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Lowes credit card

by Kavita MevadaJune 26, 2017
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Lowes credit card is a good piece of plastic to have in your wallet. A great feature that the Lowes credit card offers is a reliable 5% discount off your everyday Lowes credit card purchases. So if you frequently shop at Lowes credit card in your wallet can help you score some major saving in the long run.

You can sign up for the Lowes credit card in-store on the store’s website. Using the web can be the fastest way to take care of the paperwork digitally, rather than trying to fill out the application out at the store. You also can manage your credit card account through the Lowe’s website. (Understand that you will have to undergo a credit check before you’ll be approved for the Lowes credit card).

Lowes credit card sometimes offers limited-time perks for those who apply for the in-store credit card. But at the time of this writing, three options were available to use as benefits with the Lowes credit card. You’ll have to choose one of the three; you cannot use more than one of these benefits per purchase.

  5% discount

For each purchases you make at the store or on the website, you can take an immediate 5% off the total bill (with some restrictions, which we’ll discuss later).

Deferred interest

If your total bill is $299 or higher, you will be given the option of taking a 0% APR financing on the entire purchase for six months or the 5% discount. Although there are some disadvantages to using deferred interest, as long as you are absolutely sure you can pay off the entire amount before the six-month deadline, this can be a nice option for a big bill where you need to spread out the payments.

Low interest period

For large ticket items of $2,000 or more, Lowe’s offers customers a reduced interest rate for three-, five-, or seven-year periods, along with the two previously mentioned perks. Over three years, you’ll pay a 3.99% APR; it’s a 5.99% APR over the five-year period; and it’s a 7.99% APR for the seven-year period. This is something you may have to ask about at the time of purchase, as it’s not always automatically offered. And you will have to make minimum monthly payments that are dependent on the total amount of purchase and the length of the financing period. Miss a payment, and the interest charge goes to the standard 26.99% APR.

Each time you use the card, you can pick the type of benefit you’d like to use. Obviously, two of these three options are only available with a minimum purchase amount. If your purchase is below $299, you’ll automatically receive the 5% discount on the total amount.

HOME DEPOT CREDIT CARD VS LOWES CREDIT CARD

The biggest competitor for the Lowes credit card is the Home Depot credit card. To choose between the two, it’s best to start with the store format that you prefer. Certainly, Lowe’s and Home Depot have a lot of similarities, but it’s common for shoppers to favor one over the other. If this describes you, you’ll probably be happier with the credit card for that store.

But if you like both stores equally, consider these differences in their in-store credit card offerings.

Immediate discount

Home Depot’s card does not offer any discount at the time of purchase, so Lowes credit card 5% immediate discount gives it a nice advantage.

Advantage: Lowes credit card

0% APR offerings

If you’re looking for interest deferred financing for a large purchase, Home Depot may have an advantage. Depending on the time of the year you’re making the purchase, you may be able to use a deferred interest period of between six and 24 months at Home Depot. Lowes credit card is locked in to a six-month deferred interest period for 0% APR.

Advantage: Home Depot

Big ticket purchases. If you need a long time period to pay off a big ticket item, and you don’t mind having a low interest rate, Lowes credit card   has the advantage with its three-, five-, or seven-year special financing deal.

Advantage: Lowes credit card  

Standard APR

Lowes credit card   has a locked in 26.99% APR for all customers according to its website. Home Depot’s APR ranges from 17.99% to 26.99%, depending on the creditworthiness of the applicant.

Advantage: Home Depot

As long as you’re going to pay off the balance on your Lowes credit card every month, Lowes credit card essentially is giving you money to shop at its store. It’s hard to beat that. And for those large purchases where you may need to spread payments over six months or longer, you can switch over to the 0% APR or reduced APR benefit. That kind of flexibility, which allows Lowe’s to set its credit card offer apart from the pack, isn’t found in many credit card offers.

About The Author
Kavita Mevada