Lowe’s has been around since 1920’s and started as a small hardware store in North Wilkesboro, NC. They sold everything from sewing and horse supplies to dry goods. The owners changed a few times through the decades and so did the scope of offerings, but the retailer remained strong and expanded to all 50 states. Lowe’s, as we know it today, is one of the most popular home improvement stores, focusing on hardware and building supplies.
If you find yourself at Lowe’s from time to time, you can really benefit from Lowe’s Advantage Credit Card and save 5% on all of your purchases. The more you spend, the more you will be saving with this card, especially if you are a contractor or somebody who loves a DIY project or two. If you plan to buy some large appliances from Lowe’s, sign up for this card and you will be eligible for special financing.
Overall rating of this credit card is 2.8/5.0.
The main drawback of the card is its high APR. This is no different than other store credit cards; they all have the same disadvantage. Lowe’s credit card’s APR is 26.99%, so whatever you do, make sure you pay it off in full each month. Stay away from it all together if you like carrying large balances as 5% savings won’t be worth it.
Lowe’s credit card holders can choose the rewards they receive when shopping in-store. You can choose to get 5% off your purchase or get a special financing if you spend more than $299. The financing plans offer a few nice options:
- 6 months 0% APR if paid in full
- 36 months 3.99% APR
- 60 months 5.99% APR
- 84 months 7.99% APR
If you choose to go with instant 5% savings, you will get that amount deducted off you check, so the benefit will be felt right away.
Unfortunately, the 5% discount is not stackable, which means that if you have manufacturer or store coupons, you won’t be able to use the credit card discount.
Yes, new card holders get $30 bonus to be applied to the first order with the new card in-store. Only those customers that apply and get approved for the card at the physical store and shop that same day can enjoy the $30 discount. The entire amount has to be used at once.
- 5% OFF with Lowe’s Card
- Free Shipping on any Order
- 75% OFF Clearance Items
Unlike some other retailers, Lowe’s is pretty selective about who gets this credit card. Applicants should have pretty decent credit (FICO scores over 620) and demonstrate responsibility. The applications can be submitted online, but it is better to apply at your local store if you want to take advantage of $30 sign-up fee.
If you are not very big on DIY projects and gardening, there is no need to get Lowe’s credit card. You might get more bang for your money with all-purpose credit cards. You might receive more miles, cash back, or points for all purchases without limiting yourself to Lowe’s.
The best credit card for cash back on purchases is Chase Freedom Unlimited. It is rated 5.0 out of 5.0 for cash back, so you know it’s good. You will be getting 3% cash back the first year and then 1.5% later on all purchases. The best part? – Your cash back will still be applied with store or manufacturer coupons.
Another great credit card to have and use is 0% introductory APR, such as Wells Fargo Platinum Visa card. Lowe’s offers 6 months of 0% APR, while this card gets 18 months, making it triple the fun.
Absolutely it can! You might be in a serious need of vacation when all the construction dust settles. Choose a card that will give you great miles or points that can be turned into miles, such as Discover it Miles card. Beach might be closer and more affordable than you think! This card will give you 1.5 miles for every dollar spent and will double your miles earned at the end of the first year.
In conclusion, if you are not on the first name basis with your local Lowe’s cashier and are not working on a very large project, you may want to reconsider getting Lowe’s credit card, even if it’s not a bad one when compared with some other store credit cards.