lowe's
  • Promotional financing is a deferred interest plan rather than a true 0% APR plan
  • Very high standard APR

Application Process: Apply online, and get a decision within 60 seconds or less.

Annual Fee: None.

APR: 26.99% standard APR. The card also offers six-month deferred interest financing on purchases of $299 or more and project financing on purchases of $2,000 or more. Project financing terms include 36 months at 3.99% APR, 60 months at 5.99% APR, and 84 months at 7.99% APR. 

Rewards: You can opt for a 5% discount instead of a promotional financing plan.

Bonus Offers: The card offers a $30 discount on your first purchase with the card. This offer is valid until June 10, 2018

Faveable Review

If you’re in the home improvement business or fancy yourself a DIY master, the Lowe’s Advantage Card could be a good card to have in your wallet.

The card offers three choices on many of your purchases at the retailer: a discount, short-term special financing, or long-term project financing. That’s not bad for a store credit card. Read on to find out if the card is right for you.

Lowe’s Advantage Card review - Lowe’s Advantage Card highlights

The Lowe’s Credit Card is a closed-loop store card, which means you can only use it at Lowe’s stores and online at Lowes.com. While that’s usually a strike against a store credit card, the Lowe’s Advantage Card offers enough benefits to make up for it.

Depending on your purchase amount, the card offers three options:

  • 5% discount
  • Deferred interest for six months on purchases of $299 or more
  • Low-interest payment plans for as long as 84 months on purchases of $2,000 or more

If you spend a lot of money at Lowe’s, these benefits could save you a lot of money over time.

Lowe’s Advantage Card rewards and perks

Now, let’s dig a little deeper into each of these offers.

5% discount

If you choose this option, you’ll get an automatic 5% off your purchase, even on special order items. That said, the discount does come with a bunch of exclusions. For example, you can’t combine it with:

  • Coupons
  • Military and employee discounts
  • Lowe’s low price guarantee
  • Volume or special discount programs

Additionally, you won’t get the discount on:

  • Extended protection or replacement plans
  • Shipping, delivery, or assembly charges
  • Gift cards
  • Dacor, ICON, Fisher & Paykel, Monogram, Smeg or Liebherr, Weber, or Kichler products

The limitations are disappointing, but you could still stand to gain a lot by using the card every time you shop at the retailer.

Six-month special financing

If you make a purchase of at least $299, you could opt for the deferred interest plan instead of receiving the discount. This plan offers no interest if you pay off the purchase within six months.

But if you don’t make it, the card will assess an APR of 26.99% from the original purchase date. So, if your purchase was $500 and you have just $20 left when the promotional period expires, you’ll get an interest charge based on the original $500.

Using this option isn’t ideal if you don’t think you can pay off the purchase in time. But, if you can, it’s a great way to take your time to pay it down with no interest.

Project financing

If your purchase is at least $2,000, you can choose to do more long-term financing, albeit with a low interest rate. This offer isn’t automatic, so you need to make sure to ask for it. You can choose between three repayment terms:

  • 36 months at 3.99% APR
  • 60 months at 5.99% APR
  • 84 months at 7.99% APR

If you’re doing some big renovations, the card’s project financing is a huge opportunity to save money. Many people opt for a home equity loan or personal loan to finance their home improvements. But if you qualify for project financing with the Lowe’s Advantage Card, you’ll likely pay less out of pocket than you would with those other options.

Lowe’s Advantage Card benefits

In addition to offering ongoing benefits, the Lowe’s Credit Card offers a $30 discount on your first purchase with the card. This offer is valid until June 10, 2018.

If you apply online, you should get the discount automatically. But if you apply in-store, make sure to ask for the discount coupon. The discount’s limitations are the same as the card’s 5% discount on ongoing purchases.

Beyond these features, the card doesn’t offer any other benefits.

Lowe’s Advantage Card costs and fees

The card’s ongoing APR is 26.99%, which is much higher than the average of 15.32%, according to the Federal Reserve. As a result, we recommend getting this card only if you never plan to carry a balance.

The card has no annual fee but does charge a late fee of up to $38. It doesn’t have any of the other major credit card fees because of its closed-loop nature.

Does the Lowe’s Credit Card make sense for me?

As with all store credit cards, you should apply for the Lowe’s Advantage Card only if you shop at the retailer frequently. It’s rarely worth it to get a store card for the upfront discount, and the card’s limited acceptance makes it less valuable for people who don’t spend a lot of money on home improvement projects.

That said, if you do spend a lot in those areas, the card could save you a lot of money, either through its discount or through one of the financing promotions it offers. Before you apply, compare the card with other top store credit cards to see if it measures up.  


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