Terms And Conditions Of The Lowes Credit Card
Like any credit card, the Lowes Consumer Credit Card features;terms and conditions;that should be reviewed thoroughly. The terms and conditions include the APR, late payment fees, penalties, and other useful information.
The following is updated information for the Advantage Card as of February 2021:
- ;26.99%
- Late Payment Fee:;up to $40 for consumers who fail to make the minimum payment by the due date2
Cardholders who choose the 0% financing offer for purchases of $299 or greater and do not pay off the full purchase within six months have interest retroactively applied back to the date of purchase. Moreover, making the cards minimum payment each month is not always sufficient to pay off the purchase in full within six months.
Consequently, borrowers who want to avoid surprise interest charges should remain vigilant that they are on pace to not leave any balance left once the six-month period has ended.
What Is Good Credit Scores
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent. That means the credit scores they accept may vary depending on that criteria.
Lowe’s Advantage Credit Card Review: Great Pick For Home Renovators And Diyers
Anyone making several expensive home repairs may find themselves frequently shopping at Lowe’s, where it’s hard to top the Lowe’s Advantage Credit Card’s discount: 5% off your eligible purchase or order charged to your Lowes Advantage Card. For reference, some of the top cash-back rewards cards offer merely a 2% rewards ratealbeit, you can earn that rate on non-Lowe’s purchases, too. Although the Lowe’s Advantage Credit Card can only be used at Lowe’s, the fact that it comes with no annual fee compensates for its limited use.
| Good For… | |
|---|---|
| Someone looking for an everyday card | |
| Someone searching for a credit card with no annual fee | Contractors or business owners |
| Someone who wants cash-back rewards |
The main drawback of the Lowe’s Advantage Credit Card is that cardholders can’t combine its benefits. You’ll have to choose between applying the 5% discount or one of the card’s financing features. Anyone looking to apply for the card should consider how it compares to other cards that either offer cash-back rewards or have similar financing features.
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Verizon Visa Rewards Card
Offered exclusively to Verizon Wireless customers, the Verizon Visa Rewards card is an excellent no-annual-fee card option for those who have their cell phone through Verizon Wireless. The card earns Verizon Dollars, which can be redeemed for any Verizon products or services. Each Verizon dollar is equivalent to $1 in value, and there are no caps on earning or expiration dates.
The rewards rate for the Verizon Visa card is quite strong, offering 4% back on gas and grocery purchases, 3% back on dining purchases, 2% back on Verizon purchases , and 1% back on all other purchases.
Cardholders will receive a few solid perks, too. For starters, cardholders will receive up to $100 in wireless bill credits over 24 consecutive months for monthly bill payments this breaks down to about $4.16 each month. Youll also be eligible for an auto-pay discount of $5 to $10 each month when you use your card to pay your Verizon bill, depending on the type of plan you have. This perk alone could be hugely beneficial if you plan to stay with Verizon long term, as youll save $60-$120 each year.
All in all, the Verizon card is a fantastic option for Verizon customers, that offers great discounts and great bonus categories, all for a no annual fee card!
Who The Lowe’s Advantage Credit Card Is Best For
So, with four strengths and three risky aspects, who is the Lowe’s Advantage Card best for?
The card is a great option for DIYers who will take advantage of the 5% discount regularly or who want to pay off a project over time and are confident they can make payments on schedule. However, the card is worth it only if you dont have to pay the standard APR on any of your purchases which means you need to be sure you can make your monthly payments in full.
Since the Home Depot credit card doesnt offer the same type of 5% discount on all purchases that the Lowe’s card does, it may even be worth switching to Lowe’s to get this card if you have a lot of home improvement projects planned and both stores are available in your town.
And because cardholders get that 5% discount on Lowe’s purchases, if youre spending a fortune on home improvement and would likely exceed rewards limits on regular cashback credit cards, the Lowe’s store card could be a better option for you as your discount isnt capped and theres no annual fee.
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Get Your Credit Score Improved Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It’s so much less stress, hassle, and time to let professionals identify the reasons for your score drop.If you’re looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on or setup a consultation with them. They also happen to have incredible customer service.Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.
Is Lowes Bigger Than Home Depot
Lowes has been in business about 30 years longer than Home Depot. Home Depot has 2,284 stores in North America, while Lowes has about 2,370. Lowes stores also typically have a few more square feet of space than Home Depot stores. In addition, Home Depot appears to be the store of choice for millennials.
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Amazon Prime Store Card
The Amazon Prime Store Card offers 5% cash-back on all purchases on . That alone makes this card worth it for many frequent Amazon shoppers. You must have an eligible to receive the 5% cash-back on your purchases.
If you do not have a Prime membership, you will only be able to use the Amazon.com Store Card, which does not earn 5% cash-back on
Amazon is regularly one of the quarterly bonus categories for cards such as the Chase Freedom®. But with the Amazon Prime Store Card, you can get 5% cash-back all year.
This card;comes with no annual fee.
Is Lowes Advantage Card Worth It
The Lowes Advantage Card can be worth it if the 5% discount or 0% 6-month financing is better than earning credit card rewards. Cash back cards and travel credit cards may not earn as much, but you have more flexibility with redeeming your rewards.
For example, large purchases can help you earn the Southwest Airlines Companion Pass.
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Synchrony And Lowes Extend Strategic Partnership With Multi
Agreement builds on nearly four-decade credit card partnership
Strategic partnership to strengthen the intersection of digital and in-store customer experience
Consumer and business credit card options help customers love where they liveDateline:STAMFORD, Conn. & MOORESVILLE, N.C.Public Company Information:NYSE: SYFNYSE: LOW;STAMFORD, Conn. & MOORESVILLE, N.C.Synchrony and Lowes today announced a multi-year extension of their strategic partnership highlighting Synchronys commitment to offer Lowes customers enhanced purchasing options and valuable benefits.
As part of the extension, Synchrony will continue to manage and service the;consumer and commercial credit card programs;for Lowes customers at the retailers more than 1,740 U.S. stores, as well as on Lowes.com. The programs drive sales through a strong consumer offering, including five percent off every day for all cardholders and special promotional offers.
We are focused on exceeding customers expectations wherever they need us, including providing the best value in the marketplace, and our work with Synchrony is critical to that goal, said Margi Vagell, Lowes vice president of merchandising operations. Over nearly 40 years, Synchrony and Lowes have evolved together in a dynamic market environment, and we look forward to continuing to improve our capabilities to even better serve customers in the future.
About Lowes
About Synchrony
Lowes Card Vs Home Depot Card: The Basics
These cards are closed-loop;store cards, which means they cannot be used outside of the stores that offer them. Credit limits are low,;interest rates;are high, and;perks;are generally few and far between .
The;Lowes card;is issued by Synchrony Bank and the;Home Depot;card;by;Citi.;
Lowes Advantage Card
- Regular;Interest Rate:;17.99% to 26.99%;Variable APR.
- Intro APR:;Special financing;for up to;six months.
- Rewards:;No ongoing;rewards program. Financing offers available and also promises a 1-year hassle-free returns program.
- Account Opening;Offer:;Save up to $100 when you first use your card
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Where Can The Lowes Credit Card Be Used
Because the Advantage Card is a store credit card, you can only use it at Lowes locations. You can also use it on the companys website to make purchases. You cant use it like a regular credit card to make everyday purchases at other retailers.
You can only use the Lowes Advantage Card at Lowes locations or on Lowes.com.
Do You Need One Of These Cards
If your options are limited to either the;Home Depot;card;or;the;Lowes card, and youre not into;home improvement, then youre not doing enough research. There are far better reward;credit cards;out there.
The;Discover;It, for instance, will give you up to 5%;cash back;on select categories, 1% on everything else, and, more importantly, it will double all of your;cash back;earnings at the end of the year.
The;Chase Freedom Unlimited;will give you 1.5%;cash back;on everything, whether youre buying groceries for your family or;home improvement;supplies for your next big project.;
If its specific store rewards that you want, there are also far better options. The Amazon Prime;Credit Card, for instance, will give you up to 5%;cash back;when you shop at Amazon.com. The great thing about this is that Amazon.com has pretty much everything you need, and the prices are usually very competitive.;
The Costco Anywhere;Visa;card is also worth a look. Not only does this card offer 2%;cash back;when you use it at Costco.com or in Costco stores, it also has 3% and 4%;cash back;rates for everything from dining to travel and gas stations.
In simple terms, there are better;credit cards;out there for general spending. In many cases, youll be better off using a general;rewards card;to make;home improvement;purchases, because while you might not get as many benefits in the short term, the addition of;account opening;bonuses, lower;interest rates, lower fees, and many other benefits .
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What Credit Score Do I Need For Lowes Financing
The Lowes credit card credit score requirement is 640 or better, which is considered fair credit. The Lowes card is fairly easy to get, but that doesnt make it a great card. Even if you have a good or excellent credit score, the card will have an APR of 26.99% after the intro APR period, which is pretty high.
Lowes Credit Card Review
A Lowes store credit card can be the right financial tool, especially if youre a homeowner looking to make changes to your home. There are no annual fees, but youll tack on unnecessary interest costs to your purchases if you carry a balance. Learn more about the features of the Lowes credit card so you can better decide if its right for you.
Compare:;Home Depot Credit Card Review Special Financing and Promotional Rates
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Alternative Rewards Credit Cards
In comparison to the Lowes card, the Chase Freedom Unlimited® Card is very easy to understand and doesnt have complicated fees, rules and conditions.
| Learn More |
Must Reads: For more info on the Chase Freedom Unlimited, see our thoughts on its benefits and our full review. |
Alternatively, if you love to travel consider the Chase Sapphire Preferred® Card;which is one of the best travel rewards cards.
You will earn 1x at Lowes stores and 5x points on travel purchased through Chase Ultimate Rewards, 3x points on dining, and 2x points on all other travel purchases.
| UP’s Bonus Valuation*:$2,000Must Reads: For more info on the Chase Sapphire Preferred, see our thoughts on its benefits and travel insurance coverage, which includes primary car rental insurance. Take a look at our full review to see why it’s one of our favorite cards. |
These Chase points are extremely valuable when used correctly!
American Eagle Outfitters Visa Card
American Eagle Outfitters is a retail clothing store geared toward college-aged young adults. Additionally, they launched Aerie to compete with brands such as Victorias Secret.
The;AEO Connected Visa Credit Card earns 15 points per $1 spent at American Eagle or Aerie stores. All other purchases earn 5 points per $1.
Once a shopper reaches 2,5000 points, they receive a $10 reward coupon that can be used toward future purchases with either brand.
Cardholders will also receive free standard shipping, a 20% off birthday coupon, a personal shopping day coupon, special cardholder events, and more.
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Where Can Someone Get A Lowes Credit Card
If youre interested in applying for the Lowes Advantage Credit Card, you can do so at any Lowes store.1 The credit decision takes only minutes. You can also apply. If you prequalify, you can apply immediately and get a decision just as quickly as you would if you applied in the store. The prequalification doesnt affect your;.6
Once approved and the card is activated, the cardholder may use it for any purchases made at Lowes up to a certain credit limit, which is based on the customers creditworthiness. The Lowes card is not accepted at any other retailer or at;automated teller machines;.
Is The Lowes Credit Card Hard To Get
The Lowes credit cards can be easier to qualify for than most credit cards. One reason why is that 4 of the 5 cards are store charge cards. These cards can only be used for Lowes purchases.
You need a 620 credit score or higher for approval. The 620-mark is the start of fair credit or prime credit for most lenders. One Lowes card, the Lowes PreLoad Card, doesnt require a credit check. However, its a prepaid card only for business owners.
You can apply for these cards online or in-store. Synchrony Financial will give you an instant application decision in most cases to see if youre approved.
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Disadvantages Of Lowes Special Financing
Although you can save quite a bit of interest with the Lowes Credit Card if you choose one of the special financing offers, there are a few disadvantages, especially when compared with other credit card offers.
Primarily, you have to choose either the 5% off at Lowes stores;or special financing. You cant take advantage of both offers.
On the other hand, however, the Discover it Credit Card offers a 0% APR for purchases and balance transfers for the first 12 months of opening the account, in addition to the cash back you earn with purchases.
And although there are no rewards with the Citi Simplicity Credit Card, you do get a 0% APR for purchases and balance transfers for an unheard of 21 months, without the spending requirements attached to the Lowes special financing offer.
The Lowes Credit Card: 7 Things To Know Before You Apply
Last updated May 13, 2021| ByChristy Rakoczy
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Lowe’s, like many stores, offers its own branded credit card. Similar to how other store cards work, the Lowe’s card can only be used in Lowe’s stores, and the discounts and perks you get are available only at the popular home-improvement store.
The good news is that those discounts and perks abound. Youll benefit from no annual fee, you can save up to $100 on your first in-store purchase after becoming a cardmember, and you can score special financing on qualifying purchases .
The standard APR, or annual percentage rate, on the Lowe’s store card is pretty high, though, just as it is for many store cards. And the special financing offer only saves you on interest if you pay off your card within the promotional period. Interest is charged starting back to the purchase date if you dont pay off the balance in full, so you could get hit with big bills. You also dont get the flexibility you’d get with other rewards cards not tied to a single store brand.
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