Are you a frequent shopper at Lowe’s? If yes, there is good news for you. In this article, you will learn about Lowe’s Credit Card and why it is perfectly ideal for you as a frequent shopper at Lowe. Keep reading to learn more.
Benefits and Features of the Lowe’s Advantage Credit Card
Perfect Pick for Home Renovators and DIYers
Are you about to buy some costly home furniture or home repairs? If yes, this card is your best deal. Here, you get 5% off your eligible purchase or order charged to your Lowe’s Advantage Card. However, for reference, some of the top cash-back rewards cards include a 2% rewards rate. You can earn this on non-Lowe’s purchases as well.
Furthermore, the card has no annual fee.
Also, it is suitable for people who want cash-back rewards for their purchases and frequent shoppers at Lowe’s.
However, this card has one problem that many cardholders may not like. Cardholders can’t combine its benefits. Each cardholder chooses between applying the 5% discount or one of the card’s financings features.
Are you a business owner? If yes, Lowe’s has three business credit cards for you to choose from. Each card gives its own unique benefits. For instance, the Lowe’s Business Account card gives low job-site delivery fees. In this way, you end up saving thousands of dollars over time. These business credit cards as well have higher credit limits.
If you find yourself in the categories of people above, go for the cards. However, carefully review all the terms and conditions of the card you will be applying for before you do anything.
Cardholders get 5% cashback when they make purchases with their cards. The discount does not include a few products and services like extended protection plans and delivery charges. Cardholders can’t stack the discounts too. If you are a cardholder with coupons, just choose whether to use the 5% discount or the coupon’s discount.
The Standard APR is 26.99%. Also, you won’t pay any interest if you pay in full within six months of purchases of $299 or more.
For Project Financing Benefit,
there are 36 fixed monthly payments at 3.99% APR, 60 fixed monthly payments at 5.99% APR, or 84 fixed monthly payments at 7.99% APR until paid in full.
You can just choose to forgo the 5% discount for 0% interest for six months on purchases of $299 or more. But if you don’t pay off in the six-month time frame, you will pay interest from the purchase date (the regular purchase APR is 26.99%). You must still make minimum payments.
On the other hand, if you make a purchase of at least $2,000, you can ask to use the Lowe’s Advantage Credit Card’s project financing feature. With this, approved cardholders a reduced annual percentage rate (APR) for some months. The exact APR you get depends on the number of fixed monthly payments you choose to make.
Lowe’s Advantage Credit Card vs The Home Depot Consumer Credit Card
Here, we will compare Lowe’s Advantage Credit Card Compare to Other Cards and Products. The products include;
Chase Freedom Unlimited®
Earnest Personal Loan
The Home Depot Consumer Credit Card
The Home Depot Consumer Credit Cards Lowe’s advantage credit card
If you are making hardware purchases, go for the Lowe’s Advantage Credit Card. The Home Depot Consumer Credit Card does not have a discount feature. But it gives its cardholders a chance to save up to $100 on qualifying purchases for new cardholders. You can get $25 off on purchases of $25-$299, $50 off purchases of $300-$999, or $100 off purchases of $1,000 or more. The 2 cards give interest-free financing for six months on purchases of at least $299. Also, they have no annual fee.
Go for Home Depot card if;
- The idea of one-year hassle-free returns is enticing.
- You’d prefer to shop at Home Depot over Lowe’s.
Lowe’s Advantage Credit Card vs Citi® Double Cash Card – 18 month BT offer
Citi® Double Cash Card – 18 months BT offer
The Citi® Double Cash Card – 18 months BT is a perfect everyday card. Cardholders earn 2% on every purchase with an unlimited 1% cashback when they buy, plus an additional 1% as you pay for those purchases. Further, it gives a better rewards rate everywhere else. It is one of the best cash-back cards on the market.
Go forCiti® Double Cash Card – 18-month BTif:
- You need a primary credit card.
- You prefer cash-back rewards versus an automatic discount on purchases.
Lowe’s Advantage Credit Card vs Chase Freedom Unlimited®
If you love the Lowe’s Advantage Credit Card because of its financing features, try the Chase Freedom Unlimited®. It gives cardholders a 0% Intro APR for 15 months from account opening on purchases (then a 14.99% – 23.74% Variable Variable APR) and N/A on balance transfers (then a 14.99 – 23.74% Variable Variable APR). If you want to make large one-time purchases, go for the Chase Freedom Unlimited®. It has a low intro APR. However, if you will make large ongoing purchases, GO for the Lowe’s Advantage Credit Card.
Go for the Chase Freedom Unlimited® if:
- You want cashback and a low intro APR.
- Your purchase needs will be limited to a time frame of a few months.
Personal Loan: Earnest
If your home renovation project will cost more than $15,000, try applying for a personal loan over a credit card. This is only advisable for homeowners who need to make emergency repairs.
Actually, Earnest gives personal loans to creditworthy applicants for up to $50,000. But if you are making frequent or ongoing smaller purchases, go for the Lowe’s Advantage Credit Card. Personal loans don’t have introductory 0% APR financing periods, so you’ll pay interest from day one.
Go for a personal loan if:
Your purchases will cost more than $15,000.
Your home renovation is an emergency.
I hope you got value. Keep your questions in the comment section.